Our mission Leading the world to reliably locate and connect every thing. Our vision The future with us is precise, smart, and sustainable.

2024 at a glance

Revenue CHF million

Gross profit (adj.) CHF million

EBIT (adj.) CHF million

Net earnings (adj.) CHF million

Revenue by region

Revenue by product type

Services

Revenue by market

Consumer / Others

2024 highlights

Unveiling of X20, new all-band high-precision GNSS platform

The new u-blox X20 platform brings centimeter-level accuracy to mass markets and expands geographical reach and service availability on a global scale. It follows the widely used u-blox F9.

Significant project wins in the robotic lawnmower market

u-blox secured USD 100 million in project wins in the robotic lawnmower market with its high-precision positioning technology.

Strategic partnership with Topcon Positioning Systems

Collaboration aims to leverage combined expertise and assets to deliver unparalleled high-precision GNSS positioning services with increased availability, reliability and affordability for the mass market.

Engagement with NVIDIA on AI platforms

u-blox high-precision positioning solutions now available on NVIDIA® Jetson™ Edge AI and NVIDIA DRIVE Hyperion™ platforms.

Shareholder letter

Dear Shareholders,

2024 was a catalyst to transform u-blox into a more focused and resilient company. After a record-breaking 2022 and 2023, we faced a challenging 2024, with revenue and profitability impacted by overstocking and continued market softness, particularly in industrial and automotive sectors. For the full year, revenue totaled CHF 262.9 million, adjusted EBIT stood at CHF –59.6 million, and free cash flow reached CHF 10.1 million.

In response to the market conditions, u-blox launched a cost optimization program aimed at reducing operating expenses by CHF 20 million. The measures were fully implemented in the second half of 2024, exceeding expectations with total savings reaching CHF 25 million. The company demonstrated strong execution capabilities, reducing its cost base and setting the stage for sustainable margin expansion once the market recovers.

During the year, we made important announcements to position the Locate business for long-term growth. This included launching the next-generation X20 GNSS platform and entering a strategic partnership with Topcon Positioning Systems, solidifying our leadership in high-precision GNSS correction services: We enable cost effective centimeter-level precision for global mass markets.

As we move forward, our commitment to innovation remains unwavering. Leveraging advancements like the X20 platform and our strengthened positioning and connectivity solutions, we aim to guide the world toward reliably connecting and locating every "thing", ensuring we stay ahead in a rapidly evolving technological landscape.

In January 2025 u-blox announced the strategic decision to strengthen our focus on the Locate business and phase-out Cellular. Locate's business model features dynamic growth, attractive margins and high cash generation profile. u-blox is thrilled to pursue the path of a

more focused company with a robust model and innumerous opportunities.

A turbulent year for semiconductors

According to World Semiconductor Trade Statistics (WSTS), the global analog semiconductor market contracted by approximately 2% in 2024, following a 9% contraction in 2023. This downturn marked the end of a period of extreme volatility, beginning with the COVID-19 induced disruption in 2020. The subsequent surge in demand and overordering during 2022 and 2023 led to significant overstocking, which, combined with softer demand in key sectors, weighed heavily on the market throughout 2024.

2024 was a catalyst to transform u-blox into a more focused and resilient company.

u-blox continued to navigate these challenges with agility. In 2024, the lingering effects of overstocking from previous years were particularly evident in the industrial and automotive sectors. Despite signs of recovery in certain markets, high inventory levels across the supply chain suppressed new orders and led to a decline in demand in the year. This dynamic, coupled with reduced production output, placed further pressure on revenue and profitability during 2024.

While the market correction has been slower than anticipated, we observe that inventory levels normalize. Our efforts in streamlining costs, managing working capital, and advancing product innovation position u-blox to emerge stronger as the semiconductor industry begins its next growth cycle.

Revenue slowdown in all regions and markets

Revenue declined in most regions and markets, reflecting overstocking from our customers. Asia Pacific's revenue declined by 55% to CHF 123.6 million in 2024, mainly driven by significant reduction from healthcare customers in 2024.

The Americas saw a revenue decline of 64% to CHF 46.7 million due to soft performance in automotive and industrial. EMEA's revenue declined by 47% and reached CHF 92.6 million in 2024.

In terms of market segments, Industrial and Automotive were negative. Revenue in Industrial applications reached CHF 145.3 million in 2024, minus 62% versus the previous year, and Automotive revenue reached CHF 97.9 million, minus 42% versus 2023. Consumer remained weak, following the trend previously seen.

Sharpening our focus in positioning

In early 2025, u-blox announced a strategic decision to further concentrate on its Locate business while phasing out its Cellular business. This shift underscores our commitment to being a leading and specialized provider of GNSS semiconductor solutions in a rapidly evolving market.

In early 2025 u-blox announced the strategic decision to increase focus on its Locate business.

By prioritizing the Locate business, u-blox will enhance its ability to drive innovation, capitalize on proprietary technology, and seize growing opportunities in the global positioning market. These include autonomous vehicles, construction and agriculture equipment, or mobile robotics applications. This focused approach reinforces our position as a trusted provider of cutting-edge location solutions and positions us for sustainable growth.

Decision to phase out Cellular

After thorough evaluation, u-blox has determined that phasing out the Cellular business is the best course of action to align with its long-term strategic priorities and improve operational focus.

We explored alternative paths for the Cellular business, including a potential sale, and came to the decision to phase out this business while concentrating resources on areas with the greatest growth potential.

As part of this strategic pivot, u-blox will improve the performance of its Short-Range business, which includes Wi-Fi and Bluetooth modules as well as indoor positioning solutions.

Driving operational efficiency

In 2024, u-blox implemented a CHF 20 million cost optimization program to streamline operations and ensure long-term profitability amidst challenging market conditions. This initiative, an extension of measures introduced in 2023, targeted enhanced efficiency across all functions including R&D, Sales and Administration.

By the end of the year, all planned measures had been implemented. The program exceeded expectations with total annualized savings reaching CHF 25 million, and initial benefits already reflected in our H2 2024 financial results. These savings were achieved while maintaining our focus on innovation and customer-centric solutions, ensuring that critical investments in next-generation technologies remain intact.

The optimization measures also enhanced our resilience to navigate a period of lower revenue and reduced operational leverage. By aligning our cost base with current market dynamics, u-blox is better positioned to capitalize on future opportunities as inventory levels normalize and demand recovers across our key markets in 2025.

2024: A year of transition, preparing for growth

As anticipated, 2024 has proven to be a transitional year for u-blox and the semiconductor industry at large. The significant overstocking by customers during 2022 and 2023, which initially buoyed demand, resulted in subdued orders, particularly in the first half of the year. However, the normalization of inventory levels is underway, and we expect a gradual recovery across key markets in 2025. This recovery, coupled with easing supply chain pressures and a return to more balanced customer demand, positions u-blox for renewed growth in the coming years.

Structural growth driven by megatrends

u-blox addresses powerful global megatrends such as climate change, urbanization, and the shift towards automation with our innovative and precise positioning solutions. Our technology is at the heart of the autonomous, electric vehicles of the future, enabling reduced traffic congestion and enhanced safety. We empower businesses to optimize freight routes and asset tracking, contributing to efficiency across global supply chains. Moreover, our solutions play a critical role in precision agriculture and construction applications as well as mobile robotics.

Dividends

Given u-blox's current financial performance and this point in the semiconductors industry cycle, the Board of Directors will propose no dividend payment to the 2025 Annual General Meeting to be held in April. The resuming of dividend payments will be re-considered for 2026 depending on the financial performance of the company in 2025.

Appointment of new Chief Financial Officer

Camila Japur was appointed as Chief Financial Officer and member of the Executive Committee by the Board of Directors, effective July 1, 2024. Camila brings broad finance, business, and international experience and was pivotal in projects implemented in the second half of the year. We thank Roland Jud for his contribution to the u-blox story and wish him all the best for his future endeavors.

Changes in the Board of Directors

Thomas Seiler, member of the Board of Directors, did not stand for re-election at the 2024 General Meeting. We are grateful for Thomas' dedication and leadership and wish him all the best in his future endeavors. At the same time, Fabian Rauch, co-founder and CEO of Spectrum Entrepreneurial Ownership (SEO), was elected to the Board of Directors.

Thank you

On behalf of the Management team and the Board of Directors, we extend our deepest gratitude to our employees for their unwavering commitment and contributions throughout this transformative year. Your dedication fuels our innovation and strengthens our leadership in the industry.

We also want to thank our partners, customers, suppliers, and shareholders for their continued trust and collaboration. Together, we look forward to shaping a promising future, built on innovation, resilience, and shared success.

Stephan Zizala CEO

André Müller Chairman

Camila Japur CFO

Strategy

Our world is moving fast. The first automated cars are already on the street; the car of the future will be automated and electric. You will carry your doctor in your pocket. Your home will power the grid. You and your "things" will be connected like never before. At u-blox, we are setting the pace of delivering tomorrow's technology to locate and connect objects (e. g., cars, machines, assets, healthcare equipment) or wearable products for humans or animals – every thing.

We are setting the pace of delivering tomorrow's technology to locate and connect every thing.

Our strategy is anchored in a commitment to empowering the potential of the Internet of Things (IoT) and positioning u-blox as a key enabler in the industry. Through continuous investment in research and development, we strive to bring forth leading edge solutions that redefine possibilities in our markets. Collaboration remains integral as we actively engage with customers, partners, employees, new talents – i. e., all our stakeholders to deliver beyond expectations.

As we navigate the ever-evolving technological landscape, u-blox embraces change as an opportunity for growth. From harnessing emerging technologies to fortifying our market position, we remain committed to delivering value to our stakeholders.

Player in the ever-growing semiconductor industry

From the invention of the first transistor in the mid-20th century to the advent of integrated circuits and the subsequent boom, the semiconductor industry has been at the forefront of technological progress. Semiconductor solutions are part of our daily life. Society was reminded on the importance of those "hidden" products during the semiconductor supply crisis in 2021 and 2022.

u-blox plays a pivotal role in this narrative, contributing leading edge semiconductor solutions required by a diverse array of applications, ranging from smart cities to autonomous vehicles, industrial automation, and medical equipment.

Historically, the semiconductor sector has experienced remarkable growth, marked by continuous innovation, and it is expected to continue to be a driving force behind the digital transformation sweeping across industries. As the world embraces the era of automated driving, IoT penetration, and artificial intelligence, the demand for advanced semiconductor solutions continues to grow.

u-blox is strategically positioned to capitalize on these trends, with a commitment to developing semiconductor technologies that address the evolving needs of our interconnected world. From ultra-low power chips for positioning to high performance communication modules, our portfolio aligns seamlessly with the industry's trajectory.

Fabless IoT technology leader

u-blox is a global Internet of Things (IoT) technology leader and fabless semiconductor manufacturer offering solutions to reliably locate and connect every thing.

With our proprietary positioning chips, we have progressively outperformed the semiconductor market.

IoT describes physical objects embedded with sensors that communicate – allowing the physical world to be digitally monitored or controlled.

We offer semiconductor chips, modules, and services to our ingenious customers, addressing our world's megatrends with IoT location and connectivity solutions.

The breadth and depth of our expertise in positioning and connectivity gives us a leading edge within our key markets and the IoT industry. Our culture of entrepreneurial innovation has given us a sustainable competitive advantage with which we create significant long-lasting returns over the lifetime of our products.

Our unique competencies in the IoT industry

We offer positioning chips and modules, shortrange radio modules, and cellular chips and modules. In simple terms, a module is several chips in a subsystem plus some software on top of it – and services, which are digital data streams to our products to make them better in the field.

Our unique combination of technical competencies comprised of algorithms, chips, software, and cloud services often sets the industry standard for technological innovation and quality.

This is why our key partners, many global leaders within their industries, partner with us to help them solve their most demanding positioning and connectivity challenges.

The semiconductor industry: Navigating through the cycles

u-blox revenue

The semiconductor industry displays a consistent long-term growth trend, while also being inherently cyclical. A deep understanding and anticipation of these cycles and the well-honed ability to navigate them has rewarded u-blox with double digit CAGR, outperforming the semiconductor industry.

The last cycle has been particularly interesting. Starting with the impact of COVID 19 in 2020, the industry entered an unprecedented supply shortage in 2021 and 2022. The result was a cycle with intensities not seen in decades. u-blox benefited in 2022 and 2023, by managing its supply chain

well and delivering products while competitors could not. The demand, however, caused an overstocking effect at our customers, which is reflected in u-blox's 2024 revenue.

Entrepreneurial innovation from generation to generation

The pace of digital transformation is brisk. The semiconductor industry projected to reach a global market value of USD 1 trillion by 2030, according to McKinsey. u-blox is active in the two fastest high growth markets: Automotive – driven by Automated Driving and e-mobility and Industrial – driven by Industry 4.0 smart machines and smart factories.

Anticipating and delivering on today's megatrends and consistently outperforming the semiconductor market while protecting and increasing our competitive advantage requires us to nurture our thriving entrepreneurial culture of innovation at u-blox.

A culture where doing the best for the customers we serve means prioritizing innovation and supporting the desire to find the best approach, to ensure we consider a broad range of ideas that will ultimately add real value for our customers and shareholders.

A recent example is centimeter accuracy positioning, which was previously out of reach for most applications due to high costs and is now available to the mass market. This is the type of challenge that inspires the bright minds of our talented team of about 1,150 people.

Our innovations are inspired by our trend-setting customers, strategic partners, and the ingenuity of our diverse team. This keeps us at the forefront to contribute and benefit from megatrend requirements.

Our value proposition

The combination of our three core technologies offered in the form of chips, modules, and services, combined with a customer centric approach brings a unique value proposition in the market.

In positioning, large competitors focus mainly on the consumer and mobile phone market. Within our industrial and automotive target markets, u-blox has the lead and continues to push the

envelope, providing customers with cutting edge innovation. Having our own silicon in positioning also provides us with a significant competitive advantage on modules, given we can optimize chips and software depending on the use case. u-blox has unique knowledge in all relevant domains: algorithms, software, radio-frequency hardware as well as chip hardware/software partitioning.

In connectivity, common feedback from customers on our modules is "it just works", and this doesn't happen by chance. u-blox puts emphasis on reliability, practicality, usability and easy to use aspects when designing its products, where software plays a major role.

The consolidation in the module space has reduced our customers' options regarding innovation, creating an even greater market opportunity for u-blox.

Reliable, robust, secure, market ready solutions that work

As our customers around the world are continuously solving complex challenges requiring both location awareness and wireless connectivity through IoT – reliable, robust, market ready solutions, which rely heavily on our unique portfolio of services, are increasingly in demand.

Our customers trust that our products will do what they are supposed to, stand up to harsh conditions as specified, make cyberattacks more difficult, be available when needed, and be delivered on time. Further, their development teams won't have to spend resouces integrating them into their systems.

Reliability means quality and security at the design and manufacturing levels and across the supply chain. Over many years, u-blox has created a unique quality system that ensures the delivery of functionally extremely robust and highly reliable products, which is recognized across the IoT industry. We are a renowned supplier to the automotive industry and comply with their specific requirements for process and product quality.

Innovation at heart 2024 u-blox X20 All-hand 2022 · High-precision u-blox A9 Features / Performance Multi-frequency · High-precision Functional safety 2023 2018 u-blox F10 u-blox F9 • Multi-constellation Multi frequency Multi-frequency Low power High-precision u-blox M10 Multi-constellation · Low power · Cost optimized u-blox M9 • More constellations Time

Our customers know that if it is out there, u-blox is already working on it, and that is why they are not just buying a u-blox chip or module but rather a u-blox long-term experience. They want an innovation partner they can stay with from generation to generation. Our Global Navigation Satellite System (GNSS) innovation stream, delivering a new platform every 18 months on average, clearly demonstrates our quest to provide our customers with the best positioning technology available while growing our competitive advantage and exemplifies u-blox entrepreneurial innovation from generation to generation. IoT security is complex, fast moving, and multifaceted. Addressing it demands a sophisticated, multipronged approach to protect our customers – and the users of their products – against the many and varied threats their devices and data face in the connected world. u-blox has established product standards based on industry requirements and best practices for the secure design and production of products and services.

Our strategy Focus – Innovate – Execute

At u-blox, we are privileged to enable structural growth applications like automated driving, asset tracking and management, industrial automation and monitoring (digitalization), and remote healthcare. We expect 40% of our growth in the next five years to come from those four applications and this is why we put a major focus on those.

Megatrends shaping the semiconductor industry

Many megatrends, such as climate change, resource constraints, data transparency, demographics, urbanization, in a multipolar world, are shaping our daily lives, the Internet of Things, and the semiconductor industry.

Although there may be some shortterm fluctuations in the growth of some of the megatrend application areas, the growth trajectory is outstanding over the medium to long-term.

Whether they are complex societal challenges such as drought, an aging population, or something tactical such as ensuring a container arrives intact, on time, and in the right place, IoT has a significant role.

Let's take the aging population megatrend as an example. Most of us will want to live independently for as long as possible in our own homes, self determining our healthcare and daily routines. This trend is driving growth and major innovations in remote healthcare and AgeTech solutions for connectivity and monitoring.

Climate change is another megatrend where IoT is making a significant contribution with solutions for environmental monitoring, water management, weather observation, agriculture, and many other applications.

Megatrends like these are shaping and expanding the IoT industry while softening the cyclic highs and lows of the semiconductor industry as a whole.

We structure our go-to-market approach in a way that we serve the top 250 customers directly and work closely with leading distribution partners to support medium and startup companies in the best way possible. We are a trustworthy Swiss partner in a multipolar world, enabling our customers' growth.

Our customers do not just buy a product from us; they buy an experience. They want to go from generation to generation, knowing they are working with a partner who will bring them to the next innovation level. They know that if it is out there, u-blox is already working on it, or we are working jointly on it.

We are developers who manage a complex supply chain

u-blox does not own factories. We are an asset light company, with our greatest asset being our diverse team of about 1,150 experts across the globe.

As a fabless semiconductor manufacturer, we rely on solid partnerships with our suppliers based on shared respect and compliance with established

international standards for human rights, employee welfare, the environment, business ethics, and management systems.

We not only develop our own products with our Intellectual Property (IP) on our own silicon, but we also manage a complex flow of component products and services from our suppliers to our

customers, thus helping them accelerate time to market.

Strategy

Our strategy Focus – Innovate – Execute

We structure our go-to-market approach in a way that we serve the top 250 customers directly and work closely with leading distribution partners to support medium and startup

companies in the best way possible. We are a trustworthy Swiss partner in a multipolar world, enabling our customers' growth.

Our Focus – Innovate – Execute strategy will help us create and unlock value for years.

Our Locate strategy in a nutshell

Key long term growth drivers

Strong structural growth: automated driving, mobile robotics, asset tracking and management, industrial automation and monitoring
Trustworthy partner with a reliable supply chain

Locate focus

Lean organization

Cellular Phase out

Sustainability

We are a sustainability enabler

Research by the World Economic Forum indicates that 84% of IoT deployments are currently addressing, or have the potential, to address the UN Sustainable Development Goals (SDGs). They have also found that IoT is undoubtedly one of the largest enablers for responsible digital transformation. It is estimated that industrial IoT alone can add \$14 trillion in economic value to the global economy by 2030. This means applications that support sustainability solutions are poised to structurally grow fast.

We believe technology can be a powerful catalyst for positive sustainable change. Our mission at u-blox is to develop cutting edge positioning and wireless communication technologies to support our customers in launching innovative products that improve quality of life in areas such as health, safety, and mobility. At the same time, these innovations can help address the planet's urgent sustainability challenges.

We also observe IoT positively impacting humanity and the environment through sustainable applications, thus contributing to the UN Sustainable Development Goals.

2024 Sustainability highlights

u-blox has been making significant progress on its sustainability program, and the highlights from 2024 are anchored within our sustainability strategy:

Assessment of 50% of our existing product portfolio for sustainable impact
Continued reduction in our carbon emissions
Goal of 14% women in management achieved
ISO 27001 compliance achieved across the global Corporate Security and IT Operations activities

2025 ESG targets

Sustainability targets are part of u-blox's Executive Committee performance-based compensation. Each year, the Nomination, Compensation, and Sustainability Committee (NCSC) proposes quantifiable one-year short term sustainability targets (base and optimum) for each pillar to the Board.

We are inspired by the potential of the Internet of Things to make the world more sustainable.

Like many other publicly listed companies, we face growing regulatory demands regarding our environmental and social management practices. However, we are fortunate to have a robust sustainability governance and management foundation supported by clear targets and ambitions that guide our efforts. In the sustainability report for 2024, u-blox is publishing information on climate-related risks and opportunities for the first time in accordance with the requirements of the Task Force on Climate-related Financial Disclosures (TCFD).

At u-blox, we invest in communities through our employee volunteering program, STEM, product donations to NGOs that make a social or environmental impact, and corporate philanthropy initiatives that reflect our values. We continued to support community projects throughout 2024 and are proud of the achievements we helped bring to fruition.

Find out more about u-blox's sustainability targets, achievements and future actions at https://ubx.io/41BiGfL.

Our five sustainability pillars

Pillar 1: Business Ethics, Privacy and Data Security

We believe in doing business the right way. Conducting ourselves with honesty and integrity – and maintaining high standards around privacy and security – is essential for winning and maintaining the respect of our stakeholders.

Pillar 2: People and Communities

Our strength comes from our people. We strive to give our employees an environment in which they can collaborate, innovate, learn, and grow. We encourage diversity and promote a culture of inclusion, health and safety. We believe in building sustainable communities around the world and collaborate and support them in many ways.

Pillar 3: Environmental Responsibility

We are committed to protecting our planet for future generations. We will do this by continually seeking ways to make the use and impact of our products, as well as our operations, even more environmentally friendly.

Pillar 4: Responsible Supply Chain

As a fabless company, it is our responsibility to ensure we create our products in ways that do not harm individuals, communities, or the environment and that all minerals and other materials are sourced in compliance with regulatory requirements.

Pillar 5: u-blox Innovations

Our IoT products, services and solutions are embedded into millions of devices designed by our customers and partners around the world. Many of them have a positive impact on sustainability. Through our continuous R&D work, we are always looking for new and better solutions, better ways to develop, manufacture, distribute and maintain our products.

Our 5 pillars

The u-blox sustainability strategy is based on five pillars: Business Ethics, Privacy and Data Security, People and Communities, Environmental Responsibility, Responsible Supply Chain, and u-blox Innovations. We report on the policies, management approaches and activities in each pillar and set out our targets and progress related to the Environment, Social, and Governance (ESG) issues within each pillar every year in our annual sustainability report.

People

We are driven by a passion for technology that creates value for our customers and our company. Known for pushing the boundaries of innovation, we take pride in tackling challenges such as making centimeter-level positioning more accessible and affordable – achievements that inspire the bright minds of our team of around 1,150 people.

In the world of high-tech innovation, diverse perspectives are essential. Encouraging a culture of learning from varied expertise and experiences is why diversity and inclusion remain fundamental to u-blox.

Our greatest asset

Our people are our most valuable resource. Representing over 70 nationalities, our highly skilled experts bring a rich diversity of backgrounds that fuels our entrepreneurial spirit and innovation. High-tech progress thrives on unique viewpoints, and we actively encourage our teams to embrace different ideas, break routine, and drive creativity.

Global Presence, Local Impact

Our team lives and works in key markets worldwide, staying close to our customers, partners, and end users. This proximity strengthens our ability to understand and address local needs while sharing expertise and ideas globally. By fostering collaboration across regions, we continuously capitalize on new IoT opportunities and challenges, giving u-blox a distinct edge.

A positive work environment

We are committed to creating a supportive and inspiring workplace where our people can achieve their full potential. Competitive and fair rewards, a collaborative atmosphere, and an open-door policy make u-blox an attractive workplace for a specialized, diverse workforce.

A positive work environment enhances productivity, efficiency, and employee retention, which directly contribute to our shared success. We prioritize safe, inspiring, and inclusive workplaces that uphold our commitment to responsible employment practices.

We offer exciting roles, career growth opportunities, and training programs tailored to individual needs. Investments in future talent are integral to our strategy, exemplified by apprenticeship programs in Switzerland and internships across our global sites.

Commitment to Diversity and Integrity

At u-blox, every individual is treated with dignity and respect. We foster an environment free from discrimination and harassment, where diversity is celebrated. Our Code of Conduct underlines our commitment to ethical employment, ensuring our workplaces are free of forced, compulsory, or child labor – a principle we extend to our suppliers as well.

We strive to inspire our people by making groundbreaking achievements possible, like advancing affordable, precise positioning solutions. Discover more about our efforts to nurture talent and sustain our culture of innovation in our 2024 Sustainability Report.

Locate

u-blox remains the clear market leader in positioning, with approximately one billion devices deployed globally. Our technology is trusted by 18 of the world's top 20 automobile manufacturers who integrate u-blox GNSS positioning solutions. Autonomous driving continues to be a pivotal long-term growth driver, while asset tracking represents another key area of opportunity. We anticipate the positioning market to grow at a double-digit rate over the next five years.

While we take pride in these accomplishments and maintain a robust pipeline of innovations, we aim to substantially expand our leadership and market share by addressing new applications and engaging additional customers.

Positioning technology may have simple principles, but achieving new levels of accuracy and reliability is an enduring challenge and opportunity.

Advancements such as meeting stringent functional safety standards for automated driving, utilizing emerging satellite systems in Low Earth orbit (LEO), and integrating advanced sensor fusion techniques offer exciting prospects for enhancing accuracy, differentiation, and sustained profitable growth.

Sharpening Our Focus in Positioning

In early 2025, u-blox announced a strategic decision to concentrate on its Locate business while phasing out its Cellular business. This shift underscores our commitment to being a leading and specialized provider of GNSS semiconductor solutions in a rapidly evolving market.

In early 2025 u-blox announced the strategic decision to increase focus on its Locate business.

By prioritizing the Locate business, u-blox will enhance its ability to drive innovation, capitalize on proprietary technology, and seize growing opportunities in the global positioning market. These include autonomous vehicles, industrial IoT, and tracking applications. This focused approach reinforces our position as a trusted provider of cutting-edge location solutions and positions us for sustainable growth.

The concept of positioning is simple, making it better will continue for decades.

Mathematical problem with four unknowns: "length, width, height, time"
Time measurement between receiver and four satellites allows for the solution
Stationary receiver and satellites, perfect environment

Positioning in theory Leading edge positioning solution by u-blox

Up to 100 satellites channeled for best signal strength, faster time to first position calculation and avoiding reflection
Sensor fusion for dead reckoning
Anti-spoofing and anti-jamming algorithms

Connect

With over 90 million cellular and 45 million short-range devices deployed worldwide, and a strong reputation for quality and seamless integration, u-blox is well-positioned to expand its connectivity business. This solid foundation enables us to drive market share growth, enhance economies of scale, and increase profitability.

We continue to capitalize on our strengths as a first mover in dedicated IoT modules and our proven ability to manage complex supply chains. Our position as a reliable Swiss supplier in an increasingly multipolar world also supports our efforts to gain market share and achieve cost leadership in the Western market.

Our short-range portfolio – featuring Bluetooth, Wi-Fi, and Ultra-Wideband technologies – plays an integral role in enabling advanced indoor positioning solutions. While these technologies already address diverse use cases, we see opportunities to deliver even greater value by integrating them with our GNSS products and services.

Decision to Phase Out Cellular

After thorough evaluation, u-blox has determined that phasing out the Cellular business is the best course of action to align with its longterm strategic priorities and improve operational focus.

Efforts to explore alternative paths for the Cellular business, including a potential sale, were ultimately unsuccessful. This led to the decision to phase out this segment while concentrating resources on areas with the greatest growth potential.

As part of this strategic pivot, u-blox will continue to improve its Short-Range business, which includes Wi-Fi and Bluetooth modules. These technologies will continue to serve as critical components in delivering innovative connectivity solutions to our customers.

u-blox's short-range solutions can shape the indoor positioning market.

• Diversified portfolio
• Partnership with chip suppliers
• Distribution channel management
• Quality
• Ease of use: "it just works"

Today's success factors Upcoming success factors

• Trustworthy Swiss supplier in a multipolar world
• Indoor positioning
• Hybrid solutions combining cellular, short-range and positioning, e. g., for asset tracking in every location
• Edge computing

<-- PDF CHUNK SEPARATOR -->

Applications

Our target applications

IoT plays a pivotal role across a diverse range of applications within the dynamic automotive, industrial, and consumer markets where u-blox operates.

From our 21 market segments, we have identified four key applications – automated driving, asset tracking and management, healthcare, and industrial automation and monitoring – that are expected to drive 40% of our growth over the next five years. By prioritizing these areas, we can harness the full potential of our technological expertise and resources.

We are active across 21 market segments with four focus applications.

By aligning our efforts with these strategic applications, u-blox is positioned to surpass industry growth rates and capitalize on emerging opportunities. These focus areas serve as a foundation for innovation, differentiation, and sustained growth, enabling us to thrive in an increasingly competitive and dynamic marketplace.

Over the last 25 years, u-blox has demonstrated its expertise in the demanding automotive market. We partner with automotive Original Equipment Manufacturers (OEMs), Tier-1 suppliers, and device manufacturers to drive IoT-enabled innovation that enhances transportation efficiency, safety, and sustainability.

u-blox products address key innovations in this sector, leveraging substantial growth opportunities as the car of the future becomes increasingly automated, with precision and safety as top priorities.

Advanced Driver Assistance System (ADAS)

The rise of automated driving is driving demand for high-precision, reliable GNSS positioning solutions and services. As a market leader in this area, u-blox continues to experience robust growth.

With the evolution of automation levels beyond ADL2+ (partial driving automation) and ADL3 (conditional driving automation), more sophisticated positioning solutions are essential. These solutions combine hardware – such as GNSS receivers – with advanced software, including dead reckoning, real-time kinematic algorithms, cloud-based assistance, and correction services that enable decimeter-level accuracy when needed.

Our u-safe solution exemplifies this innovation. Pre-certified to ISO-26262/ASIL-B standards, u-safe accelerates the adoption of autonomous vehicles by offering a comprehensive end-to-end positioning solution. It integrates correction services, an onboard positioning engine, and a functional safety chip, providing reliable, high-performance lane positioning. This future-proof solution ensures seamless ADAS integration.

Infotainment and navigation

Our extensive portfolio of Wi-Fi and Bluetooth solutions for next-generation infotainment platforms continues to drive growth in this segment.

The RUBY-W2, first automotive-grade Wi-Fi 7 module, enables OEMs to enhance the user experience of in-vehicle infotainment and telematics. The module brings multiple benefits of Wi-Fi 7 to the automotive market, including higher throughput, support for more concurrent users, and lower latency, resulting in better network availability and user experience for various in-vehicle applications.

u-blox expanded its successful NORA-B2 Bluetooth modules series with six new variants, integrating the entire range of Nordic Semiconfuctor's next-level nRF54L Series of ultra-low power wireless System-on-Chip. The new additions keep delivering on NORA-B2 promises, providing multiple operational benefits.

Telematics

Telematics is revolutionizing the driving experience by enabling real-time data capture at reduced costs, fostering the production of more telematics-enabled vehicles. By enabling real-time connectivity between vehicles and their surrounding infrastructure, telematics supports vehicle status monitoring, movement tracking, environmental analysis, and data exchange with the cloud, other vehicles, and vehicle-to-everything (V2X) systems.

These advancements enhance road safety and driving efficiency while increasing demand for standalone GNSS solutions. As telematics migrates to multiband GNSS, u-blox is well-positioned to capitalize on this growth trajectory with its advanced offerings.

Asset tracking and management

IoT continues to revolutionize the way assets are tracked and managed – whether it's an international shipping company monitoring containerized goods across air, sea, and land, a farm tracking livestock movements, or a family locating their lost pet. u-blox's portfolio of ultra-low-power GNSS positioning technology, cloud-based location services, and wireless communication systems delivers efficient, cost-effective, and tailored solutions for these rapidly growing applications.

Container and trailer tracking

IoT-powered container and trailer tracking offers numerous benefits, including optimized logistics, improved forecasting, theft and fraud mitigation, tamper detection, and enhanced supply chain transparency – all while reducing operational costs. The return on investment for these solutions is undeniably positive.

As demand for time-sensitive logistics grows, u-blox continues to expand its portfolio of asset tracking and management solutions to address uncertainty in inventory management.

Automated freight monitoring of cargo containers and unit load devices (ULDs) across road, rail, sea, and air improves logistics efficiency, allowing companies to detect and address delays or unforeseen challenges swiftly. These capabilities help ensure service level agreements are met reliably.

Livestock tracking

Wearable IoT tracking devices are transforming livestock management by transmitting real-time animal locations to cloud-based platforms. Farmers can monitor behavioral changes, guide herds across their land, and even implement "fenceless farming" techniques.

u-blox's livestock tracking solutions integrate GNSS technology, Bluetooth, Wi-Fi, low-power wide-area cellular connectivity, and easy-to-deploy cloud connectivity, driving innovation in smart farming.

Pet tracking

Losing a pet is a deeply emotional experience, but IoT technology is making this issue a thing of the past. Modern pet trackers require innovation not only in the collar design but also in the supporting wireless networks and cloud platforms.

u-blox now offers globally available pet tracking solutions with predictable and affordable costs, catering to this growing market and bringing peace of mind to pet owners worldwide.

Healthcare

The digital transformation of healthcare is revolutionizing patient experiences, reducing costs, expanding access, improving the work environment for healthcare professionals, and delivering better health outcomes.

IoT plays a pivotal role in this transformation, particularly in two high-growth areas: remote patient monitoring and assisted living.

By enabling health monitoring outside clinical settings, home health monitoring devices provide critical support for managing chronic conditions such as diabetes, sleep apnea, and hypertension. Simultaneously, user-friendly assisted living technologies empower patients to regain independence and reintegrate into society more quickly.

u-blox has demonstrated strong capabilities in this demanding market, particularly in outpatient monitoring devices. Our hardware solutions enable seamless cloud connectivity, unlocking new possibilities for our customers.

Our form factor and software-compatible modules, built on diverse chip platforms, reduce supply chain risks by offering second-source components without increasing design complexity. This approach simplifies procurement and accelerates time-to-market for our customers.

Remote patient monitoring

Remote patient monitoring solutions bring healthcare services directly into patients' homes, addressing the rising prevalence of chronic diseases that place additional strain on global healthcare systems.

By extending clinical care into the home, these solutions help optimize hospital capacity while allowing patients to remain in familiar surroundings.

u-blox-powered remote patient monitoring solutions integrate sensing, positioning, wireless communication, and cloud technologies to enhance preventative care and improve the

diagnosis, treatment, and management of health conditions.

Assisted living

u-blox-based assisted living solutions utilize advanced sensing technologies, wireless communication, and cloud platforms to support elderly and disabled individuals. These solutions help vulnerable populations maintain their autonomy or transition home from clinical care.

By triggering emergency alerts to family members or first responders, these devices provide a reliable "lifeline" in critical situations, offering peace of mind to both users and their loved ones.

The rapid digital transformation of manufacturing and supply chains is reshaping industries worldwide. Industrial automation is at the core of this evolution, with IoT solutions driving advancements in smart factories, manufacturing plants, and construction sites while improving worker efficiency and safety. Comprehensive connectivity enables end-to-end digitalization of production processes, from raw material acquisition to final product delivery.

u-blox focuses on three high-growth application areas: predictive maintenance, connected tools, and safe connected workers. In demanding industrial environments with dense sensor networks and hybrid solutions combining cellular, short-range, and positioning technologies, our unique blend of expertise and robust, high-quality products distinguishes us in the market.

Predictive maintenance

Predictive maintenance uses sensor data, historical maintenance records, and advanced analytics to forecast equipment behavior and potential failures. By predicting issues and optimizing maintenance schedules, this approach reduces downtime, minimizes failures, and enhances operational efficiency.

In addition to operational benefits, predictive maintenance opens doors to innovative business models. Companies can transition from selling standalone products to offering "availability as a service," ensuring continuous machine operation. This shift fosters long-term partnerships, improves visibility, and guarantees sustained equipment availability, creating value beyond traditional transactions.

Connected tools

Connected tools are transforming industrial operations by enabling personalized settings, integrated usage analytics, and enhanced process precision. In smart factories and construction sites, these tools provide access to critical data that drives improvements in performance, reliability, and efficiency.

The rise of smart power tools is replacing traditional hand tools, improving accuracy and time efficiency in connected factories. These tools also enhance user experience, mitigating risks such as misuse, malfunction, theft, and loss, while supporting personalization to meet individual worker needs.

Connected tools play a pivotal role in process optimization and quality assurance. They document compliance with tolerances and processes and can provide valuable insights for continuous improvement. For example, an engineer might analyze production outcomes from varying torque settings on screws to optimize assembly methods.

Safe connected worker

Protecting connected workers in industrial environments is critical. u-blox's solutions provide real-time worker location tracking and connectivity, enabling risk identification and proactive implementation of corrective actions to ensure a secure worksite.

Accuracy, reliability, and compliance with industry-specific safety standards are essential for connected wearable devices. Ergonomic, comfortable designs prevent short- and long-term injuries, while advanced features monitor environmental changes that may threaten worker safety. These wearables empower workers and employers to maintain a safe and productive industrial ecosystem.

Go-to-market strategy

Customer centric approach

u-blox's go-to-market strategy is crafted to ensure direct and impactful customer engage ment. Recognizing the importance of under standing the unique needs of our customers, we prioritize direct interactions to establish robust relationships. Our sales teams are equipped with in depth product knowledge and industry exper tise, allowing us to provide solutions that pre cisely align with the requirements of our diverse clientele. This direct approach not only facili tates a deep understanding of customer needs but also enables us to deliver value-added services, ensuring a seamless experience for our partners and end-users.

Focus on key accounts

u-blox adopts a channel optimization strategy to achieve effective market penetration. Through a balanced approach that combines direct en gagement with customers and collaboration with distributors, we ensure a dynamic and adaptable presence in the marketplace.

Based on the strategy, we have strengthened our direct sales to our top 200 customers. Today, 75 customers make 50% of our revenue. These are large and medium existing accounts, with about a third of those with high growth poten tial, leaders in our growth segments. Focus accounts are represented by new customers and new opportunities, with very high growth poten tial, representing the future protagonists in our focus segments.

We are leveraging the reach of our leading distribution partners to further increase market penetration and the service level for our long tail and mass market customers. Over 10,000 customers are now served by our distribution partners. They are not only better suited to cater to these customers but also have the potential to reach over 100,000 new potential customers.

Investors

u-blox is committed to sustainable value creation for its investors and benefits from operating in the ever-growing semiconductor sector. Our focus markets provide even higher growth potential. As an early innovator in the GNSS business, u-blox is the undisputed market leader in reliable and accurate positioning applications.

Share price development

With a market capitalization of CHF 541 million as of December 31, 2024, u-blox has been listed on the SIX Swiss Exchange since 2007. u-blox's share price started the year at CHF 99.90, and closed 2024 at CHF 73.00.

u-blox's trading volume in the SIX Swiss Exchange continued healthy in 2024. u-blox's average daily trading volume was approximately CHF 1.7 million in 2024.

In 2024, u-blox onboarded new shareholders that crossed the 3% threshold. Alantra EQMC Asset Management, SGIIC, S.A., Swisscanto Fondsleitung AG, and Gumshoe Master Fund LP joined existing shareholders Janus Henderson Group, UBS Fund Management (Switzerland AG) and LLB Swiss Investments AG.

SEO Management AG took a relevant ownership position at the end of 2022 and is among our largest shareholders. At the 2024 Annual General Meeting, Fabian Rauch was elected a representative of SEO with a seat on the Board of Directors.

With a free-float of 100%, u-blox's shareholders are distributed with institutional investors mainly in Switzerland, United States and United Kingdom.

Committed to fair and comprehensive market communication

We are committed to open and transparent communications with the financial market to present our investment story and opportunities. We pursue a constant, open dialog with investors, analysts, and the media through direct phone calls and email exchanges, regular roadshows, and one-to-one meetings.

Senior management presents and discusses financial performance on a quarterly basis, and we provide the financial community and media with in depth reports and information through press and analyst conferences, conference calls, and webcasts.

As part of our 2024 Investor Relations activities, senior management and the investor relations team devoted 14 days to meeting investors directly or virtually through roadshows and conferences in Europe and North America, during which we met over over 110 investors in one-on-one or group meetings and many more in presentations.

For our Investor Relations contact, please see page 80 of this Annual Report.

u-blox share price CHF, SPI (rebased)

Trading volume (#shares) 1'200'000

Market cap CHF million

41	Corporate Governance
41 Group structure
	42		Shareholders of u-blox
	42		Capital structure
	45		Board of Directors
	49		Internal organization of the Board of Directors
	52		Information and control systems of the Board towards management
	54		Management of the group
	58	Shareholdings, Compensation and Loans
58 Shareholder rights 59 59 Auditors
			Transparency on non-financial matters

	59	Information policy
	60		Black out period
61			Compensation Report 2024
	61	Letter to the Shareholders
	62		Compensation Policy
		62	Governance
		62	Annual Process and Responsibilities for Compensation
		63	Objectives/Benchmarking
		65	Compensation System for the Board
		66	Compensation System for Executive Committee
	73		Remuneration Report 2024
		73	Compensation awarded to the Board of Directors
		74	Compensation awarded to the Executive Committee

Corporate Governance

The report describes the management structure, organization and control within the u-blox group on December 31, 2024. The report in conjunction with the Compensation Report fulfills the main requirements of the "Directive on Information relating to Corporate Governance" of the SIX Swiss Exchange.

1 Group structure

u-blox group

The registered domicile of u-blox Holding AG and u-blox AG is: Zuercherstrasse 68, 8800 Thalwil, Switzerland. u-blox AG was founded in 1997. u-blox Holding AG, the only shareholder of u-blox AG, was incorporated in September 2007 and listed on the SIX Swiss Exchange on October 26, 2007 (Valor No. 3336167, ISIN CH0033361673, ticker symbol: UBXN).

Hereinafter, u-blox Holding AG is referred to as u-blox. u-blox uses a "fabless" business model, i. e. u-blox outsources the production of modules and chips. u-blox is operationally managed by the Executive Committee ("EC"). Each member of the EC is responsible for certain functions, as reflected below.

Business operations are conducted through u-blox group companies. u-blox Holding AG directly or indirectly owns all companies belonging to the u-blox group. The shares of these companies are not publicly traded. u-blox subsidiaries are listed in note 2 to the consolidated financial statements.

The governance structure is organized according to different areas of responsibilities between the Board of Directors (Board), the Board Committees and each member of the EC.

2 Shareholders of u-blox

Significant shareholders

As of December 31, 2024, u-blox had 4,426 registered shareholders and none has a controlling interest. According to the disclosures of shareholders as per stock exchange regulations, the largest shareholders (> 3%) were:

	Through shares1	Purchase position through financial instruments2	Sale position3	Net purchase position4
UBS Fund Management (Switzerland) AG	6.2%	-	-	6.2%
Janus Henderson Group Plc	5.1%	-	-	5.1%
SEO Management AG	5.0%	-	-	5.0%
Gumshoe Master Fund LP	3.1%	-	-	3.1%
EQMC Europe Development Capital Fund5	3.0%	-	-	3.0%
Swisscanto Fondsleitung AG	3.0%	-	-	3.0%
LLB Swiss Investment AG	3.0%	-	-	3.0%
Bank of America Corporation	1.6%	5.9%	7.0%	0.4%

¹ Refers to the percentage of voting rights held directly by the shareholder.

Certain shareholders may have reduced or increased their shareholdings since.

For further details see https://www.ser-ag.com/ en/resources/notifications-market-participants/ significant-shareholders.html#/

Cross shareholdings

u-blox has no cross shareholdings in any company.

3 Capital structure

The market capitalization at December 31, 2024 was CHF 541 million based on the outstanding ordinary share capital (7,411,489 shares).

Share capital of u-blox Ordinary share capital

On December 31, 2024 the outstanding ordinary share capital of u-blox was CHF 77,820,634.50 fully paid in and divided into shares of CHF 10.50 nominal value each. There are no preferential

voting shares. All shares have equal voting rights. No participation certificates, nonvoting equity securities (Genussscheine), depositary receipts or profit-sharing certificates have been issued.

Conditional share capital

According to the articles of association, the share capital of the Company can be increased by a maximum amount of CHF 2,875,646.50 by the issuance of no more than 273,871 registered shares that are to be fully paid-in and have a nominal value of CHF 10.50 each; this increase being the result of the exercise of options rights granted to the employees of the Company and its subsidiaries in accordance with one or more equity investment plans. The Board will determine the issue price for the new shares as well as the equity investment plan. Subscription and pre-emptive rights of shareholders are excluded for this conditional capital increase.

² Includes holdings via derivatives, options, or other financial instruments conferring acquisition rights.

³ "Sale position" reflects short positions or obligations to sell shares.

^{4 &}quot;Net purchase position" represents the net balance of all positions (through shares + purchase position – sale Position)

⁵ To avoid double counting of shareholdings within the same corporate group, only the consolidated position of Alantra EQMC Asset Management, SGIIC, S.A. is presented. This figure includes the holdings of its subsidiary, EQMC Europe Development Capital Fund.

Capital band

The Company has a capital band with a lower limit of CHF 70,135,275 and an upper limit of CHF 85,505,994. The Board is authorized to increase the share capital at any time until 19 April 2029 at the latest, on one or more occasions and in any amount, by issuing up to 731,939 fully paid-up registered shares with a par value of CHF 10.50 each or to reduce the share capital by cancelling up to 731,939 registered shares with a par value of CHF10.50 each or to increase or reduce the par value of the existing registered shares up to the upper limit, respectively down to the lower limit.

The Board shall issue the necessary provisions, insofar as they are not included in the authorizing resolution of the General Meeting of Shareholders. In case of an increase of the share capital within the capital band, the Board will determine the issue amount, date of dividend entitlement and kind of contribution.

If the share capital increases as a result of a conditional capital increase pursuant to Art. 3a of these Articles of Association, the upper limit of the capital band shall automatically increase in accordance with the par value of the registered shares issued as part of the conditional capital increase.

The Board is entitled to exclude the subscription right of shareholders and allocate such right to third parties in cases where such new shares are to be used for the takeover of companies by way of exchange of shares, or for financing the acquisition of companies, or divisions thereof, or equity interests, or new investment projects of the Company. Shares for which subscription rights were granted but are not exercised will be allocated by the Board.

Changes in share capital

On December 31, 2024, the share capital consists of 7,411,489 registered shares. The share capital increased by 142,605 registered shares compared to December 31, 2023 pursuant to the exercise of employee stock options and additionally the delivery of stock as a result of

both Performance Share Units (PSU) and Restricted Share Units (RSU) agreements in 2024. The conditional capital was modified by the general assembly in 2024 to a total of 365,969 registered shares. The exercise of options in 2024 resulted in a residual conditional capital of 273,871 registered shares.

The Board has not increased the share capital on the basis of the capital band in 2024.

Refer to section "consolidated statement of financial position" of this report for more information on changes in share capital over the last three years.

Bonus certificates, options and convertibles u-blox has not issued bonus certificates, convertible or exchangeable bonds, warrants or other securities granting rights to u-blox shares, except options until 2022 under the employee stock option plan.

The total number of outstanding options, RSUs and PSUs issued to employees (including EC) at December 31, 2024 was 561,027 (7.6% of the outstanding ordinary share capital). 30,115 thereof were not exercised and expired on 1.1.2025. The total number of outstanding options, RSUs and PSUs as of 1.1.2025 is 7.2% of the outstanding ordinary share capital.

Under each employee stock option plan issued to u-blox employees annually until 2022, the options have a 3-year vesting period. Thereafter, options may be exercised during a period of three years. The options expire, if they have not been exercised during this period (e. g., the options granted in 2019 were not exercised and expired). One option grants the right to purchase one share.

The exercise price is the lower amount of a) the volume-weighted average share price on the SIX Swiss Exchange during the 30 trading days preceding the grant date and b) the closing

share price at the SIX Swiss Exchange on the last trading day before the grant date. The below table shows outstanding options:

			Exercise price	Options outstanding
Grant	Vesting date	Expiry date	in CHF	at Dec. 31, 2024
2019	01.01.2022	01.01.2025	78.95	26,210
2019	01.01.2022	01.01.2025	78.95*	3,905
2020	01.01.2023	01.01.2026	91.87	80,126
2020	01.01.2023	01.01.2026	97.80*	12,960
2021	01.01.2024	01.01.2027	58.85	76,056
2021	01.01.2024	01.01.2027	58.85*	11,594
2022	01.01.2025	01.01.2028	69.25	158,583
2022	01.01.2025	01.01.2028	70.45*	30,370
Total				399,804

^* Options granted to employees of u-blox America Inc., u-blox San Diego Inc., u-blox Espoo Oy, u-blox Cambridge Ltd., Leuven branch and CSOP options

As of 2023, u-blox does not issue options anymore. Instead, employees are granted RSUs and the EC is granted PSUs.

Under the RSUs and PSUs, eligible employees are annually awarded the right to obtain for free a certain number of shares at the vesting date. The vesting date is three years after the award. The below table shows outstanding RSU and PSU.

For each RSU, the participant is given the right to one share. In the case of PSU, as there is a performance component, the participant has a right to a range, which is from 0 to 1.5, in the number of shares per PSU.

Grant	Vesting date	PSU and RSU outstanding at Dec. 31, 2024
2023 (PSU)	March 2026*	8,854
2023 (RSU)	May 2026**	63,427
2024 (PSU)	March 2027*	13,981
2024 (RSU)	May 2027**	74,961
Total		161,223

^* Performance Share Units (PSU) granted to members of the Executive Committee (EC)

^** Restricted Share Units (RSU) granted to employees

4 Board of Directors

Composition of the Board of Directors at December 31, 2024:

Name	Member since	Age	Position	Position Committee
André Müller	2015	71	Chair
Ulrich Looser	2018	67	Member/Deputy	Chair NCSC / Member AC
Markus Borchert	2019	59	Member	Member NCSC
Karin Sonnenmoser	2022	55	Member	Chair AC
Elke Eckstein	2022	60	Member	Chair SC
Fabian Rauch	2024	43	Member	Member SC

AC: Audit Committee

NCSC: Nomination, Compensation and Sustainability Committee

SC: Strategy Committee

Mr. Thomas Seiler was member of the Board until the ordinary general assembly in April 2024. He did not present himself for re-election at the ordinary general assembly.

All members were independent in 2024.

Limitations on the number of mandates outside of u-blox Group

The total cumulative number of mandates outside of the u-blox group is limited for members of the Board as defined in article 25a of the articles of association available on u-blox's website under https://ubx.io/3uEPx5u

Election and term of office

The members of the Board and the Chair are elected annually at the general assembly for a term ending at the next ordinary general assembly as defined in article 16 of the articles of association available on u-blox's website under https://ubx.io/3uEPx5u

The members of the Nomination, Compensation and Sustainability Committee are elected annually at the general assembly. The committee chairs and the members of the other committees are elected by the Board.

André Müller

Function at u-blox

André Müller acts as chair of the Board of Directors of u-blox Holding AG and u-blox AG since 2018. He is an independent and Non-Executive Director.

Professional background

Mr. Müller holds a master's degree in mechanical engineering from the Swiss Federal Institute of Technology Zurich (ETH). Since 2010, he is an independent entrepreneur holding Board of Director responsibilities and investing in several Start-up and High-tech companies such as essemtec AG in Aesch (CH). André Müller was active as CEO of Cicorel SA (Switzerland) and member of the CICOR group management from 2006 to 2009. From 1998 to 2007 he was CEO and as of 1999 chairman of the board of HCT Shaping Systems SA (Switzerland). From 1993 to 1996 he was vice-president and from 1996 to 1998 general manager of ESEC SA (Switzerland). Prior to that, he held different positions in research and development divisions in the aerospace industry.

Other positions or consultancy agreements

Unlisted companies: Mr. Müller is member of the board of H2 Energy Holding AG, DW Holding AG, Dispenser Holding AG and Bangerter Microtechnik AG.

Ulrich Looser

Function at u-blox

Ulrich Looser was elected member of the Board of Directors of u-blox Holding AG and u-blox AG since 2018. He chairs the NCSC committee. He is a member of the Audit Committee. He is an independent and Non-Executive Director.

Professional background

Mr. Looser holds a master's degree (dipl.phys.) in physics from ETH Zurich and a master's degree (lic. oec.) in Finance and Accounting from the University of St. Gallen. Mr. Looser has vast experience in strategy development, organizational design, private equity investments, finance, accounting, controlling and consultancy. Prior to founding Berg Looser Rauber & Partners in 2009, he was managing director at Accenture from 2001–2009, after a career at McKinsey & Company (1987–2001), with extensive work also in the area of finance and accounting. He was member of the audit committee at Straumann (2010–2020).

Other positions or consultancy agreements

Listed companies: LEM (vice chairman, member audit committee, chair nomination and compensation committee). Unlisted companies: BLR Partners (chair), Geistlich Holding AG (member), Bachofen Holding AG (chair), Fostag Formenbau AG (member), Balgrist Beteiligungs AG (vice chair) including a subsidiary (Zürimed Technologies AG), Balgrist Tec AG (board member).

Associations: Economiesuisse (board member), Venture Stiftung (chair), Ing CH (board member), Schweizerischer Verein Balgrist (board member).

Markus Borchert

Function at u-blox

Markus Borchert was elected member of the Board of Directors of u-blox Holding AG and u-blox AG in 2019. He is a member of the nomination, compensation and sustainability committee. He is an independent and Non-Executive Director.

Professional background

Mr. Borchert holds a master's degree in electrical engineering from the Technical University of Munich and a MBA from the Massachusetts Institute of Technology. From 2019, Mr. Borchert is serving as President of Nokia Greater China and CEO of Nokia Shanghai Bell. Before, he was leading Nokia's business in Europe from 2015– 2018 and served as President of DIGITALEUROPE from 2016–2020. Earlier leadership positions with Nokia and Siemens include roles in global sales, strategy, marketing, portfolio management, business unit management and R&D.

Other positions or consultancy agreements Unlisted companies: Mr. Borchert serves as board member of Barilla International B.V..

Karin Sonnenmoser

Function at u-blox

Karin Sonnenmoser was elected member of the Board of Directors of u-blox Holding AG and u-blox AG in 2022. She chairs the audit committee. She is an independent and Non-Executive Director.

Professional background

Ms. Sonnenmoser holds a master's in economics from the University of Augsburg, Germany and a Master of Business Administration (MBA) from the University of Dayton, Ohio, USA. She served as interim Group CFO of LSG Group in Neu-Isenburg, Germany (2023-2024). She served as a Board member of Swiss Steel Group AG (Switzerland) (2020–2022) as well as a Board member of Leoni AG and was a member of the Executive Committee of Ceconomy AG (Germany) (2019–2021) where she served as Group CFO and oversaw strategy, capital market action and M&A. From 2014–2018 she was the Group CFO and member of the Executive Committee of Zumtobel Group AG (Austria), responsible for controlling/ finance, purchasing and IT. She held various finance positions at Volkswagen Group (1995–2014), including accounting, controlling, innovation strategy and process optimization.

Other positions or consultancy agreements

Listed companies: Chair of the Audit Committee of Renk Group AG.

Unlisted companies: Advent International Senior Advisor at Innio Jenbacher GmbH & Co OG/ Al Alpine.

Elke Eckstein

Function at u-blox

Elke Eckstein was elected member of the Board of Directors of u-blox Holding AG and u-blox AG in 2022. She chairs the strategy committee. She is an independent and Non-Executive Director.

Professional background

Ms. Eckstein has more than 35 years of industrial experience in the field of semiconductors, Electronics and Photonics. From 2019 until end of 2022, she served as President and CEO of the Swiss Enics Group, which merged with GPV Group. Previously, she held multiple top-level management positions in leading global companies including Operating and Digitalization Officer as well as head Business Division Cabinet Products at Weidmüller Group (2013–2018) and COO of Osram Lighting (2008–2013), before that at AMD/Global Foundries, Altis Semiconductors and Siemens/Infineon. Ms. Eckstein holds a degree in electrical engineering from Siemens Academy.

Other positions or consultancy agreements

Listed companies: Jenoptik AG (board member), BE Semiconductor (board member). Unlisted companies: KK Wind Group (board member), Saferoad Holding (board member), Viacon Holding (board member).

Fabian Rauch

Function at u-blox

Fabian Rauch was elected member of the Board of Directors of u-blox Holding AG and u-blox AG in 2024. He is a member of the strategy committee. He is an independent and Non-Executive Director.

Professional background

Fabian Rauch is the co-founder and managing partner (since 2022) of Spectrum Entrepreneurial Ownership (Rapperswil-Jona, Switzerland). Previously, he was a partner at ENA Investment Capital in London (2018-2021). Prior to that, Mr. Rauch was part of Cevian Capital's investment team in Switzerland. From 2009-2010, Mr. Rauch worked as a consultant at the management consultancy Oliver Wyman in Frankfurt. Mr. Rauch began his career in M&A at Morgan Stanley (2007-2009). Fabian Rauch completed his studies in business administration (with a focus on finance and accounting) at the Johann Wolfgang Goethe University in Frankfurt and graduated with a degree in business administration. He is a CFA Charterholder.

Other positions or consultancy agreements Listed: Landis + Gyr Group AG (board member). Unlisted: SEO Management AG (CEO).

5 Internal organization of the Board of Directors

Decisions are made by the Board with the support of the Nomination, Compensation and Sustainability Committee, the Audit Committee and the Strategy Committee.

The primary functions of the Board include:

Providing the strategic direction of the group.
Determining the organizational structure and governance rules of the group.
Reviewing and approving the annual financial statements and results.
Preparing matters to be approved by the General Assembly.
Reviewing the Risk Management System.
Appointment and removal of members of the EC.
Selection and proposition of new members of the Board.
Definition and proposition for approval of the structure of remuneration / compensation for the EC and Board.
Approving acquisitions.
Reviewing and approving annual budgets.
Reviewing the sustainability strategy, targets and progress and its impact on ESG ratings.
Defining environmental, social and governance (ESG) goals to be included in the compensation plans.

Further detail of decisions taken by the Board is provided under the Rules of Procedure available under https://ubx.io/3wt70yb

Delegation

The Board delegates the executive management of the company to the members of the EC, as further defined in the Rules of Procedure available under https://ubx.io/3wt70yb

Attendance

Member	Meetings attended
André Müller	27 of 27
Ulrich Looser	26 of 27
Karin Sonnenmoser	27 of 27
Elke Eckstein	26 of 27
Markus Borchert	27 of 27
Fabian Rauch	23 of 23
Thomas Seiler	4 of 4

Mr. Seiler attended all meetings until the General Assembly, at which he did not represent himself for re-election.

The Board generally holds an ordinary meeting every two months. The duration of each meeting is typically between 1 and 4 hours. Typically, all members of the EC and the general counsel (secretary) participated and informed the Board on all relevant matters.

Board evaluation

A self-evaluation was performed during 2024 with focus on previously agreed criteria of competencies needed for the Board. The Board concluded that the criteria are fulfilled.

Role and functioning of the Board Committees

The Board has established an Audit Committee and a Nomination, Compensation and Sustainability Committee. As of 2023, a Strategy Committee supports the Board. Committee members are selected based on the relevance of their experience. For details on committee member's expertise, see the curriculum vitae section above. Each Committee had two members in 2024. Each Committee member and its chairperson are elected by the Board with the exception of the members of the Nomination, Compensation and Sustainability Committee, which are elected by the General Meeting. Minutes of the meetings of the Committees are accessible to the Board. The Chairperson of a Committee reports on the activities of the Committee at the following meeting of the Board.

For further detail see the Rules of Procedure available under https://ubx.io/3wt70yb

Audit Committee

The members of the Audit Committee are exclusively independent, non-executive members of the Board. The Audit Committee is chaired by a member nominated by the Board. The Audit Committee's main duties include the assessment of:

The completeness, integrity and transparency of financial statements, their compliance with applicable accounting principles and proper reporting.
The functionality and effectiveness of external and internal control systems including risk management.
The quality of audit services rendered by the external and internal auditors.
Direct the implementation of cyber security measures.

The Audit Committee has no authority to take decisions but presents proposals for decision to the Board. For more detail on the activities of the Audit Committee, please consult art. 3.5.1 of the Rules of Procedure: https://ubx.io/3wt70yb

Attendance

Member	Meetings attended
Karin Sonnenmoser	12 of 12
Ulrich Looser	12 of 12

The Committee typically meets every two to three months and has a monthly update call. The duration of each meeting was typically between 1 and 2 hours. No external consultants advised the Audit Committee. Customarily, the CFO, the chair of the Board and the CEO participated in an advisory capacity. The external auditors participated at two meetings.

Nomination, Compensation and Sustainability Committee

The members of the NCSC are exclusively independent, non-executive members of the Board and are elected annually at the AGM, re-appointment is admissible. The NCSC is chaired by a member nominated by the Board. The Committee supports the Board in the performance of its duties as follows:

It prepares the personnel-related decisions to be adopted by the Board, such as the appointment and removal of members of the Board and the EC and regularly reviews the performance of the EC. For further detail see section 13.2.2 of the Remuneration Report.
It structures the remuneration and compensation payable to members of the Board and of the EC.
It proposes the compensation policy, the compensation report, the shareholding requirement policy and LTI program to the Board.
The NCSC regularly reviews the approach to talent management.
With respect to sustainability matters, the NCSC reviews the ESG policy and report, and the sustainability goals proposed by the EC. It defines targets to be achieved annually and reviews the level of achievement. It proposes compensation factors dependent on the level of achievement of ESG goals for the compensation policy.

The Sustainability report is available under: https://ubx.io/41BiGfL

For further information on the targets, the evaluation process and the impact on total compensation, see the compensation policy section of this report.

Succession planning

The Board, supported by the NCSC, selects members of the Board, members of Committees and of the EC under consideration of the company needs with regard to know-how, expertise and diversity.

<-- PDF CHUNK SEPARATOR -->

A search for a new Board and EC member is launched typically with the support of a professional executive search company based on selection criteria defined by the NCSC – under consideration of criteria defined by the CEO, with respect to EC members – and approved by the Board.

Candidates are interviewed by the Board Chair, members of the NCSC and other Board members and, as the case may be, by the CEO and other members of the EC. The NCSC recommends a candidate to the Board and the Board decides who should be proposed for election at the general assembly.

Selection Criteria

Diversity of professional backgrounds, expertise (e. g. in the electronics industry, finance, strategic and/or geographic markets), gender, age, nationality and independence are factors taken into account when selecting a candidate. The Board aims at having a gender representation of at least 30% at Board level. Significant shareholders may be considered during the selection process, in order to better take into account shareholder views.

Independence

The independence of Board and EC members is reviewed during the selection process and ensured by the conflict-of-interest policy applicable to Board and EC members (see Rules of Procedures for detail).

The Nomination, Compensation and Sustainability Committee has no authority to take decisions. It presents proposals to the Board for approval. For more detail on the responsibilities of the NCSC, please consult art. 3.5.2 of the Rules of Procedure: https://ubx.io/3wt70yb

Attendance

Member	Meetings attended
Ulrich Looser	9 of 9
Markus Borchert	9 of 9

The Committee typically meets every 1–2 months. The duration of each meeting was typically between 90 minutes and two hours. Usually, the chair of the Board and the CEO participated in advisory capacity. Members of the EC who participate at Committee meetings do not vote on their compensation.

The NCSC may further invite auditors and external consultants as deemed appropriate. During 2024, HCM International Ltd. was mandated as an independent external expert to review the LTI scheme. HCM did not hold any further mandates with the company.

Strategy Committee

The members of the Committee are non-executive members of the Board. The Committee is chaired by a member nominated by the Board. The Strategy Committee has no authority to take decisions. It presents proposals to the Board for approval. For information on the responsibilities of the Strategy Committee, please consult art. 3.5.3 of the Rules of Procedure:https://ubx.io/3wt70yb

The Committee typically meets 6 times per year, every two to three months. The duration of each meeting was typically between 2 and 4 hours. No external consultants advised the Strategy Committee. Customarily, the Chairman, the CEO and Head Strategy participated in an advisory capacity.

Attendance

Member	Meetings attended
Elke Eckstein	5 of 5
Fabian Rauch	3 of 3
Thomas Seiler	2 of 2

6 Information and control systems of the Board towards management

Information

The Board ensures that it receives sufficient information from the EC to perform its supervisory duty. The Board obtains the information required to perform its duties as follows:

All Board members are also members of the Board of u-blox AG. All EC members participate in the Board meetings and each member presents a status report at each meeting.
A monthly status report is prepared by the CEO and submitted to the Board.
The CFO and CEO participate in each Audit Committee meeting unless otherwise requested by the chair of the audit committee.
The CEO and the Head of People participate in each Nomination, Compensation and Sustainability Committee (NCSC), as guests, unless otherwise requested by the chair of the NCSC.
The CEO and Head of Strategy participate in each Strategy Committee meeting unless otherwise requested by the chair of the strategy committee.
The minutes of meetings are made available to all Board Members.
The chair of the Board meets the CEO approximately bi-weekly to discuss the strategy or prepare Board meetings.

Risk management

A risk assessment plan for the group is prepared by the EC and presented to the Board on an ongoing basis. The risk assessment plan identifies the type of risks, the likelihood of the occurrence of the risk, as well as the damage that may be caused if the risk materializes.

At each Board meeting risks and a risk mitigation plan is presented by the EC. The plan enables the Board to evaluate the appropriateness of the risk management and to monitor the progress achieved in controlling or mitigating the risks.

The EC is responsible for the execution and implementation of the plan, as well as ensuring that u-blox has the right processes in place to support the early mitigation and avoidance of risks.

Corporate Security and Cybersecurity Management

The Corporate Security Management (CSM) team is part of the u-blox Security, Continuity & Risk Management, Lead by the Chief Security Officer (CSO).

CSM tasks are to ensure the protection of the company against unauthorized access to the company's operations, data and information systems. The CSO is responsible for Corporate Security Management, and reports to the EC on a quarterly basis on security issues.

The Board is informed on the status of the actions taken by the Corporate Security Management team at least once a year in a separate agenda point. The company's operating, data and IT systems are subject to third-party security audits and security testing. u-blox has established an ISO27001 certified Information Security Management System (ISMS) and conducts regular information security awareness training for all staff, with further in-depth training for specific roles.

Cybersecurity is regularly reviewed by the audit committee. For details of the activities regarding cybersecurity, please refer to the Sustainability report under https://ubx.io/41BiGfL

Ethical conduct/Speak Up process

In order to ensure that ethical conduct is supported by employees, u-blox has implemented a speak up process since 2020 provided by an external service provider to ensure anonymity of persons (employees, suppliers, customers) who identify unethical conduct.

The compliance committee reviews the messages provided through the platform and takes appropriate action. For further detail, see the Sustainability report under https://ubx. io/41BiGfL

Employees can at all times address potential issues regarding breaches of u-blox's code of conduct, conflict of interest, anti-bribery policies or other breaches of regulations, laws or unethical behavior through the Speak Up channel or directly to the compliance committee. The committee consists of the Head of Legal and Head of People.

A summary of the messages regarding compliance topics submitted to the compliance committee in 2024 is given below:

Topic	Number of notifications
Regulatory Questions	9
Employment Question/Complaint	3
Fraud/Bribery	1
Mobbing	1
Sexual Harassment	0
Total	14

The Speak Up report is submitted annually to the Audit Committee for review. The Audit Committee may ask the committee on remedial actions taken with respect to relevant breaches of regulations, the law, u-blox's code of conduct, conflict of interest or anti-bribery policies.

Improvement requests to the Speak Up platform can be provided to the compliance committee. In 2024, no such requests were made.

Furthermore, once per month, at town hall meetings, employees are given the opportunity to ask questions and express topics of concern to the EC anonymously. The EC uses this tool to obtain direct information regarding matters of general concern to employees. The questions can be read by all participants. When a question obtains support from a sufficient number of participants, the question is answered by management or postponed to the next staff

information meeting, if the answer requires further investigation. Participants can ask questions or make suggestions for improvement of processes. The EC, where useful and appropriate, takes action to improve issues of concern.

Grievance mechanism

Grievances (other than those raised through the Speak Up process) raised by third parties relating to u-blox's products, operations or services are reviewed by the Legal department. The Legal department analyses the grievance and informs the CEO and the department concerned by the grievance.

Depending on the seriousness of the grievance and impact on human beings and the environment, the relevant department proposes actions to reduce the impact. Where the grievance can impact the company's reputation, the EC and in particularly serious instances, the Board, is informed and consulted.

The relevant department is responsible for the implementation of the remedial actions.

7 Management of the group

The members of the Executive Committee are:

Position	Name	Age
CEO	Stephan Zizala	52
CFO	Camila Japur	43
Production and Quality	Jean-Pierre Wyss	55
Sales and Marketing	Markus Schäfer	55
Product Centers & R&D	Andreas Thiel	57

The EC is headed by the Chief Executive Officer. The primary functions of the EC are defined in the Rules of Procedure: https://ubx.io/3wt70yb

Management contracts

u-blox does not have management contracts with third parties. The EC members are employed by u-blox AG.

Limitations on the number of mandates outside of u-blox Group

The total cumulative number of mandates outside of the u-blox group is limited for members of the EC as defined in article 25b of the articles of association available on u-blox's website under https://ubx.io/3uEPx5u

Executive Committee

Stephan Zizala

Function at u-blox

Stephan Zizala has been appointed member of the Executive Committee of both u-blox Holding AG and u-blox AG on October 1, 2022 and CEO since January 1, 2023.

Professional background

Mr. Zizala holds a Dip.-Ing. and Dr.-Ing. degree in electrical engineering and information technology from the Technical University of Munich (TUM).

Mr. Zizala joined Infineon in 2001 and held several marketing and management positions in various business units, such as microcontrollers, security ICs, and wireless baseband ICs. From 2009 to 2014, Mr. Zizala was Senior Director of the "Industrial and Multimarket Microcontroller" business segment. From 2014 to 2022, he was Senior Vice President and General Manager of the Business Line "Automotive High Power." From 2016 to June 2023 Mr. Zizala was a member of the Supervisory Board of Schweizer Electronic AG where he served as Deputy Chairman.

Other positions or consultancy agreements None.

Camila Japur

Function at u-blox

Camila Japur has been appointed member of the Executive Committee and CFO of both u-blox Holding AG and u-blox AG in July 2024.

Professional background

Camila holds a bachelor's degree in economics from Universidade Presbiteriana Mackenzie, São Paulo, and an MBA from Fundação Getulio Vargas, São Paulo. From 2001 until April 2016, Camila held several roles in Finance and served as Head of Business Operations at Ericsson Latin America. From 2016 to 2017, she was Head of Tactical Planning & Optimization at Ericsson Global Center, based in India. From 2018 to May 2024, she served as CFO for the Business Area Technologies & Emerging Business and for the Segment Enterprise at Ericsson, based in Sweden (until June 2023) and in the United States (until May 2024).

Other positions or consultancy agreements None.

Jean-Pierre Wyss

Function at u-blox

Since the incorporation of u-blox Holding AG in 2007 Jean-Pierre Wyss has served as a member of the Board of Directors until the general assembly in 2023 and, until 2011, as CFO. Since 1997, he has served as a member of the Board of Directors until the general assembly in 2023, CFO (until 2011) and Executive Director Production and Quality of u-blox AG.

Professional background

Mr. Wyss holds a master's degree in electrical engineering from the Swiss Federal Institute of Technology Zurich (ETH) and a Finance for Executives diploma from INSEAD in Singapore. From 1995 to 1997 he was a research assistant and project manager at ETH. In 1997, he co-founded u-blox AG.

Other positions or consultancy agreements

Unlisted companies: Jean-Pierre Wyss is a member of the board of Ardo Medical AG, Switzerland.

Andreas Thiel

Function at u-blox

Andreas Thiel has served as Executive Vice President (R&D Hardware) of u-blox Holding AG from 2007 to 2012 and as Executive Vice President R&D Hardware of u-blox AG from 1997 to 2012. He acted as Executive Director Cellular Product Development and IC Design Services from 2012 to 2019. He heads the Product Centers and R&D since 2019

Professional background

Mr. Thiel holds a degree in electrical engineering from Aachen University (RWTH) in Germany. From 1994 to 1997 he was a research assistant and project manager at the Swiss Federal Institute of Technology Zurich (ETH). In 1997, he co-founded u-blox AG.

Other positions or consultancy agreements None.

Markus Schäfer

Function at u-blox

Markus Schäfer serves as Executive Director Sales and Marketing of u-blox AG since 2019.

Professional background

Mr. Schäfer holds a MSc degree in electrical engineering from Aachen University (RWTH) in Germany and an MBA from Tiffin University, USA. From 1995 to 2008 he held various marketing and sales positions at Infineon Technologies in Germany and USA. He was senior director marketing and sales for RF and power management products at NXP from 2009 to 2014. From 2014 to 2019 he was head of sales EMEA and India for Macom Technologies in Germany.

Other positions or consultancy agreements None.

8 Shareholdings, Compensation and Loans

Ownership of u-blox shares

With regard to the compensation and shareholding programs of the members of the Board and EC, please consult the Compensation Policy and Remuneration Report.

No loans or credit facilities or post employment benefits were granted to members of the Board and EC members.

The articles of association define under art. 14 a) that the approval for the compensation of the Board and the EC has to be given by the general assembly: https://ubx.io/3uEPx5u

Ownership of u-blox shares

The total number of u-blox shares owned by members of the Board and the EC at December 31, 2024 (including holdings of "persons closely linked") is shown in the Remuneration Report, page 76.

9 Shareholder rights

Each registered share entitles the holder to one vote at general meetings. Any shareholder may be represented in the shareholders' meeting by a legal representative, a person authorized in writing by him who need not be a shareholder, or by an independent proxy. At a virtual shareholders meeting, any shareholder may attend virtually or be represented by an independent proxy. See art. 12 of the articles of association for further details https://ubx.io/3uEPx5u.

According to the Swiss code of obligations, in case of a virtual shareholder's meeting, the Board must ensure that i) the identity of a participant is established, ii) the voting results are communicated instantly, iii) each participant can propose a motion and participate in the discussion and iv) the result of a vote cannot be falsified.

A shareholder representing at least 5% of the share capital or voting rights may convene a general assembly. A shareholder representing at least 0.5% of share capital or voting rights may request that an item be included in the agenda of a general meeting (art. 699 CO).

The request for convening a meeting and/or for placing an item on the agenda must be submitted in writing to the chair of the Board at least 45 days ahead of the shareholders' meeting by stating the items on the agenda and the motions to be introduced by the shareholders.

Registration as shareholder

No restrictions apply to the registration as shareholder. Persons, who acquired registered shares, will, upon application, be entered in the register of shares as shareholders with voting power, provided they expressly declare to have acquired the shares in their own name and for their own account. Only shareholders registered in the u-blox share register may exercise their voting rights.

Shareholders recorded in the share register as voting shareholders, usually 7–12 days before the date of the general meeting, are admitted to the meeting and entitled to vote. The deadline for registration is defined by the Board and published in the invitation to the general meeting and on the company's website under www.u-blox.com/en/AGM

No restriction on transfer of shares

No restrictions apply to the transfer of shares.

10 Transparency on nonfinancial matters

The report on non-financial matters is integrated in the sustainability report for 2024 and is prepared in accordance with Art. 964b CO. The sustainability report is available on the u-blox website under https://ubx.io/41BiGfL

11 Auditors

Duration of the mandate and term of office of the lead auditor

KPMG AG, Lucerne was re-appointed as auditor of u-blox at the annual general assembly. KPMG Lucerne has been appointed each year since incorporation of u-blox in 2007. A tender proceeding was held in 2015, after which KPMG was proposed for re-appointment to the annual general assembly. Mr. Silvan Jurt, Partner, has been acting as the lead auditor since 2019. As provided under the Swiss Code of Obligations, the lead auditor will be rotated every seven years.

Auditing fees

Total auditing fees charged by KPMG for mandatory audits of u-blox for the financial year 2024 amount to CHF 365,070 (excl. VAT).

Additional fees

Additional fees charged by KPMG during the financial year 2024 amounted to CHF 169,413 (excl. VAT) for tax advice and consulting.

Supervisory and control instruments

The auditors were present at two Audit Committee meetings in 2024. The auditors present their findings to the Board twice a year at the review of the half year and full year financial numbers. The auditors present to the Audit Committee an overview of issues found during the audit of the annual financial statement, the half year financial statement, as well as the internal control system. Once a year, the auditors present a report to the Audit Committee and the Board which identifies the status of the progress achieved on topics which were identified for improvement.

The Board monitors the work and audit results of the auditors through the Audit Committee. The Audit Committee reviews annually the performance of auditors as well as the level of the external audit fees. In its review, the Audit Committee considers the auditor's quality of service, the expenses compared to other auditing companies (every two or four years) and the fees for non-audit related services. The Audit Committee presents their recommendations regarding the quality of the auditors to the Board and recommends the re-election at the general assembly accordingly.

12 Information policy

Agenda: the date of the General Assembly, financial reports, press conferences are available at www.u-blox.com/en/Financial-calendar www.u-blox.com/en/full-half-year-reports
Stock-price-sensitive information in accordance with the ad hoc publicity requirements of the Listing Rules of the SIX Swiss Exchange: www.u-blox.com/en/Ad-hoc-press-releases

Official notices are published in the Swiss Official Gazette of Commerce. Additionally, all interested parties have the possibility to directly receive from u-blox, via an e-mail distribution list, free and timely notification of publicly released information by registering here https://www.u-blox.com/en/news-subscription

General corporate information and company publications can be found on the Investor Relations section of u-blox' website: https://www.u-blox.com/en/investor-relations

For the Investor Relations and Corporate Communications contacts, the Corporate Headquarter address and a summary of anticipated key dates in 2024 please refer to page 80 of this Annual Report.

13 Black out period

u-blox's black out (close) period policy prohibits the trade with u-blox shares and derivatives for the EC, its direct reports, board members, their spouses/husbands and persons living under the same household. The exercise and hold of options is not considered to be a trade.

The periods of trade prohibition are:

Between December 15th and until 24 hours after the public release of the annual financial results
Between March 15th and until 24 hours after the public release of quarterly revenue
Between June 15th and until 24 hours after the public release of the half year financial results
Between September 15th and until 24 hours after the public release of the quarterly revenue.

An exception can be granted with the prior written approval of the CEO or CFO or – with respect to the EC members and board members – with prior written approval of the audit committee.

In addition, a trade prohibition can be issued by the CEO or the CFO. The sale or purchase of u-blox shares or derivatives is prohibited immediately upon submission of the trade prohibition and lasts until the suspension of such interdiction by the CEO or CFO.

14 Compensation Report 2024

14.1 Letter to Shareholders

Dear Shareholders

As the Chair of the Nomination, Compensation, and Sustainability Committee, I am pleased to present the 2024 Compensation Report, which provides an overview of u-blox's compensation policy, and the compensation awarded to the Board of Directors and Executive Committee for the year under review. This report complies with Article 734ff CO, the SIX Swiss Exchange's Directive on Information relating to Corporate Governance and takes into consideration the Swiss Code of Best Practice for Corporate Governance of economiesuisse.

2024 Company Performance

2024 was a transition year for u-blox. After record-breaking results in 2022 and 2023, we faced a challenging 2024, with revenue and profitability affected by overstocking and continued market softness, particularly in the industrial and automotive sectors. For the full year, revenue totaled CHF 262.9 million, adjusted EBIT(adjusted) stood at CHF –59.6 million, and free cash flow reached CHF 10.1 million.

In response to this challenging year, we implemented a reduction of 25% in the Board of Directors' compensation and a 33% reduction in the Chair's compensation for the period AGM 2024- 25. This we believe will better align with u-blox's current business situation and will demonstrate our support for the u-blox stakeholders, who have helped us during this difficult time.

Nomination, Compensation and Sustainability Committee (NCSC) Activities

In 2024, the NCSC focused on reviewing the remuneration scheme of the Executive Committee. Significant changes were made to both short-term and long-term incentives, placing an even greater emphasis on performance-based compensation to ensure full alignment with shareholder interests. Furthermore, talent review remained a key priority for the NCSC, along with the implementation of our ESG strategy.

As stated in previous annual reports we continue to regularly review our compensation approach to ensure that it promotes and rewards performance in line with the long-term interests of our shareholders and is consistent with the evolving regulatory requirements and industry standards.

As part of our regular compensation benchmarking, we have reviewed the Board of Directors' compensation beyond the AGM25 to ensure alignment with other organizations with a similar market capitalization and which are based in Switzerland. The details can be found in the remuneration report. In this context the board proposes to reduce its overall compensation for the period AGM 2025 to 2026 and to introduce a share-based component.

In line with this commitment to performance-based pay, we are also in the final review stages of the EC 's compensation plans in terms of the STI and LTI performance metrics for 2025 (with no changes to previously agreed value limits or caps).

We value the opinions of our shareholders and other stakeholders and will continue to maintain a close dialogue. At the 2025 Annual General Meeting, we will therefore seek your approval of the total maximum compensation amount for the Board of Directors for the period until the 2026 Annual General Meeting and for the Executive Committee for the financial year 2026. In addition, we will ask for your consultative vote on the 2024 Compensation Report.

Our compensation structure is designed to support our long-term financial and non-financial objectives and is well aligned with our shareholders' interests. On behalf of the Board of Directors and the NCSC, I would like to thank you for your continued trust and support of u-blox. We hope that you will find this report informative.

Ulrich Looser

Chair of the NCSC u-blox Holding AG

14.2 Compensation Policy

14.2.1 Governance

The governance bodies of the Company are a) the Board of Directors ("Board"), b) its committees, and c) the Executive Committee ("EC").

The Articles of Association and Rules of Procedure outline and define the roles and responsibilities of these bodies. The key points regarding compensation are summarized in the table below. For further details, see the Corporate Governance Report.

Activity	FY2024	FY2025
AGM	AGM 2025	AGM 2026
Binding vote for Board compensation for the period AGM 2025 – AGM 2026
Binding vote for EC compensation for financial year 2026
Consultative vote on Compensation Report 2024

14.2.2 Annual Process and Responsibilities for Compensation of EC and Board

	Q1	Q2	Q3	Q4
Annual Performance Assessment for non-CEO EC members for previous financial year	CEO, NCSC
Annual Performance Assessment for CEO for previous finan cial year	Chair, BoD
Calculation of Variable Bonus (STI) for EC members for previ ous financial year	CEO*, NCSC, BoD
PSU grant (LTI) proposal for EC members for previous finan cial year	CEO*, NCSC, BoD
Maximum aggregate compensation amount of the EC for next financial year (AGM+1)	NCSC, BoD	AGM
Compensation of Board of Directors for next compensation period (AGM to AGM+1)	NCSC, BoD	AGM
Compensation Policy and Report for previous financial year	NCSC, BoD	AGM**
Annual BoD Evaluation		Chair, BoD
Planning and guidance of ESG measures		CEO, NCSC, BoD		CEO, NCSC, BoD
Release of ESG/Sustainability Report	CEO, NCSC, BoD
Annual EC and BoD Succession Planning Review		NCSC, BoD
Compensation policy review and compensation principles for next financial year (including compensation benchmarking tri-annually)			NCSC, BoD
Compensation plans, budget and share award plan design				CEO*, NCSC, BoD

^* CEO is not present when discussing his compensation, ** Consultative vote

BoD = Board of Directors, NCSC = Nomination, Compensation and Sustainability Committee, CEO = Chief Executive Officer

^■ body which recommends, ■ body which reviews, ■ body which approves

14.2.3 Objectives/Benchmarking Board Compensation

The compensation policy for the Board is designed to attract and retain experienced and motivated individuals for the Board. The compensation should be competitive and in appropriate relation to the market and ensure the Board's independence in its supervisory capacity of the EC and the Company.

EC Compensation

The compensation policy for the u-blox EC is designed to achieve the following objectives:

Competitive

The total compensation package is competitive, enabling u-blox to attract and retain highly skilled and motivated entrepreneurial executive leaders over the long term.

Alignment of Interests

The form of compensation provides an incentive to achieve a sustainable increase in shareholder value, thus ensuring an alignment of interests between the EC and the long-term interests of shareholders.

Reward Performance and Team Spirit

The compensation system is designed to promote medium and long-term success and to foster team spirit among EC members. Compensation that is independent of performance, guaranteed or discretionary, and in particular, "pay for failure" is avoided. The achievements of Key Performance Indicators are rewarded as a team achievement.

Fair and Transparent

The compensation decisions are fair and transparent based on function and level of responsibility and ensuring that variable components are based on agreed and clear measurable performance metrics in line with the company's KPIs.

14.2.4 Compensation Benchmarking

The NCSC reviews the actual compensation of members of the Board and the EC annually and conducts periodic reviews of the compensation policy, levels, or structure for these bodies, respectively. Any changes resulting from these reviews are submitted to the Board for review and then for approval and decision at the AGM.

Board Benchmarking

On a regular basis, the Board of Directors' compensation is reviewed for appropriateness with workload and increase in required competencies mainly driven by new regulations and shareholder expectations.

Following aforementioned review, it was determined that a compensation mix of cash and stock would be more in line with market and as a result it is therefore proposed that from the AGM 2025-26 that this be implemented. The details of which can be found in section 14.2.5.1.

EC Benchmarking

To assess the competitiveness of the level and structure of the compensation framework for the EC, the NCSC conducts a review on a tri-annual basis, also considering market and regulatory developments. The review is supported by external consultants. As a reference point, peer median compensation should not be exceeded.

The most recent review was conducted during the financial year 2024. To this end, EC members' total compensation was benchmarked against a peer group selected to reflect the size, geographic considerations as well as industries affiliation in a broader sense. The benchmark was split into two groups to enable distinction between organizations with a more significant market capitalization.

Company Business activity VAT Industrials MELEXIS Information Technology NORDIC Information Technology AMS-OSRAM Information Technology COMET Information Technology HUBER+SUHNER Industrials TX GROUP Communication Services SENSIRION Information Technology ARYZTA Consumer Staples MEYER-BURGER Information Technology KOMAX Industrials ELMOS Information Technology JUNGFRAUBAHN Industrials ARBONIA Industrials MEDMIX Healthcare AUTONEUM Consumer Discretionary MOBILEZONE Consumer Discretionary ZEHNDER Industrials VETROPACK Materials APG SGA Communication Services V-ZUG Consumer Discretionary ORIOR Consumer Staples RIETER Industrials SWISS STEEL Materials GURIT Materials

The benchmark showed that the current target compensation level, the use of compensation elements, and the way the short-term variable compensation element is set are comparable to the market. Details on these updates are provided in the remainder of this report and the prior year's report.

14.2.5 Compensation System for the Board

14.2.5.1 Fee

To ensure the independence of the Board in its supervisory capacity of the EC and the company, members of the Board only receive a fixed compensation and do not participate in the LTI

schemes, non-mandatory pension schemes, and/or performance-related pay. In addition to the base director fees, a fixed fee is paid for the positions of Chair, Committee Chair, and Committee Member. In addition, the Chair of the Board is not eligible for additional compensation for participation in committees.

As already mentioned the BoD Compensation for the AGM 2024 to 2025, was adjusted (the adjustment is shown below):

Board compensation including social insurance	Period AGM 2024 through AGM 2025
Base Compensation for Chair of the Board	CHF 209,333
Base Compensation for member of the Board	CHF 90,000
Additional compensation for committee Chair	CHF 22,500
Additional compensation for committee membership	CHF 15,000

Previous period BoD compensation:

Board compensation including social insurance	Period AGM 2023 through AGM 2024
Base Compensation for Chair of the Board	CHF 314,000
Base Compensation for member of the Board	CHF 120,000
Additional compensation for committee Chair	CHF 30,000
Additional compensation for committee membership	CHF 20,000

For the period AGM 2025 through 2026, it is proposed to change the remuneration as follows:

	Period AGM 2025 through AGM 2026
Board compensation including social insurance	Cash	Stock value
Base Compensation for Chair of the Board	CHF 182,000	CHF 78,000
Base Compensation for member of the Board	CHF 77,000	CHF 33,000
Additional compensation for committee Chair	CHF 17,500	CHF 7,500
Additional compensation for committee membership	CHF 10,500	CHF 4,500

Compensation has been paid in cash form only. The proposal shown above is that from AGM 2025-26 the compensation for the Board is split between a cash-based component and a sharebased component. It is the intention with this proposal to continue with both the stock ownership requirements.

Actual expenses incurred are reimbursed, according to the company policy, for travel arising out of duties performed on behalf of the Board. No pension, social insurance contributions, or benefits are granted to the Board members, except where compulsory under Swiss law. Employer contributions to social insurance for Board members are included in the compensation amount.

14.2.5.2 Share Ownership Requirements

Board share ownership guidelines were introduced for the Board in 2018. This guideline stipulates that each member will acquire and hold u-blox shares equivalent to 100% of the annual Board fee. The minimum levels are to be achieved within three years, and such achievement is not altered by later share price variation. Details on the shareholding of members of the Board are provided in the Corporate Governance Report under Shareholdings, Compensation and Loans.

14.2.6 Compensation System for EC

The compensation of the EC members consists of fixed elements (including base salary, pension funds, social insurance, and other benefits) and variable elements based on performance (including short-term incentive "STI" and longterm incentive "LTI"). A greater portion of the

overall compensation is dependent upon performance. However, this is capped not to incentivize excessive risk-taking or maximize short-term performance at the risk of long-term sustainable performance. EC members are not compensated for Board membership nor other executive positions held within the Group.

Illustrative overview of the compensation framework of the Executive Committee

Pay mix	Reporting year	Reporting year +1	Reporting year +2	Reporting year +3
Fixed Elements	Base salary Pension Funds Social Insurance Other Benefits
Short-term Incentive (STI)	Performance period	Payout of STI CEO: 0–150% of base salary Other EC members: 0–100% of base salary
Long-term Incentive (LTI)	Grant of LTI Transformed in number of PSUs		Performance period	Vesting of LTI 0–150% of number of granted PSUs

Summarized compensation elements of the Executive Committee

	Instrument	Timeframe	Performance related	Purpose
Fixed Elements	Cash	Immediate	Not relevant	Attraction, retention
Short-term Incentive (STI)	Cash	1 year	Yes	Reward achievement of pre-determined KPIs for financial year, including but not limited to ESG goals.
Long-term Incentive (LTI)	Performance Share Units (PSUs)	3 years	Yes	Long-term commitment and reward achievement of pre-determined KPIs for three year-period, alignment of interests, foster team-spirit.

14.2.6.1 Base Salary

The base salary is the main fixed compensation component paid to the EC members. It is determined by taking into account the regular benchmarking results and considering the tasks, responsibilities, and experience relevant to the respective role. As roles and responsibilities change, the NCSC will review salaries accordingly.

14.2.6.2 Pension Funds and Social Insurance Benefits

The aim is to provide the EC members and their family members with financial coverage in case of retirement, illness, invalidity, or death in line with Swiss market practices and regulations.

The members of the EC, as all eligible employees in Switzerland, are insured against the risks of old age, death, and disability (AHV). With respect to pension benefits (amounts that give rise to pension entitlements or increase pension benefits), the employer contributes 60% of the

obligatory pension scheme fees and approximately 65% of the non-obligatory private pension scheme fees.

14.2.6.3 Other Benefits

None of the EC members nor the CEO are entitled to other non-cash benefits.

14.2.6.4 Short-Term Incentive (STI)

The STI is designed to reward the achievement of three Key Performance Indicators (KPIs), which reflect the interest of shareholders and focus on growth, profitability, and sustainability.

Specifically:

1) Revenue Growth,
2) Operating Cash Flow Margin, and
3) Sustainability targets.

To determine the actual payout received by participants following the financial year, the Board calculates a weighted overall achievement factor by comparing the actual results achieved to the pre-determined targets per KPI. The weighted overall achievement factor is applied to the respective base salary for each participant. For EC members other than the CEO, this weighted overall achievement factor is multiplied by a factor of 0.5.

Notwithstanding the above, should the performance of the sum of the Revenue Growth and the Operating Cash Flow Margin be negative, no bonus would be paid, even if the ESG component were positive.

For 2024, the targets (i. e., minimum, target, and maximum performance levels) per KPI were not changed and are defined as follows:

Revenue Growth (40% weight)

The revenue growth target is 15%, representing 75% achievement for this KPI. The system allows for over- and underachievement whereby 0% growth results in 0% achievement, and a linear progression determines the maximum 200% achievement.

Operating Cash Flow (OCF) Margin (40% weight)

The ability of a company to achieve operating cash flow is strongly influenced by the sector in which it operates. Thus, the performance is viewed under consideration of the Performance Benchmarking peer group, which is defined on the basis of industry sector, but also company size and geography. The targets for OCF margin are set considering the peer group and u-blox historical performance, company guidance, and analysts' estimates. The system allows for over- and underachievement whereby 0% OCF margin results in 0% achievement, 18% results in 75% achievement, and a linear progression determines the maximum 200% achievement.

ESG (20% weight)

The company has embarked upon a comprehensive ESG assessment and will issue a Sustainability Report for the business year 2024. Each year, key initiatives that are linked to the Sustainable Development Goals are defined with corresponding quantifiable goals. These goals are proposed by the NCSC and approved by the Board. At the end of the assessment period, the NCSC evaluates the achievement of these goals (maximum 150%) as part of the STI calculation.

The quantifiable ESG goals for FY 2024 were related to the five pillars of our sustainability strategy. They are described in detail in our Sustainability Report for 2024.

Performance Peer Group for 2024 targets

ams OSRAM Nordic Semiconductor ELMOS Semiconductor Sensirion AG Fibocom Wireless Silicon Laboratories Impinj Quectel Wireless Solutions Melexis

Pillar		Goals (base)	Goals (optimum)
Pillar 1: Business ethics, privacy, and data security	Do business the right way	• By end 2024, we will be compliant with ISO 27001 Information Security Management Systems standard for the scope of Corporate Security Management and Global IT Operations • For two locations: Thalwil, Sgonico • Implementation of ISO 27001 is ongoing	• By end 2024, we will be compliant with ISO 27001 Information Security Management Systems standard for an additional scope, e.g. Product Centers Positioning, ICS, Cellular • At two locations: Thalwil, Sgonico • Committed certification timeline
Pillar 2: People	Respect our people	• By end of 2024 total increase of +10% women in Management by 2024 (Base year June 2023) • Support three organiza tions for inspiring kids and young students to pursue education in STEM	• By end of 2024 total increase of +15% women in Management by 2024 (Base year June 2023) • Support four organiza tions for inspiring kids and young students to pursue education in STEM
Pillar 3: Environmental Responsibility	Protect the environment	• By end 2024, we will reduce our Scope 1 and 2 emissions by at least 10% compared to 2022 base year.	• By end 2024, we will reduce our Scope 1 and 2 emissions by 15% compared to 2022 base year and define criteria to improve the quality of our Scope 3 data base.
Pillar 4: Responsible supply chain	Do business the right way	• In 2024, we will conduct a supplier risk analysis and review the compliance of our suppliers (contract manufacturers and key component suppliers) with the Supplier Code of Conduct	• In 2024, in addition to the supplier risk analysis, we will conduct one supplier audit of a non-RBA (Responsible Business Alliance) member
Pillar 5: u-blox Innovations	Innovation	• By end of 2024 – product portfolio contributing 50% of our volume assessed in terms of sustainable impact (Base year 2023: 0% assessed)	• By end of 2024 – product portfolio contributing more than 50% our volumes assessed in terms of sustainable impact (Base year 2023: 0% assessed)

As a summary, the targets and the corresponding payouts for each of the KPIs are illustrated below:

		Minimum			Target
Target description	Weight	performance	Payout	performance	Payout	Maximum performance
Revenue growth	40%	0%	0%	15%	75%	200%
Operating Cashflow
margin	40%	0%	0%	18%	75%	200%
ESG	20%	0%	0%	100%	100%	150%

At the end of the assessment period, the NCSC evaluates the achievement of the initiatives individually and aggregates them to the overall weighted achievement factor.

This means that when achieving the target performance level, the CEO's expected payout is 80% of the base salary (40% * 75% for Revenue Growth + 40% * 75% for Operating Cashflow margin + 20% * 100% for ESG). The CEO's maximum payout is always capped at 150% of the base salary, as well as if the theoretical maximum payout as per the table above would be higher.

For the other EC members, the expected payout at target is 40% of the base salary (corresponding to the factor of 0.5 compared to the CEO), while the maximum payout is capped at 100% of the base salary.

14.2.6.5 Long Term Incentive (LTI)

After the transformation of the Stock Option plan into a Performance Share Units (PSUs) based program for the EC members, they received the second allocation for the fiscal year 2024.

The LTI is intended to encourage the long-term commitment of the EC, promote alignment of long-term interests between shareholders and the EC, and foster team spirit at u-blox.

At the beginning of each three-year plan cycle, an individual LTI grant amount (CHF) is converted into a certain number of PSUs. Whereby a PSU represents a contingent entitlement to receive u-blox shares in the future subject to fulfillment of pre-defined service and performance conditions.

The individual LTI grant amounts are proposed by the NCSC, taking into account market data and internal company considerations on the proportionality of compensation, overall affordability, and dilution, and are approved by the Board for each annual grant. For the allocation made for 2024 the individual LTI amounts are not changed and corresponded to approx. 70% of the base salary for the CEO and other EC members.

The number of granted PSUs is calculated by dividing an individual LTI grant amount (CHF) by the reference price of a PSU at the time of grant. The reference price is determined using the lower average daily closing price of the u-blox share over the ten trading days prior to the grant date or the closing price on the last trading day before the grant date.

At the end of each three-year plan cycle, granted PSUs are converted into u-blox shares. The number of shares per PSU varies from 0% to 150%, depending on the achievement of predefined performance conditions. The latter is defined as the adjusted EBITDA margin and is measured as a three-year average of the annual adjusted EBITDA margin following the grant. Social contributions fall due at the vesting date.

Grant

Individual LTI Amount Reference price = Number of granted PSUs

Performance consideration

Achievement Factor 3-year average EBITDA margin adjusted 0% –150%

Realization

Number of PSUs vested in shares Price at vesting Realized Value of LTI

Management calculates EBITDA (earnings before interest, taxes, depreciation and amortization) by adding back depreciation and amortization to Operating Profit (EBIT), in each case determined in accordance with IFRS. Adjusted EBITDA excludes share-based payments, impacts based by IAS-19, amortization of intangible assets acquired, impairments and non-recurring expenses.

The minimum, target, and maximum performance levels for the adjusted EBITDA margin for each annual PSU grant are suggested by the NCSC. It takes into consideration historical company performance, ongoing business expectations, and financial goals and is approved by the Board. The Board approves the vesting level based on achievement level and number of shares to vest per PSU.

The NCSC is of the opinion that further details of executive compensation are commercially sensitive, and it would be detrimental to the interests of the Company to disclose them before the end of the relevant performance period. The performance against those measures will be disclosed after the end of the relevant financial year in that year's compensation report, subject to the sensitivity no longer remaining.

14.2.6.6 Malus and claw-back provisions

Under the LTI applicable until 2022, the malus and claw-back provisions apply to forfeit or recover payments made as bonus (STI) and under the LTI-ESOP. Such provisions cover situations where the company is required to restate its accounts due to non-compliance with

financial reporting requirements under the securities laws at the time of disclosure. In such cases, the Board is empowered to recalculate the respective payout according to the restated financial results and seek reimbursement of any bonus amount or LTI-ESOP grant allocated in excess of the newly calculated amount. The claw-back clause is applicable for three years after the payment or grant of the respective compensation.

Under the LTI PSU, introduced in 2023, the malus and clawback provisions apply when the Company is required to restate its accounts due to non-compliance with financial reporting requirements at the time of disclosure or any act or failure to act that violates the law or a breach of obligations under the employment contract.

Where the Company is required to restate its accounts, the Board is empowered to recalculate the respective Achievement Factor according to the restated financial results and request the return of any u-blox Shares transferred to Participants under the Plan.

In case of an act or failure to act which violates the law or a breach of obligations under the employment contract, the Board defines the number of PSUs to be canceled and the amount or the number of u-blox Shares to be returned according to the seriousness of the violation and the damage caused to the company.

The claw-back clause is applicable for three years after the vesting of the respective PSU.

14.2.6.7 Approach to recruitment compensation

The NCSC ensures any arrangements agreed to be in the best interests of u-blox and its shareholders and aims to pay no more than necessary to secure the right candidate. Where considered appropriate, an external candidate may be compensated for compensation arrangements forfeited on leaving a previous employer. In doing so, relevant factors, including any performance conditions attached to these awards, the form in which it was to be paid, and the timeframe of awards, are considered. Buyout awards would be awarded on a 'like for like' basis compared to compensation being forfeited and would be capped to reflect the value being forfeited. The maximum level of variable pay, which could be awarded to a new EC member, excluding any buyouts, would be in line with the policy set out. If an EC member is appointed following u-blox's acquisition of, or merger with, another company, legacy terms and conditions may be honored.

Camila Japur will be granted 362 PSUs calculated according to the 2024 PSU plan, to compensate for the loss of accrued shares upon leaving her previous employer.

14.2.6.8 Employment contracts

The employment contracts of the EC members have a six-month notice period. The contracts do not contain a clause relating to change of control. EC members may be subject to non-compete provisions upon termination of their employment contract, which will not exceed 12 months after the termination date. If an EC member terminates the employment contract, the company may trigger the non-compete obligation in exchange for a fee limited to 50% of the EC member's annual cash compensation. Regarding the LTI, EC members or any participants are not entitled to any contractual joining or severance payments or special change of control provisions, except for the early vesting of the long-term compensation plan as explained in the plan regulations.

14.2.6.9 Loans

No guarantees or loans are granted to members of the Board or the EC.

14.2.6.10Share Ownership Requirements

EC members are required to acquire and hold u-blox shares equivalent to 250% of the base salary for the CEO and 200% for the other EC members. To fulfill the individual Shareholding Requirements, each member of the EC is granted a four-year build-up period. EC members need to fulfil their Shareholding requirement within four years after the date of entry at u-blox.

An EC member's shareholdings for the purpose of this regulation shall include shares owned and PSU awards granted under the LTI. Upon completion of the build-up period, an achievement will not be altered by a later share price variation. Details on the shareholding of EC members are provided in the Corporate Governance Report under the section Shareholdings.

14.2.6.11Previous Compensation approach Long Term Incentive Stock Option Plan

Until 2022, the LTI was referred to as the Stock Option Plan (LTI-ESOP) and grants were made in the form of Stock Options.

The Long-Term Incentive Stock Option Plan focused on EBITDA margins. To ensure the long-term component, the grant was based on the achieved historic three-year average adjusted EBITDA margin relative to a target. The plan includes a defined maximum allocation and a minimum performance threshold below which no allocations are made.

The exercise price is defined as the lower of

i. the volume-weighted average share price on the SIX Swiss Exchange during the 30 trading days preceding the grant date and
ii. the closing share price at the SIX Swiss Exchange on the last trading day before the grant date.

14.3 Remuneration Report 2024

14.3.1 Compensation awarded to the Board

The total amount of compensation of the Board for the election period 2024/2025 was decreased from 2023/2024 as approved by the

AGM (for more details, see Compensation Report 14.2.5.1). The total compensation stayed within the limits as approved by the AGM (CHF 1,200,000) for the period AGM 2024 to AGM 2025.

Compensation for the members of the Board for fiscal year 2024¹

	Fee CHF	Other Benefits2 CHF	Pension and Social insurance funds3 CHF	Total Compensation CHF
André Müller (Chair BoD)	230,266	–	13,547	243,813
Ulrich Looser (Chair NCSC, member AC)	133,853	–	7,606	141,459
Markus Borchert (Member NCSC)	109,008	–	8,117	117,125
Karin Sonnenmoser (Chair AC)	125,000	–	–	125,000
Elke Eckstein (Chair SC)	113,193	–	8,429	121,622
Fabian Rauch (Member SC)	65,149	–	4,851	70,000
Thomas Seiler4) (Chair SC)	36,000	16,010	10,199	62,209
Total	812,469	16,010	52,749	881,228

¹⁾ The compensation is shown for fiscal year 2024, whereas the approved budget covers the period AGM 2024 to AGM 2025.

Compensation for the members of the Board for fiscal year 2023¹

	Fee CHF	Other Benefits2 CHF	Pension and Social insurance funds3 CHF	Total Compensation CHF
André Müller (Chairman BoD)	271,373	0	17,371	288,744
Ulrich Looser (Chair NCSC, member AC)	152,982	0	9,792	162,774
Markus Borchert (Member NCSC)	121,069	0	7,750	128,819
Karin Sonnenmoser (Chair AC)	151,838	0	11,349	163,187
Elke Eckstein (Member SC)	137,175	0	10,289	147,464
Thomas Seiler4) (Chair SC)	145,000	9,979	31,770	186,749
Total	979,437	9,979	88,321	1,077,737

¹⁾ The compensation is shown for fiscal year 2023, whereas the approved budget covers the period AGM 2023 to AGM 2024.

²⁾ Vacation payout.

³⁾ Mandatory social insurance.

⁴⁾ Did not stand for re-election at the AGM 2024.

²⁾ Company Car.

³⁾ Mandatory social insurance.

⁴⁾ Total compensation also includes the amounts received under the part-time working contract agreement with u-blox AG.

14.3.2 Compensation awarded to the EC

14.3.2.1 Compensation Overview

The total amount of compensation of the members of the EC during financial year 2024 corresponds to CHF 4,067 thousand (prior year: CHF 4,246 thousand). The total compensation stayed within the limits for the fiscal year 2024 as approved by the shareholder meeting (CHF 7,500 thousand).

Compensation for the members of the Executive Committee for fiscal year 2024

							Pension and
							Social		Total
	Base		LTI3	LTI3	LTI4	LTI4	insurance	Other	Compen
	Salary	STI2	(PSU)	(PSU)	(PSU)	(PSU)	funds5	benefits6	sation
	CHF	CHF	CHF	units	CHF	units	CHF	CHF	CHF
Stephan Zizala,
CEO1	491,599	0	325,068	4,563	0	0	161,198	–	977,865
Other Members7	1,537,901	0	806,436	11,320	36,164	362	598,684	109,469	3,088,654
Total	2,029,500	0	1,131,504	15,883	36,164	362	759,882	109,469	4,066,519

1) Highest single remuneration.
2) STI for performance of 2024.
3) PSU granted in 2025 for fiscal year 2024. The value of the PSU at grant date is CHF 71.24 per PSU. Vesting date: after result publication in March 2028.
4) Including startup remuneration to Camila Japur. The value of 362 PSU at grant date is CHF 99.90 per PSU. Vesting date: after result publication in 2027.
5) Mandatory social insurance paid on the base salary, STI, PSUs when granted, travel allowance and other benefits.
6) Other benefits consist of Child and education allowance and one-time cash compensation of CHF 45,000 for lost stock as well as compensation of CHF 54,669 for relocation to Camila Japur.
7) Incl. all payments from Roland Jud, Chief Financial Officer until June 30, 2024.

Compensation paid to the members of the Executive Committee for fiscal year 2023

The total compensation stayed within the limits as approved by the shareholder meeting (CHF 7,000 thousand).

	Base Salary	STI1	LTI2 (PSU)	LTI2 (PSU)	LTI5 (PSU)	LTI5 (PSU)	Pension and Social insurance funds3	Other benefits4	Total Compen sation
	CHF	CHF	CHF	units	CHF	units	CHF	CHF	CHF
Stephan Zizala, CEO	491,599	149,342	335,764	3,361	100,699	1,008	155,230	0	1,232,634
Other Members	1,341,094	203,703	924,074	9,250	0	0	536,478	8,400	3,013,749
Total	1,832,693	353,045	1,259,838	12,611	100,699	1,008	691,708	8,400	4,246,383

1) STI to be paid out in 2024 for performance of 2023.
2) PSU granted in 2024 for fiscal year 2023. The fair value of the PSU at grant date is CHF 99.90 per PSU. Vesting date: after result publication in March 2027.
3) Mandatory social insurance paid on the base salary, bonus and on the fair value of options or PSUs when granted.
4) Child and education allowance.
5) Additional PSU granted as startup remuneration in compensation for lost shares from former employer. The value of 1,008 PSU at grant date is CHF 99.90 per PSU. Vesting date: after result publication in March 2027.

14.3.2.2 Base Salary

The base salaries did not increase during 2024.

14.3.2.3 Short-Term Incentive (STI)

The STI approach remained the same for 2024.

CEO:

The target STI, i. e., the expected payout to be received if the pre-defined targets of the KPIs are met, equals 80% of the base salary for the CEO. For 2024, the achievement of the CEO amounted to 0% of the base salary.

Compared to 2023, for the CEO, the bonus amount has decreased due to the slowdown of the business, resulting in negative revenue growth and a reduced operating cashflow margin.

Input data

Revenue growth rate	–54.4%
Operating cashflow margin	14.0%
ESG	100.0%
Output
Bonus rate	0.0%

Other EC members:

The target STI, i. e., the expected payout be received if the pre-defined targets of the KPIs are met, equals 40% of the base salary for the other EC members. For 2024, the achievement of the other EC members amounted to 0% of the base salary.

Compared to 2023, the bonus amount has decreased due to the slowdown of the business, resulting in negative revenue growth and a reduced operating cash flow margin.

Input data

Revenue growth rate	–54.4%
Operating cashflow margin	14.0%
ESG	100.0%
Output
Bonus rate	0.0%

14.3.2.4 Long Term Incentive (LTI)

The value of the individual LTI grant in CHF amounts to 66.11% of the base salary for the CEO and 66.69% of the base salary for other EC members. As this is the second year the new LTI has been granted, there is no vesting information so far. Information will be disclosed upon completion of the first vesting.

14.3.2.5 Compensation Ratios

The CEO's variable to fixed ratio (considering base salary, STI at target and LTI at grant level) amounts to 1.7 at target and 0.66 for actual performance during 2024.

For other EC members, the variable to fixed ratio results in 1.1 at target and 0.67 considering actual performance achieved during 2024.

14.3.3 Additional fees, compensation, guarantees and loans

No additional fee or compensation was paid to the members or former members of the Board or EC in 2024.

No guarantees or loans were guaranteed by a group company to members of the Board or EC or were outstanding on December 31, 2024.

14.3.4 Compensation to persons closely linked

No compensation, fees, or loans were paid, respectively granted, to persons closely linked to members of the Board or EC in 2024. Persons closely linked are defined as (i) a spouse or partner, (ii) children, (iii) any legal entities that they own or otherwise control, or (iv) any legal or natural person who is acting as their fiduciary.

<-- PDF CHUNK SEPARATOR -->

14.3.5 Shareholdings

14.3.5.1 Ownership of u-blox shares

The total number of u-blox shares owned by members of the Board and the EC at December 31, 2024 (including holdings of "persons closely linked"*) is shown in the tables below.

Members of the Board

	Number of shares
André Müller	3,330
Ulrich Looser	2,330
Markus Borchert	1,520
Karin Sonnenmoser	1,950
Elke Eckstein1	670
Fabian Rauch2	0

1) Unable to satisfy shareholding requirements due to long blackout period.
2) Elected at the Annual General Meeting 2024.

Executive Committee

	Number of shares
Stephan Zizala	4,864
Andreas Thiel	36,500
Jean-Pierre Wyss	13,673
Markus Schäfer	5,762
Camila Japur	0

^{* &}quot;Persons closely linked" are (i) their spouse, (ii) their children below age 18, (iii) any legal entities that they own or otherwise control, or (iv) any legal or natural person who is acting as their fiduciary.

14.3.5.2 Ownership of u-blox options and PSUs

The total number of u-blox options owned by members of the EC and a former member of the EC at December 31, 2024 is shown in the table below

		Number of	Number of
	Number of	non vest	non vest
Executive Com	vested	ed	ed
mittee	Options1)	Options2)	PSU3)
Stephan Zizala	0	3,500	5,106
Andreas Thiel	8,849	3,857	4,369
Jean-Pierre Wyss	0	3,857	4,369
Markus Schäfer	1,678	3,857	4,369
Camila Japur	0	0	362

1) Stock option grants in 2019, 2020, 2021
2) Stock option grants in 2022
3) Performance Share Units (PSU) grants in 2023, 2024

With respect to options, the exercise price is the lower amount of a) the volume-weighted average share price on the SIX Swiss Exchange during the 30 trading days preceding the grant date and b) the closing share price at the SIX Swiss Exchange on the last trading day before the grant date.

The exercise price, vesting period, duration and subscription ratio of each option plan and the grant conditions and vesting periods of PSUs are mentioned in section 3 of the Corporate Governance Report (Capital structure).

14.3.6 External mandates of the members of the Board of Directors and the Executive Committee

In accordance with Article 734e OR, the following table sets out the external mandates that

members of the Board and the EC hold in comparable functions at other companies with an economic purpose within the meaning of Article 626 paragraph 2 cipher 1 OR:

Member of the Board of Directors	Company name	Function	2024	2023
André Müller	H2 Energy Holding AG	BoD member	•	•
	DW Holding AG	BoD member	•	•
	Dispenser Holding AG	BoD member	•	•
	Bangerter Microtechnik AG	BoD member	•	•
Ulrich Looser	BLR Partners	Chair	•	•
	LEM	Vice Chair, Chair NCC, AC member	•	•
	Geistlich Holding AG	BoD member	•	•
	Fostag Formenbau AG	BoD member	•	•
	Balgrist Beteiligungs AG	BoD member	•	•
	Bachofen Holding AG	Chair	•	•
	Accenture (Switzerland)	Chair of the advisory board	•	•
	Kardex	Vice Chair. Chair NCC		•
Markus Borchert	Barilla International BV	BoD member	•
	TD Tech Ltd.	Chair		•
	RFS Radio Frequency Systems	Advisory board member		•
Karin Sonnenmoser	Advent International	Independent Senior Advisor	•
	Innio Jenbacher GmbH&Co. OG/AI Alpine	Chair AC	•	•
	Renk Group AG	Chair AC	•
	LSG Group	Interin CFO	•	•
Elke Eckstein	Jenoptik (Germany)	BoD member	•	•
	BE Semiconductor (Netherlands)	BoD member	•	•
	KK Wind (Denmark)	BoD member	•	•
	Saferoad (Norway)	BoD member	•	•
	Viacon (Sweden)	BoD member	•	•
Fabian Rauch	Landis+Gyr Group AG	BoD member	•
	SEO Management AG	CEO	•
Thomas Seiler	BLR Partners	Managing partner		•
	Leitwert AG	Chairman		•
	RAAAM Memory Technologies Ltd.	Chairman		•
	Alantar S. A.	Chairman		•
Member of the Execu tive Committee	Company name	Function	2024	2023
Jean-Pierre Wyss	Ardo Medical AG	BoD member	•	•

Reportof the statutory auditor

To the General Meeting of u-blox Holding AG, Thalwil

Report on the Audit of the Remuneration Report

Opinion

We have audited the Remuneration Report of u-blox Holding AG (the Company) for the year ended December 31, 2024. The audit was limited to the information pursuant to Art. 734a-734f of the Swiss Code of Obligations (CO) in chapters 14.3.1, 14.3.2.1, 14.3.3, 14.3.4, 14.3.5 and 14.3.6 on pages 73 to 77 of the Remuneration Report.

In our opinion, the information pursuant to Art. 734a-734f CO in the accompanying Remuneration Report complies with Swiss law and the Company's articles of incorporation.

Basis for Opinion

We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities under those provisions and standards are further described in the "Auditor's Responsibilities for the Audit of the Remuneration Report" section of our report. We are independent of the Company in accordance with the provisions of Swiss law and the requirements of the Swiss audit profession, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other Information

The Board of Directors is responsible for the other information. The other information comprises the information included in the annual report, but does not include the tables marked "audited" in the Remuneration Report, the consolidated financial statements, the stand-alone financial statements and our auditor's reports thereon.

Our opinion on the Remuneration Report does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Remuneration Report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the audited financial information in the Remuneration Report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Board of Directors' Responsibilities for the Remuneration Report

The Board of Directors is responsible for the preparation of a Remuneration Report in accordance with the provisions of Swiss law and the Company's articles of incorporation, and for such internal control as the Board of Directors determines is necessary to enable the preparation of a Remuneration Report that is free from material misstatement, whether due to fraud or error. The Board of Directors is also responsible for designing the remuneration system and defining individual remuneration packages.

Auditor's Responsibilities for the Audit of the Remuneration Report

Our objectives are to obtain reasonable assurance about whether the information pursuant to Art. 734a-734f CO is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Swiss law and SA-CH will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Remuneration Report.

As part of an audit in accordance with Swiss law and SA-CH, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement in the Remuneration Report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made.

We communicate with the Board of Directors or its relevant committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the Board of Directors or its relevant committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

KPMG AG

Silvan Jurt Licensed Audit Expert Auditor in Charge Raphael Gähwiler Licensed Audit Expert

Lucerne, February 25, 2025

KPMG AG, Pilatusstrasse 41, CH-6003 Lucerne

© 2025 KPMG AG, a Swiss corporation, is a group company of KPMG Holding LLP, which is a member of the KPMG global organization of independent firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

Information for Investors and Media and Investors

u-blox Holding AG Ticker details for u-blox shares

• Listing SIX Swiss Exchange

• Ticker symbol UBXN

• ISIN-No. CH0033361673

• Swiss Security-No. 3336167 • Reuters UBXN.S • Bloomberg UBXN:SW

Corporate address u-blox Holding AG

Zürcherstrasse 68 8800 Thalwil

Switzerland

Phone +41 44 722 74 44 Fax +41 44 722 74 47

Investor relations contact Rafael Duarte

Phone: +41 43 547 06 93

E-mail: [email protected]

Media contact E-mail: [email protected]

Sustainability contact Gitte Jensen

Phone: +41 44 722 74 86

E-mail: [email protected]

Website www.u-blox.com

Financial calendar • Annual General Meeting April 16, 2025

• Q1 2025 trading update April 23, 2025 • Half-year 2025 results August 6, 2025 • 9M 2025 trading update October 22, 2025

Management Discussion & Analysis

u-blox reported resilient results in 2024:

Revenue of CHF 262.9 million
EBIT (adjusted) of CHF –59.6 million
Free cash flow of CHF 10.1 million

Revenue

Revenue on a constant FX rates basis declined by 53.1% in 2024. Measured in Swiss Francs, it reached CHF 262.9 million in 2024, from CHF 576.9 million in 2023, representing a decline of 54.4% year-on-year. Foreign currency exchange rates negatively affected revenue by 1.4%, mainly from the strengthening of the Swiss Franc versus the US Dollar.

Revenue by region

Asia Pacific: Revenue in 2024 decreased by 55% to CHF 123.6 million from CHF 272.3 million in the same period last year, mainly driven by significant reduction from healthcare customers.
EMEA: In 2024 revenue amounted to CHF 92.6 million, down from CHF 173.3 million one year earlier (–47%), primarily due to a soft performance in industrial.
Americas: Revenue in 2024 totaled CHF 46.7 million compared to CHF 131.3 million in 2023 (–64%). The negative performance was mainly driven by the soft performance in automotive and industrial.

Revenue by market

■ Automotive: Revenue reached CHF 97.9 million in 2024, –42% lower compared to the same period last year. Signs of recovery were identified in the second half of 2024, as revenue grew double-digit versus the first half of 2024, mainly driven by Locate.

Industrial: Revenue amounted to CHF 145.3 million in 2024, a decrease of –62% versus the previous year, mostly driven by healthcare and aftermarket telematics.
Consumer / Others: Revenue totaled CHF 19.8 million in 2024, –10% lower compared to 2023, primarily due to the continued decline in consumer demand since 2022.

Gross Profit

Gross profit reached CHF 120.1 million in 2024 from CHF 253.9 million in 2023. The respective gross profit margin reached 45.7% in 2024 from 44.0% one year earlier. The better performance in Locate compared to Connect generated a positive mix effect, which explains the improvement of the gross margin at Group level.

Research and Development expenses

R&D expenses remained practically stable at CHF 164.3 million, compared to CHF 188.1 million in 2023. Cash R&D expenses (adjusted) declined by 8.1% to CHF 118.7 million in 2024, from CHF 129.1 million in 2023.

Sales, General and Administration (SG&A) expenses

SG&A expenses declined by 1.7% to CHF 67.9 million in 2024 (CHF 69.1 million in 2023), a consequence of cost reduction initiatives in the year.

Operating Profit (EBIT)

On an IFRS basis, EBIT amounted to CHF –112.2 million in 2024, lower than in 2023 (CHF –3.4 million). On an adjusted basis, EBIT (adjusted) reached CHF –59.6 million in 2024, lower than in 2023 (CHF 69.7 million).

Management Discussion & Analysis

Financial Results

Net finance results in 2024 amounted to CHF 7.7 million from CHF –8.9 million in 2023. Excluding FX effects, net finance results totaled CHF 0.7 million in 2024 from nil one year earlier. FX results reached CHF 7.0 million in 2024 compared to CHF –9.0 million in the same period last year.

Net Profit

Net reached CHF –88.9 million as compared to CHF –8.6 million in the prior year period. Diluted EPS in 2024 amounted to CHF –12.07 per share compared to CHF –1.21 per share in 2023.

Net profit (adjusted) decreased to CHF –43.7 million compared to CHF 51.1 million in the prior year period. Diluted EPS (adjusted) in 2024 amounted to CHF –5.95 per share compared to CHF 7.01 in 2023.

Cash Flow

Changes in net working capital were CHF +60.1 million in 2024 vs. CHF –45.9 million in 2023. Working capital improved significantly in the year, driven by lower receivables and inventory levels.

Income tax paid was CHF 0.7 million in 2024, from CHF 6.0 million in 2023. Capex of CHF 26.6 million in 2024 compares to CHF 48.3 million in 2023. The reduction reflects the reduction in R&D Capitalization as well as the cost optimization program implemented in H2'24.

As a result, Free cash flow reached CHF 10.1 million in 2024 compared to CHF 10.9 million in the prior year.

Balance Sheet and Financing

During 2024, u-blox recognized CHF 31.0 million of impairment losses on intangible assets. The impairment charge in 2024 was recognized in 'Research and development expenses' and relates to intangible assets in 'Intellectual property rights / acquired technology' and 'Capitalized development costs' in the Cellular business.

u-blox's net cash position on December 31, 2024 stood at CHF 90.9 million after a dividend payment of CHF 7.3 million versus CHF 86.2 million on December 31, 2023.

Based on the Company's financials, the Board of Directors will propose no dividend payment for 2025 at the Annual General Meeting.

Alternative Performance Measures

In this annual report and other forms of communication, u-blox uses key performance indicators (KPIs) which are not defined by IFRS, and are defined as alternative performance measures. u-blox believes that those KPIs enhance the understanding of the company's performance. The main alternative performance measures used by u-blox are defined and/or reconciled below.

Adjusted Income Statement

The following table reconcilies the Income Statement according to IFRS and Adjusted figures: The adjustments are impacts of share-based payments, pension calculation according to IAS-19, non-recurring expenses, amortization and impairment of intangible assets acquired.

For the year ended December 31								Adjustments
					Amor
			Share		tization	Impair
			based	Pension	intan	ment in	Re	Sum of	2024
in CHF 1,000	2024 (IFRS)	in %	pay ments	(IAS 19)	gible assets	tangible assets	struc turing	Adjust ments	(adjust ed)	in %

Revenue	262,884	100							262,884	100
Cost of sales	–142,789	–54.3	440				317		758 –142,031	–54.0
Gross Profit	120,095	45.7	440				317	758	120,853	46.0
Sales and marketing expenses	–35,500	–13.5	1,465		135		2,074	3,674	–31,826	–12.1
Research and develop ment expenses	–164,311	–62.5	3,982		2,510	30,992	7,999		45,484 –118,826	–45.2
General and adminis
trative expenses	–34,318	–13.1	1,453	–1,709			2,925	2,669	–31,649	–12.0
Other income	1,870	0.7							1,870	0.7
Operating loss (EBIT)	–112,164	–42.7	7,341	–1,709	2,646	30,992	13,315	52,585	–59,579	–22.7
Finance income	10,122	3.9							10,122	3.9
Finance costs	–2,419	–0.9		179				179	–2,240	–0.9
Share of loss of equi
ty-accounted invest
ees, net of taxes	–82	–0.0							–82	–0.0
Loss before income tax (EBT)	–104,543	–39.8	7,341	–1,530	2,646	30,992	13,315	52,764	–51,779	–19.7
Income tax benefit	15,631	5.9	644	275	–479	–5,607	–2,422	–7,588	8,043	3.1

Net loss	–88,912	–33.8	7,985	–1,255	2,167	25,386	10,893	45,176	–43,736	–16.6
Earnings per share in CHF	–12.07								–5.95
Diluted earnings per share in CHF	–12.07								–5.95

Alternative Performance Measures

For the year ended

December 31								Adjustments
					Amor
			Share		tization	Impair
			based	Pension	intan	ment in	Re	Sum of	2023
in CHF 1,000	2023 (IFRS)	in %	pay ments	(IAS 19)	gible assets	tangible assets	struc turing	Adjust ments	(adjust ed)	in %
Revenue	576,910	100							576,910	100
Cost of sales	–323,021	–56.0	375						375 –322,646	–55.9
Gross Profit	253,889	44.0	375					375	254,264	44.1
Sales and marketing expenses	–41,025	–7.1	919		135			1,055	–39,970	–6.9
Research and develop ment expenses	–188,134	–32.6	2,597		2,701	65,422			70,720 –117,414	–20.4
General and adminis trative expenses	–29,957	–5.2	591	327				918	–29,039	–5.0
Other income	1,839	0.3							1,839	0.3
Operating (loss) / profit (EBIT)	–3,388	–0.6	4,483	327	2,836	65,422		73,068	69,680	12.1
Finance income	2,203	0.4						0	2,203	0.4
Finance costs	–11,125	–1.9		186				186	–10,939	–1.9
Share of loss of equi ty-accounted invest ees, net of taxes	–199	–0.0							–199	–0.0
(Loss) / profit before income tax (EBT)	–12,509	–2.2	4,483	513	2,836	65,422		73,254	60,745	10.5
Income tax benefit / (expense)	3,878	0.7	–1,074	–91	–513	–11,835		–13,513	–9,634	–1.7
Net (loss) / profit	–8,631	–1.5	3,408	422	2,323	53,587		59,741	51,110	8.9
Earnings per share in CHF	–1.21								7.17
Diluted earnings per share in CHF	–1.21								7.01

Sales, General and Administration (SG&A) expenses (adjusted)

The following table reconcilies Sales, General and Administration (SG&A) expenses (adjusted) from the Adjusted Income Statement: