Velan Inc. · TSX:VLN
Velan — Q3 2026 Earnings Presentation
16 slides from Velan's earnings presentation, Jan 15, 2026
Slide 1: Q3-FY2026 Investor Presentation
Q3-FY2026 Investor Presentation January 15, 2026
Slide 2: Disclaimer
Disclaimer The following presentation provides an analysis of the consolidated operating results and financial position of Velan Inc. (“the Company”) for the quarter ended November 30, 2025. This presentation should be read in conjunction with the Company’s audited consolidated financial statements
Slide 3: James A. Mannebach, Chairman of the Board and Chief Executive Officer
James A. Mannebach Chairman of the Board and Chief Executive Officer 3
Slide 4: General Overview of Third Quarter
General Overview of Third Quarter Sales of $71.7M and adjusted EBITDA1 of $9.5M • Profitability driven by high-margin projects and tight management of operating expenses • Most rescheduled orders from previous quarter recaptured in third quarter • Similar customer dynamic on certain complex projects
Slide 5: Backlog and Bookings
Backlog (in millions) Backlog1 and Bookings1 $350 $300 $299 $297 $256 $249 $233 $238 $250 Backlog of $296.8M as at November 30, 2025 $200 • Up 8.0% since the beginning of fiscal year $150 • $238.5M deliverable within next 12 months (80.4% of $100 backlog) $50 $0 Bookings of $77.9M in Q3-FY2026 compa
Slide 6: Agreement for Sale of Velan Family's Majority Holdings to Birch Hill
Agreement for Sale of Velan Family’s Majority Holdings to Birch Hill Details of the agreement • Family to sell 15.6M multiple voting shares, representing approximately 72.1% of outstanding shares and 92.8% of aggregate voting rights, to Birch Hill • Proposed price of CA$13.10 per share for total gro
Slide 7: Velan's Competitive Edge
Velan’s Competitive Edge Well positioned in main markets • Trustworthy brand • High-quality products • Proven expertise in developing solutions for critical applications Strong resurgence in nuclear energy • Massive power requirements • Rising demand for clean energy sources • Emergence of Small Mod
Slide 8: Rishi Sharma, Chief Financial and Administrative Officer
Rishi Sharma Chief Financial and Administrative Officer 8
Slide 9: Third Quarter Results: Sales
Sales Third Quarter Results ($US millions) $73.4 $71.7 Sales $71.7M 2.4% vs. prior year • Lower shipments from Italian operations following strong sales in third quarter last year Q3-FY25 Q3-FY26 • Orders amounting to a few million dollars pushed out to later periods Q3-FY26 Q3-FY25 2.5% 0.1% 1.5% 9
Slide 10: Third Quarter Results: Gross Profit and Adjusted EBITDA
Gross Profit ($US millions) Third Quarter Results $28.3 $27.2 Gross Profit $27.2M $1.1M vs. prior year 38.6% 37.9% 37.9% of sales 70 bps vs. prior year • Higher-margin projects and slightly positive FX impact Q3-FY25 Q3-FY26 • Offset by lower absorption • Reduced volume Adj. EBITDA1 and Adj. Net Inc
Slide 11: Nine-Month Results
Sales Nine-Month Results ($US millions) $212.0 $206.8* $211.5 Sales $211.5M 0.2% vs. prior year Excluding last year’s non-recurring revenue of $5.2M $211.5M 2.3% vs. prior year 9M-FY25 9M-FY26 Gross Profit ($US millions) Gross Profit $65.1 $63.5 $63.5M $1.6M vs. prior year 30.0% of sales 70 bps vs.
Slide 12: Cash Flow and Financial Position
Cash Flow and Financial Position Cash Flow from Operating Activities* ($US millions) Cash Flow from Operating Activities • Used $6.7M before net change in provisions ($0.6) • Negative changes in non-cash working capital, mainly due to temporary increases in accounts receivables and ($6.7) work-in-pr
Slide 13: Thank you for attending our Q3-FY2026 Financial Results Investor Call
Thank you for attending our Q3-FY2026 Financial Results Investor Call. We are happy to answer any questions. velan.com facebook.com/velan @VelanInc linkedin.com/VelanInc 13
Slide 14: Appendix
Appendix Additional Information
Slide 15: Non-IFRS and Supplementary Financial Measures
Non-IFRS and Supplementary Financial Measures Non-IFRS measures The term “Adjusted net income (loss)” is defined as net income or loss attributable to Subordinate and Multiple Voting Shares plus adjustment, net of income taxes, for costs related to restructuring and to the proposed transaction. The
Slide 16: VELAN
VELAN www.velan.com