Velan Inc. · TSX:VLN
Velan — Q4 FY2026 Earnings Presentation
17 slides from Velan's earnings presentation, May 15, 2026
Slide 1: Q4-FY2026 Investor Presentation
Q4-FY2026 Investor Presentation May 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 and fiscal year ended February 28, 2026. This presentation should be read in conjunction with the Company’s audited consolidated finan
Slide 3: James A. Mannebach, Chairman and CEO
James A. Mannebach Chairman of the Board and Chief Executive Officer 3
Slide 4: A Look Back at Fiscal 2026
A Look Back at Fiscal 2026 Sound financial results despite a challenging environment • Annual sales improved to $296.4M • Gross profit margin held steady at 27.4% • Order backlog grew 3.1% to $283.3M • Very strong cash position of more than $53M Ongoing initiatives to create shareholder value • Sale
Slide 5: Leading Position in a Diversified Range of Industrial Markets
Leading Position in a Diversified Range of Industrial Markets Nuclear is a key growth driver • Mounting pressure on electrical grids • Soaring demand for clean energy sources Velan is the leading valve supplier for all reactor technologies • Substantial installed footprint • Unsurpassed technical ex
Slide 6: Leading Position in a Diversified Range of Industrial Markets (cont'd)
Leading Position in a Diversified Range of Industrial Markets (cont’d) Firmly entrenched in the defense market • Leading valve supplier of choice for nuclear propulsion of surface and sub-surface vessels • Heightened geopolitical tensions worldwide may lead to higher defense spending Opportunities i
Slide 7: In Summary
In Summary CHANGE PICTURE Pleased with our performance in FY 2026 • Considering heightened trade and geopolitical tensions Well positioned to build on our leadership position in key industrial markets Expect to deliver improved operating performance in FY 2027 • Supported by sharper focus and cost d
Slide 8: Rishi Sharma, Chief Financial and Administrative Officer
Rishi Sharma Chief Financial and Administrative Officer 8
Slide 9: Backlog and Bookings
Backlog (in millions) Backlog1 and Bookings1 $350 $300 $284 $275 $283 $260 $250 $226 $217 Backlog of $283.3M as at February 28, 2026 $200 • Up 3.1% from a year ago $150 • $216.7M deliverable within next 12 months $100 (76.5% of backlog) $50 Bookings of $73.7M in Q4-FY26 compared to $0 Q4-24 Q1-25 Q2
Slide 10: Quarterly and Annual Sales
Quarterly Sales Sales ($US millions) $83.1 $84.9 Q4-FY26 $84.9M 2.1% vs. prior year • Higher shipments from North American, Chinese and Indian operations • Favourable FX effect • Partially offset by lower shipments from Italian Q4-FY25 Q4-FY26 operations due to changes in customer delivery schedules
Slide 11: Gross Profit
Quarterly Gross Profit Gross Profit ($US millions) $19.8 $17.6 Q4-FY26 $17.6M $2.2M vs. prior year 23.8% 20.7% 20.7% of sales 310 bps vs. prior year • Less favourable product mix compared to last year Q4-FY25 Q4-FY26 FY 2026 Annual Gross Profit ($US millions) $81.1M $3.8M vs. prior year $84.9 $81.1
Slide 12: Profitability
Profitability Quarterly Adj. EBITDA1 and Adj. Net Income1 (Loss) ($US millions) $3.6 $4.0 Quarterly Adjusted EBITDA $4.0M $0.4M vs Prior Year • Increase in Other income (mainly FX) • Lower administration costs ($2.0) • Partially offset by lower gross profit ($4.9) Q4-FY25 Q4-FY26 Quarterly Adjusted
Slide 13: Cash Flow and Financial Position
Cash Flow from Operating Activities* Cash Flow and Financial Position ($US millions) $22.3 $24.0 Cash Flow from Operating Activities $7.5 • Solid $22.3M generation in Q4-2026, before net change in provisions • Improved working capital ($15.7) • As anticipated, working capital normalized in Q4 Quarte
Slide 14: Thank you for attending our Q4-FY2026 Financial Results Investor Call
Thank you for attending our Q4-FY2026 Financial Results Investor Call. We are happy to answer any questions. velan.com facebook.com/velan @VelanInc linkedin.com/VelanInc 14
Slide 15: Appendix
Appendix Additional Information
Slide 16: 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 17: VELAN
VELAN www.velan.com