Impact Coatings Ab · OMXSTO:IMPC
Impact Coatings Ab — Investor Presentation (November 2025)
59 slides from Impact Coatings Ab's investor presentation, Nov 24, 2025
Slide 1: Introduction to Impact Coatings, business and market update, financials
Introduction to Impact Coatings, business and market update, financials Jonas Nilsson, CEO Capital Markets Update November 24, 2025
Slide 2: Important information
Important information IMPORTANT INFORMATION THE INFORMATION CONTAINED IN THIS PRESENTATION IS STRICTLY CONFIDENTIAL. ACCORDINGLY, THE INFORMATION INCLUDED HEREIN MAY NOT BE REFERRED TO, QUOTED OR OTHERWISE DISCLOSED BY YOU, NEITHER DIRECTLY OR INDIRECTLY NOR WHOLLY OR PARTLY. BY REVIEWING THIS INFOR
Slide 3: Important information
Important information Certain information contained herein has been obtained from published sources prepared by other parties that the Company has deemed to be relevant and trustworthy. Moreover, certain information in the Presentation is based on assumptions, estimates and other factors that were a
Slide 4: Why do we need advanced coatings?
Dagens Industri, Nov. 20, 2025 Elevator Pitch Why do we need advanced coatings? Problem 1: Power consumption of data centers • The data center in Strängnäs will consume 4x more power than the city of Uppsala, 750MW • It takes (too) long to build new power lines • In the article there is no solution
Slide 5: Agenda and today's presenter
Agenda and today’s presenter 1. Introduction 2. Strategy pivot – focus on SOFC power 3. Company overview Jonas Nilsson CEO since 2023 4. Financial update Jonas has a background in engineering physics and electrical engineering from Linköping University and brings extensive leadership experience from
Slide 6: Impact Coatings – a Swedish company with strong operations in APAC
Introduction Impact Coatings – a Swedish company with strong operations in APAC Materials science company specializing in PVD (physical vapor deposition) Global Sales and Coating Service Centers (CSC) • Impact Coatings provides advanced multi-layer coatings and manufacturing solutions to protect and
Slide 7: Solving material challenges with scalable coating technology
Introduction Solving material challenges with scalable coating technology The problem Customer benefit Advanced PVD technology Cost reduction Ultra-thin metal coatings, and new advanced Lower material use cuts production costs materials, improve performance and reduce metal use Scarcity of critical
Slide 8: Energy offering
Introduction Energy offering Advanced coatings required for power generation, energy security, and alternative fuels IMPC solutions… …mission critical for a wide range of use cases Advanced multilayer PVD coatings INLINECOATER systems Stationary power: Solid-oxide fuel cells (SOFC) Data centers, bac
Slide 9: SOFC power generation – the momentum is Now!
Introduction SOFC power generation – the momentum is Now! Solid oxide fuel cells (SOFCs) = power for AI data centers • We have worked several years developing advanced coatings for SOFC/SOEC (solid oxide fuel cell / electrolyzer cell) with low intensity • Suddenly, the world needs data centers and d
Slide 10: Investment case
Introduction Investment case 1 Proven technology with ~50 systems delivered and established coating service centers in Europe, China, and planned for the U.S. Rights Issue of SEK 87.5m Use of proceeds Strong traction in fuel cell and electrolysis markets with multiple 2 • Industrialization of ongoin
Slide 11: Agenda
1. Introduction 2. Strategy pivot – focus on SOFC power 3. Company overview 4. Financial update 5. Case studies 6. Market 7. Investment case and outlook 8. Appendix
Slide 12: Impact Coating is pivoting its strategy and focusing on new demand driven by power
Strategy pivot – focus on SOFC power Impact Coating is pivoting its strategy and focusing on new demand driven by power generation for data centers Slowdown of the green China service business Focus on hydrogen hydrogen market due to running well, supporting related applications, global economic Chi
Slide 13: Solid-oxide fuel cells (SOFC) for stationary power, e.g., data centers
Strategy pivot – focus on SOFC power Solid-oxide fuel cells (SOFC) for stationary power, e.g., data centers Commercial projects now fueled by natural gas, with hydrogen-ready technology Examples of global SOFC technology suppliers Solid Oxide Fuel Cells (SOFC) • Highly efficient fuel cells that can
Slide 14: A perfect product-market fit
Strategy pivot – focus on SOFC power A perfect product-market fit SOFC components are flat plates • we are specialists in 2D objects. SOFC interconnects require • advanced multilayer coatings, on both sides with different coatings per side • the more advanced the requirements, the stronger the need
Slide 15: Agenda
1. Introduction 2. Strategy pivot – focus on SOFC power 3. Company overview 4. Financial update 5. Case studies 6. Market 7. Investment case and outlook 8. Appendix
Slide 16: Impact Coatings – a global presence
Company Overview Impact Coatings – a global presence Geographic focus of applications Global Sales and Coating Service Centers (CSC) Energy • SOFC power to data centers – Europe and APAC Sweden • PEM Fuel Cells – China HQ & CSC • PEM Water Electrolysis – North America and Europe Korea Automotive Sal
Slide 17: Introduction to PVD – Physical Vapor Deposition
Company Overview Introduction to PVD – Physical Vapor Deposition PVD - a process that deposits thin, durable coatings to improve surface performance and protection Overview of the PVD process 1 PVD takes place in a vacuum Plasma (Ar+) 2 Solid material (target) is vaporized by a plasma The vapor can
Slide 18: INLINECOATER IC2000
Company Overview INLINECOATER IC2000 Unique PVD system architecture, cost-efficiency for flat objects, and advanced multi-layer coatings Unique circular design • Low cycle time – suitable for high volume production • Easy to integrate with automation solutions and robots • Few moving parts increases
Slide 19: Group headquarters, Linköping
Company Overview Group headquarters, Linköping 19
Slide 20: Assembly at Linköping factory
Company Overview Assembly at Linköping factory One system per month delivery capacity from assembly line Source: Company information. 20
Slide 21: Coating Services at Linköping factory
Company Overview Coating Services at Linköping factory Primarily sampling activities across applications, and production for PEM electrolyzers Source: Company information. 21
Slide 22: Coating Services at Shanghai factory
Company Overview Coating Services at Shanghai factory 24 hours/day, 6 days/week automated coating production for fuel cell bipolar plates (Q3 and Q4 2025) Source: Company information. 22
Slide 23: Delivery model
Company Overview Delivery model End-to-end value: Coating services, managed services and advanced production equipment for long-term success Advantage Location Operator • Customers send components (e.g., bipolar plates) to Impact Coatings No upfront investment, Coating services 1 • IMPC coats in-hou
Slide 24: Revenue model
Company Overview Revenue model From Coating Services to system order: Customer conversion and revenue streams Coating Services Variable demand for Coating Services (CS) over time Coating services demand - customer 43% ~45 paying Some of the Production in SEK 31m customers decide Machine Machine R12
Slide 25: Revenue model – Selection of orders
Company Overview Revenue model – Selection of orders Coating Services System sales • Delivery agreement signed (Jun ’25) with a European • Received an order from Feintool (Dec ’24) for an manufacturer of PEM electrolyzers for coating services INLINECOATER IC2000 system to be used in of separator and
Slide 26: Bipolar plate production line, Feintool (China) Taicang
Company Overview Bipolar plate production line, Feintool (China) Taicang FORMING (FEINTOOL) CLEANING LASER WELDING (SITEC) LEAK TESTING COATING (IMPACT COATINGS) INSPECTION SEALING The pictures are from the inauguration and shows the complete production line from stainless steel on a coil to a compl
Slide 27: Successful push-pull strategy
Company Overview Successful push-pull strategy • IMPC uses its know-how and Coating Services to introduce and qualify the technology to the end customers, who tell their suppliers to use IMPC’s Coating Service or invest in PVD systems (Pull) • At the same time IMPC approaches the customer directly w
Slide 28: Customer journey: Approaching customers' customer
Company Overview Customer journey: Approaching customers’ customer IMPC Sup- End- plier user Strategic targeting using Push-Pull Push-pull supplier The end-user push the supplier to buy either Coating Services, system order or a combination of both as a second source 1 Coating Services 2 The end-use
Slide 29: Selected customers / strategic partners
Company Overview Selected customers / strategic partners Impact Coatings and Boyuan have formed a strategic SEKSUN Technology in Suzhou produces for a partnership for PVD coating solutions in fuel cell plate customer’s customer that has validated and qualified FTXT is the customer’s customer. Produc
Slide 30: Agenda
1. Introduction 2. Strategy pivot – focus on SOFC power 3. Company overview 4. Financial update 5. Case studies 6. Market 7. Investment case and outlook 8. Appendix
Slide 31: 2025: Strong Coating Services, postponed capital investments
Financial update 2025: Strong Coating Services, postponed capital investments Market activities and global momentum signal pick-up in capital investments January-September 2025 • Total net sales: MSEK 29.7 (67.5) • Coating Services, MSEK 20.6 (11.2) • Systems, MSEK 0 (47.1) • After market services,
Slide 32: 2025: Comprehensive cost savings and efficiency initiatives
Financial update 2025: Comprehensive cost savings and efficiency initiatives Ready for profitability amid returning sales growth • Low CAPEX needs: New Linköping factory has ample capacity; investments also made in Shanghai for capacity and process Q3 Q3 Jan-Sep Jan-Sep Jan-Dec optimization SEKm 202
Slide 33: Agenda
1. Introduction 2. Strategy pivot – focus on SOFC power 3. Company overview 4. Financial update 5. Case studies 6. Market 7. Investment case and outlook 8. Appendix
Slide 34: Global luxury eyewear brand
Case studies Global luxury eyewear brand ” Throughout many years, we have successfully established our large in-house PVD coating facility based on several PVD coating units from Impact Coatings. By this, we have been able to build up a highly efficient coating production facility for our extensive
Slide 35: FTXT, global leading fuel cell and hydrogen storage system supplier
Case studies FTXT, global leading fuel cell and hydrogen storage system supplier ” Through the partnership with the global leaders in the supply chain like Impact Coatings, FTXT keeps advancing the quality and performance of our products and aims to demonstrate the technical and commercial readiness
Slide 36: Push-pull strategy in Chinese fuel cell truck market
Case studies Push-pull strategy in Chinese fuel cell truck market (world leading) 1 Intro 2 IMPC solution 4 Conclusion Market Leadership: China leads in hydrogen fuel cell vehicles, especially commercial trucks and buses, driven by China is the global leader in deploying hydrogen fuel cell Impact Co
Slide 37: North America PEM electrolyzer manufacturing
Case studies North America PEM electrolyzer manufacturing 1 Intro 2 IMPC solution 4 Conclusion Strategic Collaboration: Partnering with the North American customer to advance hydrogen technology Impact Coatings works with a leading US-based customer Impact Coatings provides cost-efficient noble meta
Slide 38: Radar emblems for European car industry
Case studies Radar emblems for European car industry 1 Intro 2 IMPC solution 4 Conclusion Application: Radar-transparent radomes for vehicles, enabling ADAS radar placement; standard in most modern cars Modern vehicles increasingly use radar systems for ADAS, Impact Coatings developed radar-transpar
Slide 39: Natural gas-fueled SOFC for off-grid power and energy security
Case studies Natural gas-fueled SOFC for off-grid power and energy security 1 Intro 2 IMPC solution 4 Conclusion Application: SOFCs for stationary natural- gas power, supporting off-grid energy and decentralized grid balancing Solid-oxide fuel cells (SOFC) generate stationary power, Developed coatin
Slide 40: Agenda
1. Introduction 2. Strategy pivot – focus on SOFC power 3. Company overview 4. Financial update 5. Case studies 6. Market 7. Investment case and use of proceeds 8. Appendix
Slide 41: Impact Coatings application areas
Market Impact Coatings application areas Improving performance, durability, and appearance across industries with thin, protective, and functional coatings Energy Automotive Electronics Luxury Goods Durable, scratch-resistant finishes Protective, conductive coatings Enhanced durability, functionalit
Slide 42: Strategies for growth based on existing or new products and markets
Market Strategies for growth based on existing or new products and markets • Within the Energy application area there are several Market development Diversification opportunities to grow the New + SOFC & SOEC market in adjacent market markets verticals • SOFC and SOEC are new markets based on our ex
Slide 43: Lower-cost and efficient production with Impact Coatings' iridium oxide
Company Overview Lower-cost and efficient production with Impact Coatings’ iridium oxide Proton exchange membrane (PEM) electrolyzers for green hydrogen production Cost challenge for PEM electrolyzers • Iridium (Ir) more expensive than gold PEM electrolyzer stack • Used as catalytical material on th
Slide 44: Strategic markets driving demand for advanced coatings
Market Strategic markets driving demand for advanced coatings PVD market and drivers Hydrogen market and drivers SOFC market and drivers • PVD providers deliver durable, high-performance • The hydrogen market is growing rapidly, and its need • The SOFC market provides high-efficiency fuel cells for
Slide 45: Accelerating growth with new applications and customers
Market Accelerating growth with new applications and customers Exploring new applications and segments leveraging proven PVD technology with unique value for a broad customer base Offering existing solutions to new customers Energy Automotive Electronics Luxury Goods Semiconductor industry applicati
Slide 46: Agenda
1. Introduction 2. Strategy pivot – focus on SOFC power 3. Company overview 4. Financial update 5. Case studies 6. Market 7. Investment case and outlook 8. Appendix
Slide 47: Outlook
Investment case and outlook Outlook Strategy pivot towards SOFC: Impact Coatings changes its short-term strategy to focus on power generation with solid-oxide fuel cells (SOFC), commonly fueled with natural gas to power AI data centers. The Company is today cooperating with both Ceres (UK) and HD Hy
Slide 48: Investment case
Investment case and outlook Investment case 1 Proven technology with ~50 systems delivered and established coating service centers in Europe, China, and planned for the U.S. Strong traction in fuel cell and electrolysis markets with multiple orders, 2 and strong potential within SOFC for stationary
Slide 49: Use of proceeds
Investment case and outlook Use of proceeds Industrialization of ongoing customer-driven development • SOFC/SOEC (New area with paying sampling customers) ~30% • Iridium thrifting / Iridium substitution (New area with paying sampling customers) • Material utilization/recycling (Increase competitiven
Slide 50: Rights issue – transaction summary
Investment case and outlook Right issue – transaction summary Terms: Those who on the record date, November 19, 2025, are registered as shareholders in Impact Coatings will receive one (1) subscription right for each share held. Three (3) subscription rights will entitle to subscription for two (2)
Slide 51: Agenda
1. Introduction 2. Strategy pivot – focus on SOFC power 3. Company overview 4. Financial update 5. Case studies 6. Market 7. Investment case and outlook 8. Appendix
Slide 52: Board of directors
Appendix Board of directors Mark H. Shay Christian Sahlén Sukhwan Yun Roland Fischer Johanna Pynnä Chairman since 2018 Member since 2016 Member since 2019 Member since 2025 Member since 2025 Education: MBA, M.I.T. Sloan Education: Executive Education: PhD, BSc, Chemical Education: PhD Aeronautical E
Slide 53: Management team
Appendix Management team Jonas Nilsson Lena Åberg Kristian Hillgren Daniel Zilén CEO CFO CTO COO Education: Engineering Physics and Electrical Education: BSc, Business Administration, Linköping Education: PhD, Materials Chemistry, Uppsala University, Education: Courses within Industrial Engineering
Slide 54: Capitalisation table and dilutive instruments
Appendix Capitalisation table and dilutive instruments Overview of top 10 shareholders Dilutive instruments Shareholder # shares # votes % ownership Dilutive instruments Exercise period Exercise price # warrants % dilutive effect Accendo Capital 30,073,530 30,073,530 34.4% 2024/2027:1 & 2 November 2
Slide 55: Risk factors (I/IV)
Appendix Risk factors (I/IV) RISK FACTORS An investment in shares is associated with risk. Before making an investment decision, it is important to carefully analyze the risk factors that are considered relevant for Impact Coatings and the share's future development. The risk factors listed below ar
Slide 56: Risk factors (II/IV)
Appendix Risk factors (II/IV) Customer risks Impact Coatings’ sales are primarily driven by coating systems, each with high economic value, resulting in irregular order and revenue patterns. Revenue is typically recognized upon delivery after factory acceptance tests, causing quarterly fluctuations
Slide 57: Risk factors (III/IV)
Appendix Risk factors (III/IV) IT- and information safety risks Digitization increases demand on protecting information and maintaining stable IT operations. A functioning IT environment is essential for efficient operations and development. Disruptions may affect product and service development, de
Slide 58: Risk factors (IV/IV)
Appendix Risk factors (IV/IV) Commodity risks and inflation Within Impact Coatings, commodity risks arise partly in the goods for resale that Impact Coatings buys and partly in operational overheads. Additionally, the Company has introduced noble metal coating services in electrolysis. Rising commod
Slide 59: Thank you!
IMPACT COATINGS
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