Slide 1: At the heart of AI infrastructure
INVESTOR PRESENTATION · OCTOBER 2026 At the heart of AI infrastructure Update following first-half 2026 results Kalray SA · Euronext Growth Paris: ALKAL · Grenoble, France Kalray · Investor presentation · October 2026
Slide 2: Important information
DISCLAIM ER Important information This presentation has been prepared by Kalray SA for information purposes only. It is based exclusively on information already made public by the company, in particular the September 24, 2026 press release on first-half 2026 results and the press releases on the agr
Slide 3: Kalray at a glance
KALRAY AT A GLANCE European DPU pioneer, IP provider for AI infrastructure FIRST HALF 2026 2008 120+ CEA spin-off, headquartered in Grenoble, France chip design experts €8.5M Revenue +58% like-for-like €5.1M EBITDA vs. €1.9M like-for-like 15+ years IP of R&D and 4 generations of DPU New model: licen
Slide 4: AI now hinges on infrastructure: the network is becoming the bottleneck
THE M ARKET AI now hinges on infrastructure: the network is becoming the bottleneck SERVER SERVER SERVER Thousands of chips working together GPU GPU GPU GPU GPU GPU 1 Large AI models are trained and served (inference) on thousands of interconnected graphics processors (GPUs). GPU GPU GPU GPU GPU GPU
Slide 5: Complete IP building blocks to design AI chips
OUR OFFERING Complete IP building blocks to design AI chips Kalray Networking Kalray Ultra Ethernet Kalray DATA Engine The networking engine of AI NICs and The new industry standard for AI The data-processing engine of AI chips DPUs networking • Very-high-throughput data processing and • Reliable tr
Slide 6: Strong differentiation: a complete, licensable networking block
OUR OFFERING UP CLOSE Strong differentiation: a complete, licensable networking block AV AI L AB LE FOR LI C E N S I N G YES Why it matters Physical and link-layer IP Kalray Networking offering Synopsys, Cadence The complete core of a NIC or DPU Leading AI players now design their own chips The netw
Slide 7: A new business model, built on years of investment in DPUs
OUR MODEL A new business model, built on 15 years of investment in DPUs YESTERDAY · 2008 – 2024 TODAY · SINCE 2025 Fabless DPU processor company IP and design-services provider • Designing and selling processors and boards License Development Royalties • Each generation self-funded • Long cycles, ca
Slide 8: Bull: a landmark contract with Europe's high-performance computing champion
COMMERCIAL VALIDATION Bull: a landmark contract with Europe's high-performance computing champion 1 Bull, Europe's HPC and AI champion 2 The contract signed with Kalray in July 2026 Acquired from Atos by the French State (March 2026) 59 TOP500 systems and the Green500 top 3 (June 2026) ≈ €12M €2.2M
Slide 9: A strong first half of 2026
THE NUMBERS A strong first half of 2026 €M Revenue growth +58% €8.5M vs. €5.4M 8.5 EBITDA 5.4 5.1 2.7x €5.1M vs. €1.9M Back to net profit 1.9 +€0.8M vs. −€0.3M 0.8 -0.3 2025 recap semiconductor revenue up 4x (€14.3M vs. €3.6M in Revenue EBITDA Net income 2024) and Kalray's first-ever positive EBITDA
Slide 10: A strengthening balance sheet
THE NUMBERS A strengthening balance sheet Trade payables down Financial debt down since December 31, 2025 since December 31, 2025 €11.2M → €8.6M €3.0M → €2.4M Shareholders' equity Cash at June 30 vs. €32.7M at year-end 2025 before the Bull contract signing (July) €33.7M €2.2M Since June 30: Bull con
Slide 11: A map of the markets where our offering is relevant, today and tomorrow
GROWTH DRIVERS A map of the markets where our offering is relevant, today and tomorrow Market map: the companies listed illustrate each segment. This is neither a list of Kalray customers nor a list of prospects. The list below is for information ONLY Kalray Networking Engine · Kalray Ultra Ethernet
Slide 12: Key takeaways
SUM MARY Key takeaways The network has become the bottleneck of large AI systems: NICs and DPUs are at 1 AI now hinges on infrastructure the heart of the issue. Licensing, customer-funded development and royalties: a capital-light model aligned 2 Kalray now develops and sells IP with the custom-sili
Slide 13: Thank you
Thank you Q&A www.kalrayinc.com · Euronext Growth Paris: ALKAL Kalray · Investor presentation · October 2026
Slide 14: Kalray Networking Engine, the traffic controller of AI data
APPENDIX Kalray Networking Engine, the “traffic controller” of AI data If GPUs are the factories, the network card (NIC or DPU) is the logistics hub: it receives, sorts, checks and ships every data packet, without ever holding up production. GPU NIC / DPU Network NIC / DPU GPU Networking Engine Netw
Slide 15: Income statement (€K)
APPENDIX · FINANCIAL STATEM ENTS Income statement (€K) June 30, 2025 €K June 30, 2025 June 30, 2026 Semiconductor (like-for-like) Revenue 5,366 7,542 8,503 Grants 1,763 1,763 2,071 Capitalized production (R&D) 4,829 4,829 3,069 Other revenue 355 355 67 OPERATING REVENUE 12,313 14,489 13,710 Purchase
Slide 16: Balance sheet (€K)
APPENDIX · FINANCIAL STATEM ENTS Balance sheet (€K) ASSETS Dec 31, 2025 June 30, 2026 LIABILITIES Dec 31, 2025 June 30, 2026 Intangible assets 38,203 36,389 EQUITY 32,673 33,674 Property, plant and equipment 2,593 1,594 Provisions 413 388 Financial assets 462 871 Conditional advances 5,334 5,404 FIX
Slide 17: Cash flow statement (€K)
APPENDIX · FINANCIAL STATEM ENTS Cash flow statement (€K) Dec 31, 2025 June 30, 2026 €K (full year, 12 months) (first half, 6 months) Cash flow from operations 813 4,635 Change in working capital requirements 1,160 (2,234) CASH FLOWS FROM OPERATING ACTIVITIES 1,972 2,401 Fixed assets (7,475) (51) Ca
Slide 18: Glossary
APPENDIX Glossary IP (intellectual property) A chip design building block, licensed to companies that build their own chips Royalties Fee paid by the customer for each chip produced that includes Kalray IP NIC (network interface card) Component that connects a chip or server to the network and moves