Slide 1: Interim Management Statement Q3 2025
Interim Management Statement Q3 2025 Lars Boilesen, CEO Heine Thorsgaard, CFO November 5, 2025 © NAPATECH 2025
Slide 2: Q&A Session
Q&A Session Following the presentation DK: +45 89 87 50 45 US: +1 646 233 4753 UK: +44 20 3936 2999 Other locations: +44 20 3936 2999 Participant Access Code: 082808 To ask a question, press *1 on your telephone keypad. To withdraw your question, press *2 Texted questions can be submitted using the
Slide 3: Safe Harbor Statement
Safe Harbor Statement This presentation has been prepared by Napatech A/S solely for information purposes. The presentation does not constitute an invitation or offer to acquire, purchase or subscribe for securities. Certain statements included in this presentation contain various forward-looking st
Slide 4: Agenda
AGENDA • BUSINESS STATUS • MARKET UPDATE • PIPELINE SPOTLIGHT • FINANCIAL RESULTS 4 © NAPATECH 2025
Slide 5: Business Status and Outlook
BUSINESS STATUS AND OUTLOOK 5 © NAPATECH 2025
Slide 6: Business Status
BUSINESS STATUS Financial Results • 3Q-2025 Revenue $6.3M USD, +25% year over year, YTD 26%, Q2 vs Q3 2025 +31% • 3Q-2025 Gross Margins 70%, as expected • 3Q Staff cost/external cost DKK 35M, Q3 2025, vs 43,2M Q3 2024, a decrease of 23% • 3Q EBITDA -6,1 MDKK, Q3 2025, vs. -17,6 MDKK, Q3 2024, improv
Slide 7: Market Update: Limitless AI powered by networks that think
MARKET UPDATE Limitless AI powered by networks that think 7 © NAPATECH 2025
Slide 8: Opportunity: Applications that benefit from Napatech NICs
OPPORTUNITY: APPLICATIONS THAT BENEFIT FROM NAPATECH NICS CLOUD AND ARTIFICIAL INTELLIGENCE BUSINESS CRITICAL APPLICATIONS NETWORK INFRASTRUCTURE AI Infrastructure Cybersecurity Application and Network Monitoring AI Coprocessing Fintech Financial Services 5G Mobile Infrastructure AI Storage Accelera
Slide 9: Napatech Network Interface Cards and CPU Co-Processors
PRODUCT: Napatech Network Interface Cards and CPU Co-Processors A D A Infrastructure Processing Unit Link E B SmartNIC B D Think C GPU/ASIC, FPGA for AI D Memory C E E Central Processing Unit D F Server F Napatech’s Advanced NICs play a crucial role in … providing access to CPU and GPU resources ✓ m
Slide 10: Napatech Programmable NICs
Napatech Programmable NICs ACCELERATED PROCESSING PROGRAMMABLE NETWORKING SUSTAINABLE COST Offload and accelerate Hardware performance Rearchitect servers to burdensome CPU AI, network, at the speed of remove ROI constraints from © NAPATECH 2025 10 security, storage processing Software innovation sp
Slide 11: Market Validation: Early Adopters Prove Technology, Value, Benefits and Scale
MARKET VALIDATION: EARLY ADOPTERS PROVE TECHNOLOGY, VALUE, BENEFITS AND SCALE EMERGING NOW: 5000+ mass market Early cases emerging Hyperscale Merchant-built Cloud Operators Turnkey solutions Napatech 400+ adopters DEPLOYED NOW >12M cards in 2029 8 global companies Initially niche, bespoke Component
Slide 12: Business Model: Innovate Go-to-Market Lowers Opex and Increases Scalability
BUSINESS MODEL: INNOVATE GO-TO-MARKET LOWERS OPEX AND INCREASES SCALABILITY 12 © NAPATECH 2025
Slide 13: Introducing a New 400G DPU for Data Centers
INTRODUCING A NEW 400G DPU FOR DATA CENTERS altera. intel. » An Intel Company A joint solution with Altera’, Intel’, and Napatech that enable an innovative approach to power the modern data center for public cloud, B private cloud, edge, and enterprise data centers built for the Alera. © NapaTEc 202
Slide 14: Pipeline Spotlights
PIPELINE SPOTLIGHTS 14 © NAPATECH 2025
Slide 15: Business Update: Design Win Pipeline and Base Business
BUSINESS UPDATE: Design Win Pipeline and Base Business New Design Win Pipeline Base Business Strengthening • Nearly 200 opportunities, >60% in new business and markets • Over 400 base customers • Nearly $400M in value, >80% in new business and markets • Design wins and sales increasing • Includes Sm
Slide 16: Case Study: AI Infrastructure for Inferencing
CASE STUDY: ARTIFICIAL INTELLIGENCE INFRASTRUCTURE FOR INFERENCING • AI inferencing vendor win, d-Matrix • AI infrastructure back-end network • High-volume production • Hardware win reuse of tier-1 server OEM design • Commitments: units, NRE fee • 5-year supply agreement • Development on schedule, m
Slide 17: Case Study: Tier-1 Server OEM
CASE STUDY: TIER-1 SERVER OEM HARDWARE SOFTWARE USE CASES Standalone SmartNIC NETWORKING AI STORAGE CONNECTIVITY (N3070X) STORAGE CLOUD STORAGE SECURITY AI CONTENT AND DATA REDUCTION INFRASTRUCTURE CLOUD TENNANT SERVICES MANAGEMENT 5G MOBILE INFRASTRUCTURE AND MORE…. PARALLEL FILE SYSTEM Butterfly 1
Slide 18: Upcoming Investor Conferences and Events
Investor Conference 13-16 January 2026 New York, USA Mobile World Congress SuriCon 2-5 March 2026 19-21 November 2025 Barcelona, Spain Montreal, Canada 24-26 March 2026 2-4 June 2026 Dubai, UAE Prague, Czech Republic 18 © NAPATECH 2025
Slide 19: Financial Results
FINANCIAL RESULTS 19 © NAPATECH 2025
Slide 20: Consolidated Income Statement Q3 & YTD
Consolidated Income Statement Q3 & YTD Key Developments Q3 YTD Sep.. Q3 YTD S e p.. DK K '000 2025 2024 2025 2024 ∆ ∆ • Revenue in Q3 in USD up 25% compared to Q3’24 (up 18% in DKK) and up 31% compared to Q2’25. Revenue in YTD in USD Revenue 40,133 34,012 95,553 78,730 18% 21% up 26% compared to ‘24
Slide 21: Consolidated Cash Flow Statement Q3 & YTD
Consolidated Cash Flow Statement Q3 & YTD Q3 YTD Sep.. Key Developments DK K '000 2025 2024 2025 2024 • Net Cash flow from operating activities in Q3 negative DKK 2t – Earnings before tax (EBT) (11,221) (25,571) (76,270) (93,561) compared to negative DKK 22.5m in Q3’24 Adjustments to reconcile profi
Slide 22: NWC Improvement Initiatives
NWC Improvement Initiatives • During 2025, we have planned and implemented several improvement initiatives aimed at reducing our Net Working Capital in the second half of 2025 and through 2026. • The key initiatives to improve the Napatech NWC focus on: • Reducing inventory levels and optimizing the
Slide 23: Q&A Session
Q&A Session Following the presentation DK: +45 89 87 50 45 US: +1 646 233 4753 UK: +44 20 3936 2999 Other locations: +44 20 3936 2999 Participant Access Code: 082808 To ask a question, press *1 on your telephone keypad. To withdraw your question, press *2 Texted questions can be submitted using the
Slide 24: Stay Connected With Napatech
Stay Connected With Napatech On The Web: Social Media: Other News: www.google.com/alerts https://newsweb.oslobors.no/ www.napatech.com www.napatech.com/newsletter 24 © NAPATECH 2025