Kraken Robotics Inc · TSXV:PNG
Kraken Robotics — Investor Presentation (May 2026)
42 slides from Kraken Robotics's investor presentation, May 2026
Slide 1: Mission-Critical Subsea Intelligence Solutions for Maritime Security and Offshore Energy
Mission-Critical Subsea Intelligence Solutions for Maritime Security and Offshore Energy May 2026
Slide 2: Cautionary Notes
Transforming Subsea Intelligence Cautionary Notes Forward-Looking Statements Risks, uncertainties and other factors that may cause actual results, events, levels of activity and achievements to differ materially from those anticipated in the forward-looking statements include, but are not limited to
Slide 3: Cautionary Notes
Transforming Subsea Intelligence Cautionary Notes External Sources See “Preliminary and Unaudited Financial Results” above. Where this document quotes any information or statistics from any external source (including Covelya), it should not be interpreted Such information (the “Combined Financial In
Slide 4: Corporate Overview
Corporate Overview Transforming Subsea Intelligence Strategy Key Financial Figures in CAD$ ▪ Deliver market-leading value to customers through a portfolio of leading-edge technologies and a culture centered around innovation Ticker: PNG (TSXV) / KRKNF (OTC) Shares Outstanding (fully diluted) 321.8 m
Slide 5: Kraken 2025 and YTD 2026 Key Highlights
Kraken 2025 and YTD 2026 Key Highlights Transforming Subsea Intelligence Record 2025 Annual Results Strong 2026 Outlook $102MM Revenue and $25MM Adj. EBITDA $165MM-$175MM Revenue for Kraken Stand-Alone New Product Development ~$97MM of Orders Announced YTD 2026 Higher Energy Density Battery, USV-LAR
Slide 6: Recently Announced Strategic Acquisition of Covelya
Recently Announced Strategic Acquisition of Covelya Transforming Subsea Intelligence What We Look For in M&A What Covelya Provides ✓ Significant scale and enhanced capabilities Enhance Competitive Position ✓ Ability to offer an integrated solution for customers ✓ Strong market position ✓ Industry le
Slide 7: Acquisition Overview
Acquisition Overview Transforming Subsea Intelligence ▪ Acquisition of Covelya, an international provider of underwater technology including sensing, navigation, communications, and positioning ▪ Enterprise value of $615 million with $480 million of cash consideration and $135 million of Kraken equi
Slide 8: Technological Suite Offering
Technological Suite Offering Transforming Subsea Intelligence Platforms Navigation & Positioning Power Systems Communication & Monitoring Platforms, Software & Autonomy ToughBoy data buoys Acoustic and Optical Sensors Sonar Systems Optical Sensing & Imagery Engineering Excellence Across Six Operatin
Slide 9: Broad Set of Capabilities for Growth
Broad Set of Capabilities for Growth Transforming Subsea Intelligence ROV / Stationary Crewed AUV USV Diver Advances Strategy as a Major Supplier: ROTV Sensors Vessel Underwater Provides Kraken with: Comms ✓ Greater scale and reach Navigation - - ✓ Experienced technical team ✓ Highly advanced facili
Slide 10: Significant Content Per System
Significant Content Per System Transforming Subsea Intelligence Kraken SeaPower Batteries Sonardyne Avtrak Acoustic Communications Kraken Synthetic Aperture Sonar Sonardyne SprintNav Navigation & Positioning System Voyis Insight Pro Laser Scanner Sonardyne BlueComm Optical Communications Voyis Insig
Slide 11: Integrated Across Major UUV OEMs
Integrated Across Major UUV OEMs Transforming Subsea Intelligence 11
Slide 12: 700+ Customers
700+ Customers Transforming Subsea Intelligence + Defence Commercial Larger set of capabilities combined with a diversified customer base positions Kraken for future growth via multiple channels 12
Slide 13: Navies Upgrading MCM Fleet
Navies Upgrading MCM Fleet Transforming Subsea Intelligence ▪ Underwater mines have long been considered an effective way to immobilize enemy ships, block sea lanes, threaten assets, disrupt commerce ▪ The use of sea mines adjacent to maritime choke points presents a ubiquitous / deadly threat ▪ Min
Slide 14: Addressing a Large TAM
Addressing a Large TAM Transforming Subsea Intelligence Technical Capabilities Combined End Market Applications Navigation Defence & Maritime Surveillance Dynamic Positioning ▪ Anti-Submarine Warfare (ASW) Underwater Communication ▪ Critical Underwater Infrastructure (CUI) ▪ Intelligence, Surveillan
Slide 15: Global Footprint
Global Footprint Transforming Subsea Intelligence Combined 2025E Manufacturing and/or Testing & Calibration Facility (13) Geographic Revenue (1) Product Development or Sales & Support Facility (12) 7% Americas 18% 37% EMEA Asia Pacific Rest of World 38% Kraken will have a more Combined growth balanc
Slide 16: Strong Technical Capabilities
Strong Technical Capabilities Transforming Subsea Intelligence ~1,200 25 >450,000 Employees Facilities across eight sq ft For combined entity countries Production capacity(1) ~790 700+ Technical Staff + Customers Including engineers and Enhances feedback to accelerate scientists new product developm
Slide 17: Significant Production Capacity
Significant Production Capacity Transforming Subsea Intelligence Kraken will have >450,000 sq. feet of production capacity upon closing of its acquisition of Covelya, including highly advanced facilities located in key defence markets Product Development & Manufacturing Significant Capabilities for
Slide 18: Kraken Historical Results and 2026 Guidance
Kraken Historical Results and 2026 Guidance Transforming Subsea Intelligence Revenue Adjusted EBITDA $250 $110 40% Strong Growth Attractive Margins Adjusted EBITDA Margin (%) $200 $170 $80 26% 30% In Millions ($) In Millions ($) 24% 23% $150 20% $50 $45 20% $102 $100 $91 13% $70 $25 $21 8% $20 $14 1
Slide 19: Attractive Financial Outlook
Attractive Financial Outlook Transforming Subsea Intelligence Combined Overview Figures in $ Millions $364 $305 $262 $239 $214 Revenue (2)(3) $170 $91 $102 $70 2023 2024 2025 2023 2024 2025E 2023 2024 2025E Adj. EBITDA(2) Margin % Adj. EBITDA & $71 $88 $63 Adj. EBITDA $51 $46 $25 $32 Margin (1)(2)(3
Slide 20: Investment Summary
Investment Summary Transforming Subsea Intelligence • Experienced management team and Board of Directors Strong Track Record • Results driven organization centered on creating long-term value • Highly skilled workforce with a deep technical expertise Key Mission-Critical Solutions • Integrated offer
Slide 21: Appendix
Appendix
Slide 22: Management and Board
Management and Board Transforming Subsea Intelligence Greg Reid, CPA, CA, CFA, Director and President/CEO: 25+ yrs experience in Shaun McEwan, Chairman of the Board: Former CEO of ADGA Group, a defense technology. Previously CFO and COO of Kraken. Joined Kraken in 2015 engineering and consulting com
Slide 23: Capitalizes on Supportive Industry Trends
Capitalizes on Supportive Industry Trends Transforming Subsea Intelligence Strong Value Proposition and Macro Drivers for Defence NATO Defence Spending as a % of GDP (2024) ▪ Geopolitical Drivers: National and economic security concerns are driving increased 5.0% focus on spending given the growing
Slide 24: Capitalizes on Supportive Industry Trends
Capitalizes on Supportive Industry Trends Transforming Subsea Intelligence Subsea and Offshore Energy - Long-Term Growth Outlook Global Offshore Energy Investment (US $Bln)(4) $800 ▪ Expenditures on subsea services and equipment is expected to increase from ~$17 billion 2025 to 2029 Allocation $700
Slide 25: Growing Opportunities In Ocean Economy
Growing Opportunities In Ocean Economy Transforming Subsea Intelligence Initial Year of Estimated Market Ending Period of Estimated Market Various End Market Forecasts Implied CAGR (%) Forecast Size (US$ Bln) Forecast Size (US$ Bln) Uncrewed Underwater Vehicle (UUV) Market (1) 2025 $5.5 2035 $46.6 2
Slide 26: Protecting Underwater Fiber-Optic Cables
Protecting Underwater Fiber-Optic Cables Transforming Subsea Intelligence ▪ ~750,000 miles of submarine fiber-optic cables across the seafloor carry 95-99% of international internet and data traffic across across roughly 500 active subsea cable systems1 ▪ These fiber-optic cables are essential to ec
Slide 27: Covelya Overview
Covelya Overview Transforming Subsea Intelligence Family-Owned and A leading global provider of advanced subsea technologies with a Inception 1971 Operated Business 50+ year track record delivering mission-critical solutions for navigation, communication, positioning and imaging Headquarters Yateley
Slide 28: End Market Applications
End Market Applications Transforming Subsea Intelligence The combined company will have access to multiple technical capabilities and end markets for both defense and commercial use. Some illustrative examples are below. Intruder Detection Anti-Submarine Warfare Offshore Oil & Gas Seismic Data (4D)
Slide 29: End Market Applications
End Market Applications Transforming Subsea Intelligence The combined company will have access to multiple technical capabilities and end markets for both defense and commercial use. Some illustrative examples are below. Mine Counter Measures (MCM) Intelligence, Surveillance and Reconnaissance Sub-S
Slide 30: End Market Applications
End Market Applications Transforming Subsea Intelligence The combined company will have access to multiple technical capabilities and end markets for both defense and commercial use. Some illustrative examples are below. Subsea Communication Strategies Subsea Cable Installation Enhanced ROV Control
Slide 31: SeaPower Batteries
SeaPowerTM Batteries Transforming Subsea Intelligence ▪ Pressure-tolerant battery ▪ Potted battery with proprietary pressure tolerant design and polymer matrix ▪ Eliminates the need for oil, compensators, or pressure vessels ▪ Enables higher energy density (reducing weight and volume) ▪ Rated to 6,0
Slide 32: Next Gen XLUUVs Require More Power
Next Gen XLUUVs Require More Power Transforming Subsea Intelligence 32
Slide 33: Customer Snapshot: Anduril Industries
Customer Snapshot: Anduril Industries Transforming Subsea Intelligence ▪ 2022: ▪ Entered underwater domain via acquisition of Dive Technologies; won US$90 million Royal Australian Navy (RAN) contract for 3 XL-UUVs prototypes ▪ 2024: ▪ US Navy and Defense Innovation Unit awards Anduril, and its Dive
Slide 34: Customer Snapshot: HII
Customer Snapshot: HII Transforming Subsea Intelligence ▪ Huntington Ingalls Industries (HII) is America’s largest shipbuilder. They are a large defense prime with over 44,000 employees building aircraft carriers, submarines, and surface combatant ships for the US Navy ▪ Acquired Hydroid in 2020, (U
Slide 35: Customer Snapshot: Teledyne Marine
Customer Snapshot: Teledyne Marine Transforming Subsea Intelligence ▪ Teledyne Marine's suite of AUV products (Gavia, Osprey, and SeaRaptor) provide standard solutions for military, commercial, and scientific applications worldwide, with depth ratings up to 6,000-meters ▪ Such marine projects includ
Slide 36: Customer Snapshot: Navies
Customer Snapshot: Navies Transforming Subsea Intelligence ▪ Denmark: Sept 2020, $30-$35 million. Four systems plus reference system over 2-yr acquisition program followed by 7-yr service & support + options. Competitors were Northrop Grumman and Thales ▪ Poland: $15-$20 million from initial order i
Slide 37: Customer Snapshot: Navies
Customer Snapshot: Navies Transforming Subsea Intelligence ▪ Baltic: $20 million provision of expeditionary Sentinel Sonar Systems and deployment solutions to provide flexible coastal, harbour and river protection from underwater intruders. Provided through U.S. FMS contracts ▪ Indian Navy: $11 mill
Slide 38: Non-IFRS Measures
Non-IFRS Measures Transforming Subsea Intelligence Additional Detail on Non-IFRS Financial Measures Non-IFRS Financial Measures In this presentation, the Company uses the following non-IFRS financial measures and non-IFRS ratios with respect to Covelya: This presentation includes certain non-IFRS me
Slide 39: Non-IFRS Measures
Non-IFRS Measures Transforming Subsea Intelligence Reconciliation of Adjusted EBITDA Figures in $ Millions For The Year Ended Dec. 31st Reconciliations of Non-IFRS Financial Measures: Kraken Robotics 2023 2024 2025 Net Income $5.5 $20.1 $2.9 EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin Income
Slide 40: Non-IFRS Measures
Non-IFRS Measures Transforming Subsea Intelligence Reconciliation of Covelya Adjusted EBITDA and Combined Adjusted EBITDA Figures in $ Millions For The Year Ended Dec. 31st Reconciliations of Non-IFRS Financial Measures: Covelya Group 2023 2024 Profit for the Financial Year $15.5 $28.7 Covelya EBITD
Slide 41: Non-IFRS Measures
Non-IFRS Measures Transforming Subsea Intelligence Reconciliation of Kraken Net Debt, Combined Net Debt and Combined Net Leverage Figures in $ Millions Q4-2025 Long-Term Obligations (Current and Non-Current Portion) $23.8 Lease Liabilities (Current & Non-Current Portion) $14.4 Kraken Total Debt $38.
Slide 42: Kraken Robotics | Transforming Subsea Intelligence
investors@krakenrobotics.com Transforming Subsea Intelligence www.krakenrobotics.com Kraken Robotics | Transforming Subsea Intelligence