Slide 1: Fourth Quarter and Full Year 2025 Earnings
Fourth Quarter and Full Year 2025 Earnings March 30, 2026
Slide 2: Disclaimer
2 Disclaimer The material that follows is a presentation ("Presentation") of information about Innventure, Inc. and its subsidiaries (together referred to herein as "Innventure," the "Company," "us," "our," or "we") as of the date of this presentation. The Presentation does not purport to contain al
Slide 3: Disclaimer (cont.)
3 Disclaimer (cont.) • sustained unfavorable economic or other conditions which could require Innventure to evaluate and potentially record additional impairment charges for all, or a portion of, its goodwill and other intangible assets; • the Company’s ability to maintain control over its subsidiar
Slide 4: Disclaimer (cont.)
4 Disclaimer (cont.) • the risk of a cyber-attack or a failure of the Company’s information technology and data security infrastructure; • actions by activist shareholders; • geopolitical risk and changes in applicable laws or regulations, including with respect to foreign trade policy and tariffs;
Slide 5: Disclaimer (cont.)
5 Disclaimer (cont.) Market and Industry Data Certain market, industry and other data used herein have been obtained or derived from third-party sources and publications as well as from research reports prepared for other purposes. Although the information from these third-party sources is believed
Slide 6: Non-GAAP Financial Measures
6 Non-GAAP Financial Measures We use certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (GAAP) to supplement our consolidated financial statements. These non-GAAP financial measures provide additional information to investors to
Slide 7: Why Innventure is at an Inflection Point
7 Why Innventure is at an Inflection Point ® • $50M+ in Q1 2026 bookings from operating companies, signaling commercial inflection point • Accelsius projected to be cash flow positive by YE 2026; Innventure targeting consolidated cash flow positivity in 2028 • AeroFlexx and Refinity launching direct
Slide 8: Operating Company Updates
8 OPERATING COMPANY UPDATES
Slide 9: Accelsius – True Commercialization is Here
9 Accelsius – True Commercialization is Here 1Q26 bookings of greater than $50 million, all tied to greenfield Bookings Velocity data center deployments DarkNX Agreement Proceeding as expected with initial deliveries expected in 2026 Recent $65 million Series B with Johnson Controls and Legrand Suff
Slide 10: AeroFlexx – Continued Momentum and Execution
10 AeroFlexx – Continued Momentum and Execution Expanding Strategic Consistent Revenue Strong Commercial Partnerships Generation Pipeline Aveda In February 2026, announced 6 4Q25 marked the sixth ~$30M AeroFlexx commercial pipeline global partnership with Aveda, consecutive quarter of revenue now ju
Slide 11: Refinity – Executing with Exceptional Speed
11 Refinity – Executing with Exceptional Speed 2025 Strategic Priorities Status 2026 Achievements and Future Roadmap Status Filed multiple patent applications on Sign engineering, procurement and Completed Refinity DuoZone reactor design and Completed construction partner for first plant design and
Slide 12: Financial Overview
12 FINANCIAL OVERVIEW
Slide 13: Significantly Improved G&A Expenses
13 Significantly Improved G&A Expenses $ in millions G&A Expense by Category G&A Expense by Company $35 $35 Non-Cash Refinity $29.7 $29.7 $30 Other $30 Accelsius Prof Svcs $25 Personnel $25 Innventure (topco) $19.7 $19.7 $20 $18.6 $20 14.4 $18.6 (non-cash) $16.9 $16.9 $15 $15 $11.5 4.9 $11.5 (non-ca
Slide 14: Cash & Liquidity
14 Cash & Liquidity $ in millions up $54.3 million from year-end 2024 $65.4 In January 2026, Innventure closed a registered offering resulting in gross proceeds of approximately $40 million Current liquidity gives Innventure and its operating companies the near-term cash runway it $14.1 $11.1 needs
Slide 15: Transitioning to Production Scale Revenue Generation
15 Transitioning to Production Scale Revenue Generation Strong historical early-stage growth 2026 marks commercial inflection $ in millions $2.1 $1.6 >$50 million Total 1Q26 bookings $1.2 2025 $0.3 2025 2024 ~$100 million Implied December 2026 annual revenue exit run rate for Accelsius to hit operat
Slide 16: Q&A
16 Q&A
Slide 17: Appendix
17 APPENDIX
Slide 18: Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
18 Reconciliation of Net Loss to EBITDA and Adjusted EBITDA The following table provides a reconciliation from Net Loss to EBITDA and Adjusted EBITDA for the specified periods: S/P Combined Successor Predecessor (Non-GAAP) Year Ended Period from October Period from January Year Ended $ in thousands
Slide 19: Innventure
Innventure Creating Companies to Transform Tomorrow