Calnex Solutions Plc · LSE:CLX
Calnex Solutions — Investor Day (September 2026)
78 slides from Calnex Solutions's investor day presentation, September 2026
Slide 1: Capital Markets Day
Capital Markets Day Driving new growth in our 20th year of operations Calnex Senior Leadership Team September 2026 calnexsol.com
Slide 2: The Presentation Team
The Presentation Team Tommy Cook Ashleigh Greenan Adam Paterson Peter White Graeme Urquhart CEO CFO Head of Product VP Marketing & Products VP of Sales Management Tommy is the founder and CEO of Ashleigh has over 20 years’ of Adam brings 15 years of With over 30 years in the Graeme has over 20 years
Slide 3: Agenda
Agenda • Calnex Overview Tommy Cook, CEO • The opportunity with Precision Time Adam Paterson, Head of Product Management • The need to be resilient to network events Peter White, VP, Marketing & Products • AI Infrastructure Validation Adam Paterson, Head of Product Management • Route to Market Graem
Slide 4: Industry Leaders in Network and Application Test and Measurement
Industry Leaders in Network and Application Test and Measurement Calnex Solutions designs, produces and markets test instrumentation solutions for network synchronisation, monitoring and emulation. +20 years +700 customer sites 68 countries 34 products calnexsol.com Slide | 4
Slide 5: Providing the path to network assurance
Providing the path to network assurance For networks & applications that are critical in connecting the world in which we live Challenges of Multi-sector network Modelling military 5G validation networks Data centre Optimising AI Evolving satellite efficiency infrastructure networks calnexsol.com Sl
Slide 6: Key strengths
Key strengths Trusted provider of test solutions An increasingly diversified Sticky, blue-chip customer base Supporting network testing for 20+ years business Global customer base across 68 countries Over 700 customer sites End markets Global footprint Long-term customer relationships Technical expe
Slide 7: Product Portfolio
Product Portfolio Synchronisation Testing synchronisation Network emulation for testing in the lab performance of networks real-world testing in the lab LAB SYNC NETWORK SYNC NETWORK AND APPLICATION ASSURANCE Telecom Telecom Data Centre Infrastructure Validation Applications Testing Prove compliance
Slide 8: Agenda
Agenda • Calnex Overview Tommy Cook, CEO • The opportunity with Precision Time Adam Paterson, Head of Product Management • The need to be resilient to network events Peter White, VP, Marketing & Products • AI Infrastructure Validation Adam Paterson, Head of Product Management • Route to Market Graem
Slide 9: The opportunity with Precision Time
The opportunity with Precision Time Adam Paterson, Head of Product Management May 26 calnexsol.com Slide | 9
Slide 10: Why Accurate Time Matters in Telco
Why Accurate Time Matters in Telco An incorrectly synchronised radio unit degrades the whole cell: • More retransmissions and lower uplink/downlink throughput • Neighbour-cell collisions and interference between operators • Weaker beamforming and failed handovers • Invalid location data affecting em
Slide 11: Telecoms Time Sync – one example
Telecoms Time Sync – one example • “Soft handoff”: • Handset must see pilot signals from both basestations within a few microseconds of each other to handover properly • To avoid interference, all operators must: • Synchronise to the same time reference, e.g. the national time reference for the coun
Slide 12: Interference areas – one operator
Interference areas – one operator Operator 1 Operator 1 calnexsol.com Slide | 12
Slide 13: Interference areas – two operators
Interference areas – two operators Operator 1 Operator 1 Operator 2 Operator 2 calnexsol.com Slide | 13
Slide 14: Synchronisation Error Budgets
Synchronisation Error Budgets GPS Packet Network http://www.vectorstock.com/i/composite/48,18/clock-face-vector-154818.jpg T-GM http://www.vectorstock.com/i/composite/48,18/clock-face-vector-154818.jpg http://www.vectorstock.com/i/composite/48,18/clock-face-vector-154818.jpg http://www.vectorstock.c
Slide 15: Synchronisation in the Data Center
Synchronisation in the Data Center Leaf–Spine Data Center Network Synchronisation “Good sync lets the data center be managed like one big computer”: • Accurate event logging, root-cause analysis and troubleshooting • Consistency and throughput for distributed databases and apps • Congestion control
Slide 16: Why Proving Performance Is Hard
Why Proving Performance Is Hard What customers tell us about testing sync in the real world: • “Multi-vendor deployments ramp up uncertainty around timing behaviour” • “Many radio units are validated only with an ideal timing input, if at all” • “Network links declared “up” still degrade under real-
Slide 17: Nanoseconds…
Nanoseconds… Light can circle the Earth over 7 times in a second… In a nanosecond it travels the length of a ruler. Measuring nanoseconds is like trying to measure the time it takes light to travel from one side of your desk to the other. calnexsol.com Slide | 17
Slide 18: Every technology cycle creates a new need to test
Every technology cycle creates a new need to test New standards and products drive initial demand. More teams, interfaces and deployments drive repeat purchases. Standards evolve New accuracy, performance and conformance requirements Deployment expands Equipment changes More networks, programmes, Re
Slide 19: New rates add test demand, they do not remove the old
New rates add test demand, they do not remove the old Customers must prove the latest technology while maintaining interoperability with everything already deployed. New flagship products and networks require new test capability 10G and legacy 100G 400G 800G 1.6T Cross-rate and legacy interoperabili
Slide 20: Data Centers extend test into operational assurance
Data Centers extend test into operational assurance Monitoring extends the opportunity across the network lifecycle: Equipment Network Continuous R&D deployment monitoring Lab verification at Prove Verify accurate time current and interoperability and across the emerging rates timing performance ope
Slide 21: What Calnex Provides
What Calnex Provides Lab Sync – test in the lab: Network Sync – verify the live network: Paragon neo (line rates to 800G) Sentinel: portable field sync • Comprehensive stress test and verification measurement • Includes 4G/5G Over-The-Air • Sub-nanosecond accuracy, 250 ps measurement resolution Sent
Slide 22: Customer Use Case: Monitoring Time at Hyperscale
Customer Use Case: Monitoring Time at Hyperscale Customer Challenge Precision timing is delivered across a million-plus servers in hundreds of data halls. At that scale, timing must be monitored continuously and reviewed by exception, not checked by hand. Calnex Solution ✓ A timing rack in every dat
Slide 23: Customer Use Case: Tier-1 Equipment Manufacturer: 5G Edge platforms
Customer Use Case: Tier-1 Equipment Manufacturer: 5G Edge platforms Customer Challenge Timing-critical solutions on high-end third-party chipsets required PTP and SyncE validation under real-world packet and clock conditions. Existing methods could not: • Surface instability early in design • Eviden
Slide 24: The demand for timing Resilience
The demand for timing Resilience Where sync is now specified: Why resilience is rising up the • Power and utilities: telecoms and utility agenda: profiles • GNSS is vulnerable to interference, • High frequency trading: ±100 µs jamming and spoofing compliance, tighter in practice • Threats also exist
Slide 25: Timing and Synchronisation Assurance Before and After Deployment
Timing and Synchronisation Assurance Before and After Deployment How Calnex Helps The Challenge Lab Test and Conformance Field Test and Monitoring Customer Value • Timing margins tighten as • Paragon platforms from 1GbE • Sentinel for field and over- • Faster time-to-market rates and density rise to
Slide 26: Agenda
Agenda • Calnex Overview Tommy Cook, CEO • The opportunity with Precision Time Adam Paterson, Head of Product Management • The need to be resilient to network events Peter White, VP, Marketing & Products • AI Infrastructure Validation Adam Paterson, Head of Product Management • Route to Market Graem
Slide 27: The need to be resilient to network events
The need to be resilient to network events Peter White, VP, Marketing & Products May 26 calnexsol.com Slide | 27
Slide 28: The World Depends on Networks
The World Depends on Networks Everything from cloud services to industrial automation relies on predictable network performance. • Video conferencing • Cloud applications • Autonomous systems • Industrial control systems • Healthcare devices • Communications networks • AI & Data centres calnexsol.co
Slide 29: High-profile Outages Share a Common Theme
High-profile Outages Share a Common Theme • Unexpected real-world conditions • Configuration or software changes • Complex system dependencies • Production behaviour different from laboratory expectations • Significant operational and financial impact calnexsol.com Slide | 29
Slide 30: Networks Are Inherently Imperfect
Networks Are Inherently Imperfect Modern applications are distributed: • Milliseconds can affect operations • Packet loss can trigger failures • Congestion causes delays and errors • Route changes and outages impact service continuity Networks are a critical dependency, constantly changing and are b
Slide 31: Network Equipment Must Perform Reliably Under Real-World Conditions
Network Equipment Must Perform Reliably Under Real-World Conditions Unvalidated network behaviour can lead to service disruption, increased costs and customer dissatisfaction, making comprehensive pre-deployment testing essential. • Service interruptions and degraded performance • Application and ne
Slide 32: Traditional Testing Leaves a Gap
Traditional Testing Leaves a Gap Most testing occurs in: • Laboratories • Development environments • QA Teams • Perfect conditions But production environments are rarely ideal! calnexsol.com Slide | 32
Slide 33: Why Verification Matters
Why Verification Matters Organisations need confidence that systems remain effective under adverse conditions. Verification answers: • What happens when latency doubles? • What happens when packets are lost? • What happens when packets are lost and there is high latency? • What happens during conges
Slide 34: Network Emulation Bridges the Gap
Network Emulation Bridges the Gap Network emulation recreates real-world conditions in a controlled environment. Enables users to: • Replicate network events • Test resilience • Validate behaviour • Optimise performance calnexsol.com Slide | 34
Slide 35: Improved Customer Outcomes
Improved Customer Outcomes Benefits include: • Faster deployment • Improved reliability • Better user experience • Reduced outages • Lower operational risk • Reproduce performance issues calnexsol.com Slide | 35
Slide 36: Growing Importance of Resilience
Growing Importance of Resilience Key Market Trends: Rising Regulatory Pressure: • Cloud adoption • Power Utilities (NERC CIP, IEC • AI workloads 61850) • Edge computing • Aerospace & Defence (DO-326A cyber resilience) • Software-defined infrastructure • Telecommunications (ITU-T Y.1564, • Increasing
Slide 37: As digital infrastructure becomes more critical, organisations invest earlier in resilience
As digital infrastructure becomes more critical and complex, organisations are investing earlier in resilience testing to reduce outage risk and protect business performance. • Networks underpin critical digital services across telecoms, cloud, AI, finance, defence and enterprise infrastructure. • I
Slide 38: Case Study 1: European Space Agency
Case Study 1: European Space Agency Enabling Next-Generation 5G and Satellite Networks Customer Challenge European Space Agency's TINA project sought to validate how future 5G networks will operate alongside Low Earth Orbit (LEO) satellite constellations. Required a realistic environment capable of
Slide 39: Case Study 2: Palo Alto Networks
Case Study 2: Palo Alto Networks SD-WAN Resilience and High Availability Testing Customer Challenge SD-WAN providers must ensure business-critical applications remain available during network degradation, congestion and service provider outages. Traditional testing struggles to reproduce real-world
Slide 40: Case Study 3: Leading Network Equipment Manufacturer
Case Study 3: Leading Network Equipment Manufacturer Validating Next-Generation 5G Radio Networks Customer Challenge Customer needed to validate interoperability and performance across 5G radio units supplied by multiple vendors. Testing required realistic fronthaul network conditions while maintain
Slide 41: Network Emulation
Network Emulation Mission-Critical Testing Before Deployment The Challenge How Calnex Helps Customer Value Infrastructure Validation Application Testing • Accelerate time-to- • Networks are becoming increasingly complex market • Live testing is expensive, risky • Reduce deployment risk • Emulates re
Slide 42: Agenda
Agenda • Calnex Overview Tommy Cook, CEO • The opportunity with Precision Time Adam Paterson, Head of Product Management • The need to be resilient to network events Peter White, VP, Marketing & Products • AI Infrastructure Validation Adam Paterson, Head of Product Management • Route to Market Graem
Slide 43: AI Infrastructure Validation
AI Infrastructure Validation Adam Paterson, Head of Product Management calnexsol.com Slide | 43
Slide 44: Networks are critical for AI
Networks are critical for AI Want better cluster performance? Improve the network: Global AI network fabric spending forecast: $9.6 billion in 2024 → $76.25 billion in 2030 (33% CAGR, 2025–2030) • The cost of networking in AI is 10%. If not done right, it costs a lot more. • Improve network performa
Slide 45: $B problem which capacity alone cannot solve
$B problem which capacity alone cannot solve • $B spent on infra -> cannot afford under-utilisation • Transformers changed the course history for LLM and now drive compute demand • AI traffic 10x every 2 years • 1M server cluster and global super- clusters Transformer model introduction: Attention I
Slide 46: Problem dynamics
Problem dynamics AI traffic is unique and AI workloads extremely sensitive • GPUs are the network’s most demanding citizens • Wire-rate bursty traffic, synchronised • Few per server port => problem for load balancing • Large msgs create elephant flows • Short RTT => no time to recover • Workload fal
Slide 47: Determinism & predictability are paramount
Determinism & predictability are paramount • DC operators now go for highest efficiency: >85-90% network utilisation • zero congestion, drop, fast ramp up / recovery • Smooth, perfect innerworkings between network components • Deterministic performance; nothing left to chance • Perfect load balancin
Slide 48: Calnex leading expertise
Calnex leading expertise Networks have more than a transport role to play 100K+ GPU millions users vs distributed across paths offline real-time months milliseconds bandwidth latency calnexsol.com Slide | 48
Slide 49: Levels of (AI) infra testing
Levels of (AI) infra testing Impairment emulation is tied to all layers of the infrastructure • AI infrastructure testing is a multi-step process. • Early testing focuses on implementation correctness. • Later comes performance, scale, deployment readiness. Impairment emulation across: • Functional,
Slide 50: Calnex focussed test solutions for AI
Calnex focussed test solutions for AI SNE-X – endpoint and silicon testing: Ignite 400G – scale-across + PFC/DCI: SNE-X 400G: NIC, SmartNIC and silicon Ignite 400G: 400G line-rate emulation validation • PFC transparency – frames pass through • RDMA/RoCEv2 single stream to 98% unterminated wire rate
Slide 51: SmartNIC + RDMA protocol testing
SmartNIC + RDMA protocol testing Customer type ASIC/SmartNIC manufacturer for HPC/AI, cloud DC Validate a 400G RDMA SmartNIC with proprietary Pain point RoCE protocol, not synthetic traffic Test RDMA throughput, NIC buffer, timeout & Objectives retransmission, and packet reordering tolerance SmartNI
Slide 52: Scale-across PFC switch
Scale-across PFC switch NEM / switch manufacturer testing for scale- Customer type across deployment Validate transport over long-distance 400G links, where default PFC config is not Pain point adequate and >1 ms RTT affects buffer headroom Objectives Emulate 120 km fibre delay, verify 400G line rat
Slide 53: Accelerator silicon for scale-up domain
Accelerator silicon for scale-up domain Hyperscale provider validating proprietary accelerator chip Customer type for scale-up rack deployment in DC Needed early-stage fault injection and resilience testing for Pain point internal AI fabric communication between accelerator chips, boards, and rack-l
Slide 54: Inference is the new revenue frontier
Inference is the new revenue frontier Training is the cost. Inference is the profit. • Inference is the monetisation phase of AI that we are witnessing now. • The shift: Hyperscalers have bought the GPUs for training. Now, Telecom must build the networks to serve these models to users. • The opportu
Slide 55: What Telecom, SP and Cloud care about
What Telecom, SP and Cloud care about Protecting inference is protecting the business model • Telco, SP, Cloud • want to sell AI-ready connectivity and infrastructure. This is a next-gen product, a premium SLA, not just a network pipes and nominal capacity. • Enterprise clients • need deterministic
Slide 56: Inference changes Telecom priorities
Inference changes Telecom priorities Not just more traffic; different traffic Clients, MEC Transport Gateway agents Sensors SNE-X downlink live feed uplink network inference SNE-X • Uplink-heavy: may send massive data to the cloud Edge Router • Multi-modal and interactive: RAG, input and context fro
Slide 57: Target the connectivity boundaries
Target the connectivity boundaries Where the edge meets the core • This is the link in the service chain that determines performance, stability, and revenue. • The Problem: This boundary is chaotic. It has congestion, varying paths, and traffic policies. • The Calnex role: We don't just test the "pi
Slide 58: SNE-X 400G supporting inference deployment
SNE-X 400G supporting inference deployment Purpose-built for the inference ingress, wherever that may sit • Sweet spot: inference transport is dominated by <200G links today. SNE-X is deployable here. • Unlike AI training clusters, the boundary relies on high scale WAN routing • SNE-X 400G Multi-por
Slide 59: Targeted Solutions for AI networking
Targeted Solutions for AI networking • AI networks fall over on any adverse event • Inference is the dividend paid by the training and experience ripple effects investment • Determinism is paramount • Telecom, SP, and Cloud care about SLAs • Calnex 400G Ignite and Calnex SNE-X • The technical battle
Slide 60: Agenda
Agenda • Calnex Overview Tommy Cook, CEO • The opportunity with Precision Time Adam Paterson, Head of Product Management • The need to be resilient to network events Peter White, VP, Marketing & Products • AI Infrastructure Validation Adam Paterson, Head of Product Management • Route to Market Graem
Slide 61: Route to Market
Route to Market Graeme Urquhart, VP of Sales calnexsol.com Slide | 61
Slide 62: Market Opportunity
Market Opportunity AI INFRASTRUCTURE DEFENSE AND GOVERNMENT ENTERPRISE Network Equipment Manufacturers Military Networks Telecom Operators and Carriers (5G/6G) Hyperscalers Satcom Financial Institutions Global Data Centres Space Critical Infrastructure calnexsol.com Slide | 62
Slide 63: Market Size
Market Size AI INFRASTRUCTURE NVIDIA, AMD, CISCO, AWS, Google, CIENA, Microsoft, CAGR 2030 ~22% Meta, Arista, HPE. Marvell Annual spend by customers and Lockheed Martin, BAE, applications that DEFENSE, GOVERNMENT Collins, Northrop, L3 Harris, Calnex can General Dynamics, Boeing realistically address
Slide 64: Product Portfolio
Product Portfolio Synchronisation Testing synchronisation Network emulation for testing in the lab performance of networks real-world testing in the lab LAB SYNC NETWORK SYNC NETWORK AND APPLICATION ASSURANCE Telecom Telecom Data Centre Infrastructure Validation Applications Testing Prove compliance
Slide 65: Product Market Fit
Product Market Fit AI INFRASTRUCTURE DEFENSE AND GOVERNMENT ENTERPRISE Network Equipment Manufacturers Military Networks Telecom Operators/Carriers Hyperscalers Satcom Financial Institutes Global Data Centre Market Space Energy/Power Infrastructure BEST-FIT PORTFOLIO BEST-FIT PORTFOLIO BEST-FIT PORT
Slide 66: Global Coverage
Global Coverage calnexsol.com Slide | 66
Slide 67: Channel Coverage
Channel Coverage GLOBAL PARTNER NETWORK 65 CHANNEL PARTNERS GLOBALLY Coverage across sync and NAA product areas SYNC PRODUCTS NAA PORTFOLIO Lab Sync NAA Infrastructure (SNE Family) - Channel Partners for Telecoms and NEMs - VIAVI are Global Channel Partner (with Exceptions) - VIAVI Group - Channel P
Slide 68: VIAVI Group Partnership
VIAVI Group Partnership Network & Applications Assurance Infrastructure Lab Sync Network Sync Applications Telecom Telecom Data Centre Prove compliance and interoperability of 5G O-RAN fronthaul devices SNE Ignite Paragon-neo Sentry Impair hundreds of • Line rates to 800G Sentinel Rack-mount 5G pack
Slide 69: Sales Structure
Sales Structure One coordinated sales model reaches the market directly and through partners SALES VP SALES OPERATIONS BDD-LED MARKET COVERAGE STRATEGIC PARTNERSHIP BDD BDD BDD SAD REGION / SEGMENT REGION / SEGMENT REGION / SEGMENT STRATEGIC ACCOUNTS OWNERSHIP OWNERSHIP OWNERSHIP BDMs FAEs BDMs FAEs
Slide 70: Partnership Model
Partnership Model ONE CUSTOMER PLAN CALNEX DIRECT OWNS PARTNERS EXTEND Target Markets • Strategic account plan • Local access + language Key Contacts • Executive sponsorship • Market intelligence • Discovery + architecture • Lead creation + tenders Applications • Technical proof • Procurement + logi
Slide 71: Partners and sales build one pipeline
Partners and sales build one pipeline PARTNER-LED ENTRY DIRECT SALES-LED ENTRY Local reach and market access Focus on high-value problems Co-marketing + lead sharing BDD account focus + BDM outreach Local account intelligence FAE technical discovery Introductions, tenders and procurement pathways In
Slide 72: Sales Process and Forecasting
Sales Process and Forecasting LEADS MARKETING QUALIFICATION QUALIFICATION SALES QUALIFICATION OMITTED T-0 T-1 TECHNICAL APPROVAL PIPELINE T-2 BUDGET APPROVAL T-3 PURCHASE REQUESTED UPSIDE T-4 PURCHASE APPROVED COMMIT T-5 PO RECEIVED CLOSED calnexsol.com Slide | 72
Slide 73: Evidence Based Selling
Evidence Based Selling 0% 10% 25% 50% 75% 100% T-0 T-1 T-2 T-3 T-4 T-5 SALES TECHNICAL BUDGET PURCHASE PURCHASE ORDER QUALIFICATION APPROVAL APPROVAL REQUESTED APPROVED RECEIVED 6 – 12 Months Sales Cycle calnexsol.com Slide | 73
Slide 74: Agenda
Agenda • Calnex Overview Tommy Cook, CEO • The opportunity with Precision Time Adam Paterson, Head of Product Management • The need to be resilient to network events Peter White, VP, Marketing & Products • AI Infrastructure Validation Adam Paterson, Head of Product Management • Route to Market Graem
Slide 75: Investment Framework
Investment Framework Ashleigh Greenan, CFO calnexsol.com Slide | 75
Slide 76: Growth Investment Framework
Growth Investment Framework Disciplined governance supporting growth, portfolio prioritisation and ROI assessment Strategic Review ROI Forecasting Portfolio Execution & Value Realisation Prioritisation Accountability 3 formal reviews per 3-year ROI forecast Focus on highest- SLT review of market & S
Slide 77: Q&A Calnex Leadership Team
Q&A Calnex Leadership Team calnexsol.com Slide | 77
Slide 78: Capital Markets Day
Capital Markets Day Driving new growth in our 20th year of operations Calnex Senior Leadership Team September 2026 calnexsol.com