Asetek A/s · OMXCOP:ASTK
Asetek A/s — Q2 2025 Earnings Presentation
25 slides from Asetek A/s's earnings presentation, Aug 19, 2025
Slide 1: Q2 2025 Earnings Presentation
Q2 202! August 19,2025 = —
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements concerning As k’s financial condition, results of operations and business. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of fu
Slide 3: Q2 2025 financial highlights
Q2 2025 financial highlights Group revenue Group Gross profit Group adj. EBITDA USD million USD million USD million 15.4 12.7 12.2 11.2 6.4 9.8 5.8 5.0 4.4 4.3 0.2 0.6 (0.5) (0.3) 0.1 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 • Sequential increase in L
Slide 4: Positioning for growth amidst continued challenging markets
Positioning for growth amidst continued challenging markets • Strong momentum with existing and new Liquid Cooling customers ‒ Demand for innovative high-end and the new mid-market products ‒ Increased focus on quality, supply-chain and full-service offering ‒ Setting the stage for profitable growth
Slide 5: 2025 Group financial guidance unchanged
2025 Group financial guidance unchanged Annual Group revenue USD million • Group revenue is expected in the range of $45 to $53 100 million 90 ‒ Adjusted EBITDA margin of 0-3% (3-5%) 80 • Liquid Cooling segment revenue is expected in the range 70 of $40 to $43 million ‒ Gross margin in the range of
Slide 6: Liquid cooling
= 3 = Ss: = Liquid coc
Slide 7: Liquid Cooling business passing the through
Liquid Cooling business passing the through Liquid cooling revenue, gross margin and EBITDA margin USD million 25.0 LC Revenue LC EBITDA margin LC Gross margin 160% 21.7 22.0 140% 20.0 19.2 17.5 120% 14.4 100% 15.0 14.3 13.4 11.9 12.2 80% 11.0 10.7 11.1 10.0 9.8 10.0 9.0 9.3 8.6 60% 47% 48% 49% 48%
Slide 8: Leveraging high-end liquid cooling leadership to expand addressable market
Leveraging high-end liquid cooling leadership to expand addressable market No. of liquid cooling products started shipping • Supplying 3 of the top 5 PC manufacturers globally • 5 new liquid cooling products started shipping in Q2 2025 • 8 to 10 new products estimated to start shipping in Q3 12 11 •
Slide 9: Continued strong customer momentum
Continued strong customer momentum • Growth on existing and new customer largely replacing Illustrative dual-sourcing impact impact of the two major customers reducing purchasing Sealed loops sold, thousand due to dual-sourcing ‒ Positive dialogue underway with both customers for potential 367 365 i
Slide 10: Resuming collaboration with leading high-performance component provider Antec
Resuming collaboration with leading high- performance component provider Antec • A global leader in high-performance computer components and accessories for the gaming, PC upgrade, and Do-It-Yourself markets • The first shipments of mainstream mid-market liquid cooling products based on As k’s new p
Slide 11: Slide 11
Slide 12: U.S.-China tariff uncertainty impacting reseller demand
U.S.-China tariff uncertainty impacting reseller demand Quarterly SimSports revenue and gross margin USD million • Revenue of $1.3 million vs. $1.7 million in Q2 2024 36.4% 34.6% 37.0% ‒ More cautious reseller buying behaviour due to current geo- 4.2 political situation 29.5% 32.0% 29.1% 29.0% ‒ U.S
Slide 13: Launching Initium mass-market product line this week at Gamescom
Launching Initium mass-market product line this week at Gamescom • w d’s g s v n f c mpu nd vid g m s held in Cologne, Germany, August 20-24th • Highly attractive Initium bundles of steering wheel, wheelbase, pedal set, cockpit and seat ‒ High-value performance and quality for the broader gaming seg
Slide 14: Financials
Financials 14
Slide 15: Quarterly revenue development
Quarterly revenue development Quarterly Group revenue USD million 24.5 23.2 20.5 18.1 16.9 16.6 15.4 14.8 13.5 13.9 12.7 12.2 12.2 11.2 10.4 9.5 9.8 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 15
Slide 16: Income statement
Income statement Figures in USD (000's) Q2 2025 Unaudited Q2 2024 Unaudited 1H 2025 Unaudited 1H 2024 Unaudited 2024 • Liquid cooling revenue reflecting product mix Revenue 11,210 12,743 21,042 24,920 52,502 ‒ Sales of 194,000 sealed loops in Q2 2025, Cost of sales 6,189 6,693 11,677 13,798 30,557 G
Slide 17: Gross margin development
Gross margin development • Q2 2025 gross margin of 44.8%, Quarterly Group gross margin development stable vs. Q2 2024 50% 9.0 48% 46.5% 45.9% 8.5 45.3% 45.4% 46% 44.8% 43.9% 44.2% 44% 41.9% 8.0 42% 40% 7.5 38% 7.0 36% 35.9% 34% 6.5 32% Group gross margin USD/CNY - trailing 3 quarters (rhs) 30% 6.0 Q
Slide 18: Balance sheet
Balance sheet USD million, at June 30, 2025 90.0 Current • Cash position of $7.3 million 80.0 liabilities • In compliance with loan covenants 70.0 Non-current 60.0 Non-current • Interest-bearing debt of $20.9 million related HQ financing liabilities assets ‒ March 31, 2028, maturity, long-term repay
Slide 19: Summary and outlook
Summary and outlook • 2025 Group revenue development impacted by U.S. import tariffs • Execute SimSports growth plan with imminent launch of mas-market product line • Position Liquid Cooling business for growth from 2026 with new and returning customers targeting a wider market 19
Slide 20: Q&A
Q&A 20
Slide 21: Appendix
Appendix 21
Slide 22: Balance sheet summary
Balance sheet summary Figures in USD (000's) 30 Jun 2025 31 Dec 2024 ASSETS Total non-current assets 61,355 55,974 Total current assets 27,212 23,389 Total assets $ 88,567 $ 79,363 EQUITY AND LIABILITIES Total equity 52,791 41,135 Total non-current liabilities 19,866 19,201 Total current liabilities
Slide 23: Statement of equity summary
Statement of equity summary Six Months Ended Figures in USD (000's) 30 Jun 2025 30 Jun 2024 Equity at January 1 $ 41,135 $ 66,126 Total comprehensive income for the period Income for the period (3,982) (3,292) Foreign currency translation adjustments 5,022 (866) Total comprehensive income for the pe
Slide 24: Summary cash flow statement
Summary cash flow statement Six Months Ended Figures in USD (000's) 30 Jun 2025 30 Jun 2024 Net cash provided by (used in) operating activities (3,837) 639 Net cash used in investing activities (1,713) (6,954) Net cash provided by (used in) financing activities 8,080 4,548 Effect of exchange rate ch
Slide 25: www.asetek.com
Asetek www.asetek.com