Slide 1: Interim Management Statement 4Q and FY-2025
Interim Management Statement 4Q and FY-2025 Kartik Srinivasan, CEO Klaus H. Skovrup, CFO February 26, 2026 Q4 2025 and FY2025 INVESTOR PRESENTATION
Slide 2: Q&A Session
Q&A Session Following the presentation DK: +45 89 87 50 45 NO: +47 81 50 33 08 US: +1 646 787 9445 UK: +44 20 3936 2999 • Participant Access Code: 791391 To ask a question, press *1 on your telephone keypad. To withdraw your question, press *2 Texted questions can be submitted using the button on th
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 AGENDA Leadership Market Opportunity & Differentiated Financial Updates & Update Target Segments Product Portfolio Outlook 4 Q4 2025 AND FY2025 INVESTOR PRESENTATION © NAPATECH 2026 © NAPATECH 2026
Slide 5: Strengthening Napatech's Leadership with Deep Industry Expertise
Strengthening Napatech’s Leadership with Deep Industry Expertise Board Chairman – Lars Boilesen CEO – Kartik Srinivasan CFO – Klaus H. Skovrup 5 Q4 2025 AND FY2025 INVESTOR PRESENTATION © NAPATECH 2026
Slide 6: Business Status and Outlook
BUSINESS STATUS AND OUTLOOK 6 Q4 2025 AND FY2025 INVESTOR PRESENTATION © NAPATECH 2026 © NAPATECH 2026
Slide 7: Financial Highlights
Q4 2025 FY25 and FY2025 FINANCIAL Financial Highlights HIGHLIGHTS Q4 2025 Q4 2024 2025 2024 Q/Q Y/Y Revenue $7.9m $5.4m $22.4m $16.8m 48% 33% Gross Margin 70% 65% 69% 68% +5% points +1% point Staff & External Costs DKK 40.4m DKK 44.8m DKK 167.1m DKK 171.8m -10% -3% Q4 EBITDA DKK -3.8m DKK -17.0m DKK
Slide 8: Execution Disciplined Driving Scalable Growth
EXECUTIONExecution Disciplined DRIVING SCALABLE Driving Scalable GROWTH Growth • Technology Leadership Launched DPUs and SmartNICs for next wave of AI networking Extended collaboration with Altera and Intel for programmable NICs Developed complete solutions in high growth segments of AI, storage, cy
Slide 9: Market Update
MARKET UPDATE Powering Critical Infrastructure for Performance & Efficiency 9 Q4 2025 AND FY2025 INVESTOR PRESENTATION © NAPATECH 2026 © NAPATECH 2026
Slide 10: Focused Market Strategy Across Core and AI Infrastructure
Focused Market Strategy Across Core and AI Infrastructure Cybersecurity | Network Monitoring Inference Pipeline Acceleration (MoE, RAG) Capture and Replay | Deep Packet Inspection Scale Up/Out Networking | Checkpoint Acceleration Telco Infrastructure | Financial Services Storage Acceleration | Multi
Slide 11: Structured Solutions Driving Scale and Strategic Growth
Structured Solutions Driving Scale and Strategic Growth Turnkey Solutions Frontier Solutions Full-stack offerings Advanced performance-driven solutions Easier deployment Deep technical collaboration with customer Repeatable revenue Higher revenue & absolute margins Strong moat Leveraging partner eco
Slide 12: Pipeline Spotlights
PIPELINE SPOTLIGHTS 12 Q4 2025 AND FY2025 INVESTOR PRESENTATION © NAPATECH 2026 © NAPATECH 2026
Slide 13: AI Infrastructure: Networking for AI Inferencing
AI Infrastructure: Networking for AI Inferencing Napatech Value Proposition • Ethernet based scale-out solution • Line-rate performance under real-world load • Flow-aware traffic steering and congestion control • Hardware-accelerated traffic steering and flow control SOURCE: ALTERA INNOVATOR DAY • C
Slide 14: AI Infrastructure: Storage Acceleration
AI Infrastructure: Storage Acceleration Napatech Value Proposition • Inline hardware-accelerated data reduction • Deterministic low-latency data movement • Flow-aware traffic steering and congestion control • Offloaded security and data integrity processing • CPU offload and in-network processing 14
Slide 15: Financial Review and Outlook
Financial Review and Outlook 15 Q4 2025 AND FY2025 INVESTOR PRESENTATION © NAPATECH 2026 © NAPATECH 2026
Slide 16: Quarterly Revenue and OPEX development
Quarterly Revenue and OPEX development Revenue mUSD & GM% OPEX mDKK +48.2% +26.4% -9.7% 7.9 50 48.9 1.0 8 0.2 80 44.8 70.3% 70.5% 69.9% 45 42.6 0.9 7 65.3% 66.9% 70 13.8 40.4 6.3 40 0.8 0.2 17.2 13.2 35.1 6 5.4 60 35 12.2 0.7 0.3 4.8 30 9.6 0.6 5 0.0 50 25 0.5 4 3.4 7.8 40 20 0.4 3 0.4 6.1 30 35.1 1
Slide 17: Consolidated Income Statement Q4 & FY 2025
Consolidated Income Statement Q4 & FY 2025 4th quarter YTD Dec. Q4 YTD Key Developments DKK'000 2025 2024 2025 2024 ∆ ∆ • Revenue in Q4 in USD was up 48% compared to Q4’24 (up 36% in DKK) Revenue 51,056 37,678 146,609 116,408 36% 26% Cost of goods sold (15,369) (13,069) (44,733) (37,049) • Revenue i
Slide 18: Quarterly movements in cash and Net Working Capital
Quarterly movements in cash and Net Working Capital Cash & Cash equivalents, mDKK Net Working Capital, mDKK Cash 91.2 117.7 8.7 -8.3 beginning of Q -8.4 83.2 Net cash adjusted -2.2 EBT WC 7.8 adjustments Interest, tax, & 5.8 currency gain/loss Investing -1.3 activities Financing & -0.3 foreign exch.
Slide 19: Consolidated Cash Flow Statement Q4 & FY 2025
Consolidated Cash Flow Statement Q4 & FY 2025 DKK'000 4th quarter 2025 2024 YTD Dec. 2025 2024 Key Developments • Net Cash flow from operating activities in Earnings before tax (EBT) (8,849) (23,526) (85,119) (117,087) Q4 was positive DKK 11.4m – 2025 Adjustments to reconcile profit before tax to ne
Slide 20: Financial outlook for 2026
Financial outlook for 2026 Guidance Comments • Napatech will continue the current momentum Untis sold 8,700-10,700 and first orders from AI infrastructure will come in H2 • Products for AI infrastructure comes with a Revenue DKK 200 - 240m lower gross margin • Staff expenses & Other external costs t
Slide 21: Visit us in 1H-2026
Visit us in 1H-2026 24-26 March 2026 Dubai, UAE Mobile World Congress 2-5 March 2026 Barcelona, Spain 29 April 2026 20 May 2026 2-4 June 2026 London, UK New York, USA Prague, Czech Republic https://www.napatech.com/about/events/ 21 Q4 2025 AND FY2025 INVESTOR PRESENTATION © NAPATECH 2026 © NAPATECH
Slide 22: Q&A Session
Q&A Session Following the presentation DK: +45 89 87 50 45 NO: +47 81 50 33 08 US: +1 646 787 9445 UK: +44 20 3936 2999 • Participant Access Code: 791391 To ask a question, press *1 on your telephone keypad. To withdraw your question, press *2 Texted questions can be submitted using the button on th
Slide 23: Stay Connected with Napatech
Stay Connected with Napatech On the web Social Media Other news www.google.com/alerts www.euronext.com www.napatech.com www.napatech.com/newsletter 23 Q4 2025 AND FY2025 INVESTOR PRESENTATION © NAPATECH 2026 23