Asetek A/s · OMXCOP:ASTK
Asetek A/s — Q1 2025 Earnings Presentation
25 slides from Asetek A/s's earnings presentation, Apr 28, 2025
Slide 1: Q1 2025
Q1 2025 April 28, 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: Q1 2025 financial highlights
Q1 2025 financial highlights Group revenue Group Gross profit Group adj. EBITDA USD million USD million USD million 15,4 12,2 12,7 12,2 6,4 9,8 5,8 5,3 4,4 4,3 0,0 0,2 0,6 (0.5) (0.3) Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 • SimSports revenue reflec
Slide 4: Global gaming industry exposed to new U.S. import tariffs
Global gaming industry exposed to new U.S. import tariffs • Most significant impact on products made in China • Broadly applied measures impacting the entire gaming value chain • Increased uncertainty related to economic growth and consumer demand going forward • Impacting demand for SimSports produ
Slide 5: Focus on what Asetek can control
Focus on what Asetek can control • Experience in handling U.S. import tariffs on Chinese Production split FY 2024 production since 2018 • Trigger for dual sourcing strategy with transfer production to Malaysia from China • Capacity expansion initiated in Malaysia in close cooperation with customers
Slide 6: Revised 2025 group financial guidance
Revised 2025 group financial guidance • Group revenue is expected in the range of $45 to $53 Annual Group revenue USD million million ($52 to $58 million) 100 ‒ Adjusted EBITDA margin of 0-3% (3-5%) 90 • Liquid Cooling segment revenue unchanged in the range 80 of $40 to $43 million ‒ Gross margin ex
Slide 7: Liquid cooling
Liquid cooling 7
Slide 8: Long-term profitable Liquid Cooling business
Long-term profitable Liquid Cooling business Liquid cooling revenue, gross margin and EBIDTA margin USD million 25,0 LC Revenue LC EBITDA margin LC Gross margin 160% 21,7 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 10,0 9,0 9,3 8,6 60% 47% 48% 49% 48
Slide 9: Building on market leadership in premium liquid cooling solutions
Building on market leadership in premium liquid cooling solutions No. of liquid cooling products started shipping • 11 new liquid cooling products started shipping in Q1 2025 12 12 • 10 new products estimated to start shipping in Q2 2025 11 10 10 • Supplying 3 of the top 5 PC manufacturers globally
Slide 10: Positioned for profitable Liquid Cooling growth from 2026
Positioned for profitable Liquid Cooling growth from 2026 Illustrative dual-sourcing impact USD million • Revenue mainly reflecting shift towards value products • Lost revenue from two major customers moving to dual sourcing already offset from all other customers growing as well as revenue from new
Slide 11: SimSports
Slide 12: Soft start to 2025
Soft start to 2025 Quarterly SimSports revenue and gross margin USD million • Revenue of $1.1 million vs. $2.2 million in Q1 2024 36,4% 37,0% ‒ Soft demand following the high year-end 2024 activity 4,2 ‒ Parts of the shipments originally scheduled for delivery in Q4 32,0% 29,5% 29,1% 29,0% 2024 was
Slide 13: Building distribution ahead of mass market releases
Building distribution ahead of mass market releases • New sales channels and retail access to support mass- market entry on track ‒ Asetek high-end sim racing products now available on Amazon.com ‒ Establishing wider retail reseller and distribution network ‒ Continued brand building • Distribution
Slide 14: Financials
Financials 14
Slide 15: Quarterly revenue development
Quarterly revenue development Quarterly Group revenue USD million 25,0 24,5 23,2 20,5 18,1 16,9 16,6 15,4 14,8 13,5 13,9 12,2 12,7 12,2 10,4 9,5 9,8 Q1 2021 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 15
Slide 16: Income statement
Income statement Figures in USD (000's) Q1 2025 Q1 2024 2024 • Liquid cooling revenue reflecting product mix Unaudited Unaudited Revenue 9,832 12,177 52,502 ‒ Sales of 171,000 sealed loops in Q1 2025, Cost of sales 5,488 6,835 30,557 down 1% YoY, down 16% vs. Q4 2024 Gross profit 4,344 5,342 21,945
Slide 17: Gross margin development
Gross margin development • Q1 2025 gross margin of 44.2%, Quarterly Group gross margin development stable vs. Q1 2024 50% 9,0 • Product- and segment mix with 48% 46,5% 45,9% shift toward lower-priced liquid 46% 45,3% 45,4% 8,5 44,0% 43,9% 44,2% cooling solutions 44% 41,9% 8,0 42% 40% 7,5 38% 7,0 36%
Slide 18: Balance sheet
Balance sheet USD million, at March 31, 2025 80,0 Current • Cash position of $9 million, up from Q4 2024 liabilities ‒ $10.4 million of rights issue proceeds received early January 70,0 60,0 Non-current • In compliance with loan covenants Non-current liabilities 50,0 assets • Interest-bearing debt o
Slide 19: Summary and outlook
Summary and outlook • 2025 Group revenue development impacted by U.S. import tariffs • Execute SimSports growth plan supported by strengthened financial position • Position Liquid Cooling business for growth from 2026 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) 31 Mar 2025 31 Dec 2024 ASSETS Total non-current assets 57,159 55,974 Total current assets 26,130 23,389 Total assets $ 83,289 $ 79,363 EQUITY AND LIABILITIES Total equity 50,886 41,135 Total non-current liabilities 19,389 19,201 Total current liabilities
Slide 23: Statement of equity summary
Statement of equity summary Quarter ended Figures in USD (000's) 31 Mar 2025 31 Mar 2024 Equity at January 1 $ 41,135 $ 66,126 Total comprehensive income for the period Income for the period (2,256) (564) Foreign currency translation adjustments 1,490 (597) Total comprehensive income for the period
Slide 24: Summary cash flow statement
Summary cash flow statement Quarter ended Figures in USD (000's) 31 Mar 2025 31 Mar 2024 Net cash provided by (used in) operating activities (2,277) (2,299) Net cash used in investing activities (751) (2,968) Net cash provided by (used in) financing activities 8,368 2,657 Effect of exchange rate cha
Slide 25: www.asetek.com
® OQ Asetek www.asetek.com