Slide 1: Financial Presentation Q3 2025
Financial Presentation Q3 2025 October 29, 2025
Slide 2: Q3 2025 with strong business momentum and major achievement in large account strategy
Q3 2025 with strong business momentum and major achievement in large account strategy in Q3 REVENUE 2025 Change All time high revenues in quarter, with strong gross Q3 19.0 MUSD +46.2% margin, continued strong underlying demand in market 9M 52.0 MUSD +34.7% Progress in large account strategy and rev
Slide 3: Customer success driven by an ever-growing demand for bandwidth, cost efficient products and software
Customer success driven by an ever-growing demand for bandwidth, cost efficient products and software value Networking solutions delivering multiple Terabits/s of capacity Enterprise Operator Cloud & AI DCI Networks Innovative software managing a cost-efficient product portfolio Reoccurring business
Slide 4: Q3'25 deep dive
smactoptics Q3’25 deep dive
Slide 5: Very strong growth in Americas and APAC. All time high revenues in APAC
Very strong growth in Americas and APAC. All time high revenues in APAC Revenue per region and quarter – Last 5 quarters MUSD Americas EMEA APAC +88% 12.3 10.8 0% 7.8 8.4 6.9 5.7 6.2 6.1 5.3 4.9 +85% 2.0 1.6 1.4 1.1 1.2 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 2024 2025 2024 2025 2024 2025 5
Slide 6: High growth in the US market driven by three customer categories developed by Smartoptics
High growth in the US market driven by three customer categories developed by Smartoptics over several years Regional Operators Neo-Clouds / Neo-Scalers Rural operators • Typically covering one or more states • New class of cloud providers • Rural incumbent and/or competitive specialized on AI workl
Slide 7: Strong growth in all Business areas, material contribution from new products
Strong growth in all Business areas, material contribution from new products. Optical Devices strategy gaining momentum Revenue per business area and quarter – Last 5 quarters MUSD Solutions Devices Software & Services +49% 11.6 10.9 10.3 8.2 7.3 +45% 5.4 4.0 4.1 +36% 3.7 3.6 2.6 2.9 2.7 2.5 2.0 Q3
Slide 8: Summary of Q3 financial performance
Summary of Q3 financial performance Revenue EBITDA & EBIT Operating cash flow MUSD MUSD MUSD 46.2% EBITDA EBIT 18.7 19.0 16.9 5.6 14.4 2.4 2.6 2.4 13.0 1.8 1.8 2.6 1.6 1.1 1.2 0.2 0.5 0.6 -0.5 -0.4 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 Gross margin and EBITDA margin Comments % 49.0 % 48.6 % 4
Slide 9: Strong financial position
Strong financial position Balance sheet Sep 30, 2025 Working capital development past 5 quarters MUSD MUSD 50.7 50.7 18.4 15.7 8.8 14.9 13.3 13.6 19.9 19.8 20.0 19.0 28.0 18.4 17.9 16.8 17.3 15.4 14.6 15.9 14.7 15.4 14.9 15.6 14.1 13.0 14.0 12.6 11.5 Q3 Q4 Q1 Q2 Q3 40.3 0.3 Inventories Trade Receiva
Slide 10: 2026-2030: Roadmap to deliver profitable growth in next-gen optical networking market
2026-2030: Roadmap to deliver profitable growth in next-gen optical networking market* STRENGTHEN AND EXPAND THE CORE ADD NEW GROWTH DRIVERS Continued focus on home markets Committing to the majors Leverage software automation and AI • Targeting network- and data center operators, • Continue to expa
Slide 11: Profit and Loss Statement
Profit and Loss Statement Profit and Loss Statement Q3 2025 2025 2024 2025 2024 Amounts in USD 1 000 Q3 Q3 YTD YTD Total revenue and other operating income 19 000 12 994 52 027 38 634 Direct cost of sales -9 586 -6 835 -26 748 -20 180 Employee benefit expenses -4 823 -3 772 -14 503 -11 911 Other ope
Slide 12: Balance Sheet
Balance Sheet Balance Sheet Sep 30, 2025 2025 2024 2025 2024 Am ounts in USD 1 000 Am ounts in USD 1 000 Q3 Q3 Q3 Q3 Capitalized development cost 2 100 1 492 Share capital 196 187 Other Intangible assets 691 115 Share premium 14 914 14 182 Property, plant and equipment 3 627 3 534 Other paid in capi
Slide 13: Cash Flow Statement
Cash Flow Statement Cash Flow Statement Q3 2025 2025 2024 2025 2024 Amounts in USD 1 000 Q3 Q3 YTD YTD Cash flows from operating activities Profit/(loss) before income tax 1 761 738 2 509 2 414 Adjustments for Taxes paid -162 0 -1 140 0 Depreciation and amortization 778 575 2 132 1 677 Net interest
Slide 14: Thank you
smactoptics Thank you