Canatu Plc · OMXHEX:CANATU
Canatu — Investor Day (March 2026)
80 slides from Canatu's investor day presentation, Mar 26, 2026
Slide 1: From technology validation to scalable value creation
Welcome From technology validation to scalable value creation Capital Markets Day 2026 26 March 2026 Canatu
Slide 2: Disclaimer
Disclaimer Notice shall have any liability whatsoever (in negligence or otherwise) for any loss however arising from any use of this presentation or its contents or otherwise arising in connection with this presentation . Each person must rely on their own examination and Canatu Plc (the “Company”)
Slide 3: Agenda & speakers today
Agenda & speakers today 10:00 – 10:05 Opening words, Mari Makkonen 10:05 – 10:30 Strategy overview, Juha Kokkonen 10:30 – 10:50 Semiconductors, Thomas Gädda 10:50 – 11:00 Break Mari Makkonen, Juha Kokkonen Thomas Gädda 11:00 – 11:10 Automotive, Jussi Rahomäki VP, IR , Communications & CEO CPO, Semic
Slide 4: From technology validation to scalable value creation
From technology validation to scalable value creation Juha Kokkonen Capital Markets Day 2026 26 March 2026
Slide 5: Nanotech scale-up company specialized in advanced carbon nanotubes (CNTs)
Nanotech scale -up company specialized in advanced carbon nanotubes (CNTs) Scalable Dry Deposition technology 15.6M€ 59 % Revenue Revenue CAGR platform (2025) (2020 -2025) New Medical Diagnostics office Core focus: in North Carolina Semiconductor, Automotive, 72.5% 92 M€ and Medical Gross Margin Cas
Slide 6: Canatu's current focus markets are undergoing transformation
Canatu’s current focus markets are undergoing transformation Semiconductor Automotive Medical Diagnostics New Business Development Artificial Intelligence (AI) is Battery Electric Vehicles (BEV) Healthcare is moving from labs Rising demands for higher driving demand for advanced need smarter thermal
Slide 7: What we assumed at CMD 2024...
What we assumed at CMD 2024... Key assumptions at CMD 2024 • 100M€ 2027 revenue target assumed broader adoption of CNT pellicles in 500W EUV scanners, and roadmap milestones progressing as communicated • We assumed shorter delivery and customer approval timelines for the first CNT100 SEMI reactors •
Slide 8: Since 2024 CMD, we have delivered..
Since 2024 CMD, we have delivered.. Semiconductors Automotive Medical Diagnostics • Industrialized CNT100 SEMI • Deepened DENSO collaboration, • Launched new strategy and reactor demonstrating CNTs’ commercial roadmap with clear focus areas • Shipped two reactors potential in windshields and solar •
Slide 9: … and what market has taught us since
… and what market has taught us since What we now know 1) • AI drives a paradigm shift , enabling new nodes and structural CNT pellicle demand, but ramp -up timing remains customer -dependent • Reactor deliveries have built a strong learning curve, enabling faster, more predictable future deliveries
Slide 10: Canatu as an investment
Canatu as an investment Key strengths 1 1 Versatile platform technology leading the next wave of material transformation 5 Market drivers support growth in the energy optimized automotive market - 2 Scalable business model s 6 Clear benefits supporting potential market shift from centralized to poin
Slide 11: Versatile platform technology leading the next wave of material transformation
Versatile platform technology leading the next wave of material transformation Legacy materials are reaching their limits, driven by 1. demand for higher performance and energy efficiency Canatu is the forerunner in material transformation , with 2. advanced CNT technology, enabling step changes in
Slide 12: Unique CNT technology creates a strong competitive edge
Unique CNT technology creates a strong 80 % Fewer process competitive edge steps 1 • Strong competitive position built on differentiated, IPR -protected technology 318 in a high -barrier -to-entry market Patents granted and pending • Advanced CNTs are inherently difficult to manufacture and customiz
Slide 13: Enables breakthrough performance in end applications
Enables breakthrough performance in end applications Value High transmission Ultra - sensitive , Optical Total energy and mechanical Flexibility scalable, low- cost properties efficiency durability point - of- care sensing 8-15% estimated performance 1B€ CAPEX savings / p.a. 2 Significant improvemen
Slide 14: Canatu's business is built on a globally leading CNT technology platform
Canatu’s business is built on a globally leading CNT technology platform ADAS Full Solar Products EUV pellicles Inspection membranes Spectral purity filters camera windshiel Biosensors for hormones and sepsis cells heaters d heaters Technology Electrochemical platform Membranes C onductive films det
Slide 15: Canatu's scalable business models enable flexibility
Canatu’s scalable business models enable flexibility CNT reactor CNT product sales and licensing sales (own manufacturing) CNT100 SEMI / CNT100 HPR Spare parts Semiconductor Automotive Medical diagnostics reactor sales and Services products products products Non -recurring revenue from reactor sales
Slide 16: Benefits of having two business models
Benefits of having two business models Business model Ability to address both niche, high -margin Canatu manufacturing Licensing 1. €€€ opportunities and global, high -volume cases CNT pellicle membranes Full windshield heaters Solar cells Business value of a customer product Customers gain immediat
Slide 17: Deep customer integration and Dry Deposition process creates high switching costs
Deep customer integration and Dry Deposition TM process creates high switching costs Lengthy co -development and validation cycles, along with the unique Dry DepositionTM process, create a high barrier to entry i 1 3 5 7 Research and Purchase Assembly and Factory Site Acceptance Test (SAT ) Pilot an
Slide 18: Canatu's total addressable market is estimated to be ~3B€ in 2030
Canatu’s total addressable market is estimated to be ~3B € in 2030 B€ 2.5 TOTAL CNT MARKET 8- 12B€ in 2030 2.0 1.5 1.0 2.0 1.5 0.5 0.7 0.4 0.3 0.2 0.0 Advanced CNT material CNT Pellicle Full Windshield Heater ADAS Heater Hormone diagnostics Sepsis diagnostics market (licensing) (licensing) (manufact
Slide 19: Focused execution and disciplined capital allocation
Focused execution and disciplined capital allocation Incubate Scale New P - o- C medi sensors Focus on applications with high long -term value 1. creation potential over short -term revenue New Windshield EUV pellicles heaters Inspection membranes 2. Systematic validation and derisking before scalin
Slide 20: Long-term financial targets
Long -term financial targets TARGETS Revenue EBIT 1) 100-150M€ 25-30% in 2030 in 2030 Semiconductor is the key growth driver , enabling a predominantly recurring Relative revenue contribution of the business in 2030 Relative revenue growth rate of the business in 2030 revenue model by 2030 Semicondu
Slide 21: Canatu's strategy
Canatu's strategy BUSINESS TARGETS OPERATIONAL PRIORITIES Our vision Level up to industrialize reactor & is to create the most advanced carbon Semiconductors Automotive equipment capability to power nanotubes for industry - Canatu's next growth phase transforming products Become the leading CNT pell
Slide 22: Semiconductors: The main growth generator in Canatu
Semiconductors The main growth generator in Canatu Thomas Gädda Capital Markets Day 2026 26 March 2026
Slide 23: Semiconductors – the core of Canatu's value creation
Semiconductors – the core of Canatu’s value creation Clear path to significant share of Long -term revenue with Semiconductors generate the largest recurring revenues highest margin potential share of new business opportunities Rapid AI growth is fuelling demand for advanced chips, driving adoption
Slide 24: Semiconductor EUV-related markets represent the largest near- and mid-term opportunity
Semiconductor EUV -related markets represent the largest near - and mid -term opportunity • AI-driven computing increases structural demand for advanced chips ( <3nm) • EUV adoption is driven by performance limits, not short -term cycles • Inflection point for CNT pellicle adoption is estimated to h
Slide 25: CNT pellicles move from technology validation to scaling
CNT pellicles move from technology validation to scaling Why CNT surpasses composite pellicles? Significant step change in transmittance, performance and cost • Higher productivity and lower cost per wafer • Higher EUV transmission Up to • 10% transmission gain can eliminate 1 out of 10 scanner • in
Slide 26: Canatu holds a unique and critical position in EUV processes
Canatu holds a unique and critical position in EUV processes Canatu CNT forms the present Canatu CNT enhances quality control baseline for future pellicle in pre - and post - lithography EUV membranes 1) mask inspection 1. Transmittance equals throughput 1. Protect masks during inspection 2. Enable
Slide 27: Canatu CNT and relation to semiconductor fabrication chain
Canatu CNT and relation to semiconductor fabrication chain Our Focus Canatu focus Canatu CNT inspection materials 1. Framed & Final EUV EUV End CNT reactor CNT Material coated Fab Improved CNT pellicle reticle lithography products reactor system 1 NVIDIA 2. ASML Intel TSMC Samsung Apple AMD Broadcom
Slide 28: AI drives demand for advanced chips - Canatu is ready for scaling
AI drives demand for advanced chips - Canatu is ready for scaling Advanced chips ~20% CAGR • Advanced chips (<7nm features) are the fastest -growing segment of semiconductors, projected to grow at ~20% CAGR between 2025 -2030 1) • CAPEX on advanced process tools is projected to exceed USD 50Bn by 20
Slide 29: First stable 1000W demonstrations presented
First stable 1000W demonstrations presented 1) – a significant upside during delayed adoption What higher watts Adoption of 600W system delayed, among other changes mean for Canatu? based on end - user requirements 600W scanner installation Higher power levels cause higher starting in 2026 expected
Slide 30: EUV pellicle TAM and breakdown to device level
EUV pellicle TAM and breakdown to device level EUV pellicle TAM 1) Advanced technology nodes Our focus by year of adoption 1.5 B€ 14% 40 Rest of market Number of EUV exposures 30 1.1 B€ 1.5B€* 43% 20 N3 DRAM 0 Upside potential in 2030 10 0.8 B € Industry initial focus 43% GAA 0 N5 N3 N2 14A 10A 50%
Slide 31: From customer engagement to recurring revenues: Fine Semitech Corp. (FST)
CASE: From customer engagement to recurring revenues: Fine Semitech Corp. (FST) Reactor delivered, validated, ready to scale Fine Semitech Corp (FST) is the key industrial partner for Canatu . Operates CNT100 SEMI 1 3 5 7 reactor in South Korea to manufacture CNT Purchase Assembly and Factory Pilot
Slide 32: Investment to semiconductor production capability
Investment to semiconductor production capability • Canatu has invested in a new modular facility • The investment represents a scalable environment meeting semiconductor industry requirements Purpose • Expand capability to deliver reactors, and to further consolidate ‘Shell first’ Canatu’s position
Slide 33: Path to value creation
Path to value creation 2029 -2030 2027-2028 Readiness for future Scalable long-term growth 2026 Expand and integrate • Reactor • Main source of development for revenue from recurring Position: leading CNT Consolidate position • Deliver and expand 1000W scanner sources recurring revenues systems • Ma
Slide 34: Key milestones that drive value
Key milestones that drive value Evidence of customer scaling Customers moving from validation to pilot and risk production Additional reactor orders Growth in recurring revenue streams Growing customer base for both CNT pellicle membranes and inspection membranes
Slide 35: Break
CANATU Break
Slide 36: Automotive: Strengthening execution readiness and manufacturing scale
Automotive Strengthening execution readiness and manufacturing scale Jussi Rahomäki Capital Markets Day 2026 26 March 2026
Slide 37: Automotive – strengthening execution readiness and manufacturing scale
Automotive – strengthening execution readiness and manufacturing scale Focused on selected, high -value Supports industrialization and manufacturing Strategically important for automotive applications maturity , enhancing readiness for broader execution and long -term CNT platform scaling platform e
Slide 38: Broad application potential in Automotive; current focus on selected high-value applications
Broad application potential in Automotive; current focus on selected high -value applications Side window heating Rear window heating Solar cells Full windshield heating ADAS camera heating Rear light heating Headlamp heating
Slide 39: Clear market drivers support growth in the energy-optimized automotive market
Clear market drivers support growth in the energy - optimized automotive market • Total energy optimization through advanced HVAC 1)systems, localized heating, and next - generation solar panels to reduce ADAS camera heater Full w indshield heater Automotive thermal losses and extend range Total Add
Slide 40: Focused on high-value ADAS camera heaters today
Focused on high -value ADAS camera heaters today, advancing autonomous driving in harsh weather Market need 1) • Strong automotive partnerships and ongoing Higher ADAS levels (L2+ - L4) require Hands - free driving features redundant, high -quality sensors qualifications • Growing OEM interest acros
Slide 41: Enhancing readiness for broader CNT platform scaling to full windshield heating
Enhancing readiness for broader CNT platform scaling to full windshield heating Total energy optimization through advanced HVAC 1) systems, localized heating, and next - generation solar panels to reduce thermal Battery Electric losses and extend range. Vehicles (BEV) • Cabin heating is a major BEV
Slide 42: Enhancing readiness for broader CNT platform scaling in next-gen solar cells
Enhancing readiness for broader CNT platform scaling in next -gen solar cells • Solar cells extend the range, but silicon panels are Canatu exploring future market opportunity fundamentally limited in required efficiency for wide BEV adoption. Additionally, the lack of their flexibility limits vehic
Slide 43: Deepening strategic partnership with a global automotive tier-one leader DENSO
CASE: Deepening strategic partnership with a global automotive tier -one leader DENSO Path to future growth About DENSO: • Long -standing cooperation since 2017 • New joint development phase initiated • Focus on scaling CNT film production size, a key enabler for potential applications such as full
Slide 44: Path to value creation
Path to value creation 2029 -2030 2027-2028 Commercial maturity 2026 ADAS market penetration Qualification for new • Establish sustained annual revenue in phase applications ADAS camera business Accelerate CNT technology • Continue to expand footprint in North • Expand application entry in • Partner
Slide 45: Medical Diagnostics: Unlocking market advantage through CNT technology
Medical Diagnostics Unlocking market advantage through CNT technology and superior point -of-care performance Nedal Safwat Capital Markets Day 2026 26 March 2026
Slide 46: Medical Diagnostics – Unlocking market advantage through CNT technology
Medical Diagnostics – Unlocking market advantage through CNT technology and superior point -of-care performance Canatu transforming the patient Canatu aims to revolutionize testing by integrating Long term target: leading hormones journey for Hormone and CNT technology with advancements in innovatio
Slide 47: Canatu is exploring a major opportunity in hormone and sepsis testing
Canatu is exploring a major opportunity in hormone and sepsis testing • The medical diagnostics (IVD) market is growing at 6% CAGR, expected to exceed 150B€ by 2030 1. • Point -of-Care testing is a rapidly growing Hormones Serviceable Hormones Total Market 2 Addressable Market in 2030 1 segment, pro
Slide 48: Improving access and time-to-result in hormones & sepsis
Improving access and time -to-result in hormones & sepsis —Canatu’s focused opportunity Hormone testing Sepsis diagnosis • Rapidly evolving market segment driven by specialty clinics, • Critical need to reduce time to results favorable guidelines, and hormone therapy. (mortality increases by 8%/hour
Slide 49: Existing patient journey
Existing patient journey 1- 2 days minimum Patient visit Sample collection Sample transport Batching & testing Results review Return visit Patient treatment Invasive Delayed Inconvenient C omplex Required sample volumes Transportation, batching, and Returning to the clinic to Equipment, central lab,
Slide 50: Canatu is transforming the patient journey for Hormone and Sepsis testing
Canatu is transforming the patient journey for Hormone and Sepsis testing 20 Minutes Patient visit Sample collection Results review Patient treatment Patient friendly Simple Rapid The small sample volume makes Only requires loading a cartridge to With instant results clinical decision testing less i
Slide 51: Canatu is transforming the patient journey
Canatu is transforming the patient journey Canatu’s Point - of- Care 20 Minutes Improved patient care with significant reduction in healthcare cost burden 1- 2 days minimum Central lab testing (current method)
Slide 52: Canatu's technology is guided by innovations, policy developments, and consumer behavior
Canatu’s technology is guided by innovations, policy developments, and consumer behavior Decentralized Clinical Technology Cost testing demand & policy s avings Market needs Canatu Portable device with Favorable and lower delivers Results in 20 mins High sensitivity lab quality results operations co
Slide 53: Differentiated foundation and technology readiness
Differentiated foundation and technology readiness Available technologies: Canatu’s CNT advancement: Available material show lower sensitivity, CNT sensitivity and versatility enabling higher variability, and limited applications multiple applications (hormones, sepsis, and future) Electrochemical s
Slide 54: Moving from early research to executing a detailed plan
Moving from early research to executing a detailed plan with clear goals and measurable outcomes Market research and scientific advisors Build technical competencies • McKinsey market analysis • Assembled a world -class for 2025 development team with expertise in electrochemistry and IVD capabilitie
Slide 55: Path to value creation
Path to value creation 2029 -2030 2027-2028 Clinical trials Commercial launch 2026 • Testosterone FDA • Testosterone commercial Beta system prototype Validation studies submission launch Alpha system prototype • Testosterone clinical • Hormone 2 clinical • Hormone 2 submission • Testosterone assay t
Slide 56: Design concept: lab results accessible at your palm
Design concept: lab results accessible at your palm
Slide 57: Canatu's electrochemical sensors are positioned to be a key technology in point-of-care
Canatu’s electrochemical sensors are positioned to be a key technology in point -of-care Attractive market Feasible Core competency Positioned for Production opportunity technology to develop partnerships capability >0.7 B€ Serviceable to address unmet point -of-care in evolving at scale Market * cu
Slide 58: New Business Development: Significant upside without diluting focus on the core
New Business Development Significant upside without diluting focus on the core Ilkka Varjos Capital Markets Day 2026 26 March 2026
Slide 59: Versatile CNT technology platform enabling focused, partner-led growth
Versatile CNT technology platform enabling focused, partner -led growth 2B € TAM by 2030 1) Selected opportunity areas • CNTs are a next-level general -purpose technology platform, enabling multiple high -value applications Electrochemical Microsystems Emerging frontiers adjacent to Canatu’s current
Slide 60: Assessing CNT application opportunities by value and feasibility
Assessing CNT application opportunities by value and feasibility • Canatu prioritizes opportunities by Business potential business potential vs. technical High feasibility, and focuses resources where Existing NBD focus it can win and generate significant value • EUV pellicles • Inspection • The pri
Slide 61: Building a disciplined future opportunity pipeline
Building a disciplined future opportunity pipeline • Strong inbound interest creates a broad Initial screening: Customer need, market, opportunity set, enabling Canatu to selectively tech, business model fit focus on the highest -potential cases. → GO / NO -GO • NBD exists to systematically filter a
Slide 62: Significant upside without diluting core execution
Significant upside without diluting core execution • NBD is pursued as controlled optionality , with deliberately limited and staged resourcing • Industrial and research partners provide significant development capacity, with public funding applied across partners and Canatu to accelerate technical
Slide 63: Creating value through new product families, partnerships and IP
Creating value through new product families, partnerships and IP • NBD targets a small number of new product families with the potential for meaningful value creation • Value creation is pursued primarily through strategic partnerships providing market access, while building strong CNT -based IP to
Slide 64: Path to value creation
Path to value creation 2029 -2030 2027-2028 Value crystallization 2026 Industrial proof • First new product in mass production • First product candidates in prototyping • 2–5 product families and defendable IP position established Screening & validation • Product co -development on a defined set of
Slide 65: Financial targets and how to reach them
Financial targets and how to reach them Mikko Vesterinen Capital Markets Day 2026 26 March 2026
Slide 66: Key highlights
Key highlights 1 Semiconductor business drives Canatu’s growth towards the financials targets of revenue and 25 -30% EBIT margin 1) in 2030 100-150M€ 2 Growth in Semiconductor business paves the way to a business model by 2030 predominantly recurring revenue driven 3 Canatu’s strong competitive adva
Slide 67: Semiconductor expected to be the key driver towards Canatu's revenue target
Semiconductor expected to be the key driver towards Canatu’s revenue target of 100 -150M€ revenue in 2030 Relative contribution to the Relative growth Relative gross Capital allocation Key developments since listing 2030 revenue target rates in 2030 margin potential OPEX & CAPEX • 2 reactors deliver
Slide 68: Growth derisked through focused execution and disciplined capital allocation
Growth derisked through focused execution and disciplined capital allocation Canatu continuously evaluates and assesses its portfolio Incubate Scale through three key criteria: P - o- C medi sensors New 1. Value creation potential Windshield EUV pellicles New • Market size and growth heaters • Sca l
Slide 69: Growth in Semiconductor business paves the way to a predominantly recurring revenue model
Growth in Semiconductor business paves the way to a predominantly recurring revenue driven business model by 2030 Semiconductor By 2030 we target a 2026 -2028 expected to be expected to be the predominantly recurring a period for capacity building key revenue growth driver revenue 1) driven business
Slide 70: Key growth drivers of Canatu's semiconductor business in the CNT pellicle market
Key growth drivers of Canatu’s semiconductor business in the CNT pellicle market + + 1. EUV wafer demand 4. Canatu market share, i.e. 6. Canatu’s business models how much of the pellicle in CNT pellicles 2. CNT pellicle adoption rate demand is catered with 7. Canatu’s pricing power 3. CNT pellicle l
Slide 71: Key assumptions underlying the long-term revenue target
Key assumptions underlying the long -term revenue target Semiconductor Medical Diagnostics • Canatu manufactures and sells electrochemical biosensors EUV PELLICLES for at least one point -of-care hormone testing application in • EUV wafer volumes grow at ~25% annually from 2025 to 2030 2030 • CNT be
Slide 72: Canatu's strong competitive advantages continue to support pricing power and gross margins
Canatu’s strong competitive advantages continue to support pricing power and gross margins Pricing power in the future supported by strong Gross margin development competitive advantages EURm Gross margin -% 1) Revenue High barrier to entry – business 2) 1. Advanced CNTs are difficult to produce and
Slide 73: Operating leverage from the OPEX base expected to support the EBIT margin target
Operating leverage from the OPEX base expected to support the long -term target of reaching 25 -30% EBIT margin 1) in 2030 Operating expenses and EBIT 2021 - 2025 Key commentary EURm EBIT 2) • Canatu expects that reaching the long -term financial targets by 2030 may require to grow (-3.7) (-2.4) (-0
Slide 74: Capital expenditure expected to peak in 2026 and return to 5-6M€ average annual level
Capital expenditure expected to peak in 2026 and return to 5 -6M€ average annual level thereafter CAPEX 2021 - 2025 Key commentary • Canatu’s capital expenditure excluding R&D EURm capitalizations is expected to peak in 2026 14-18 and amount to 14 -18M€ , primarily due to the investments in the seco
Slide 75: Canatu targets 100-150M€ in revenue and a 25-30% EBIT margin in 2030
Canatu targets 100-150M€ in revenue and a 25-30% EBIT margin1) in 2030 Targets Key assumptions • Semiconductor drives the revenue growth Revenue EBIT 1) but all business units contribute to the 2030 target 100-150M€ 25-30% • Strong competitive advantages continue to in 2030 in 2030 support Canatu’s
Slide 76: Q&A
CANATU Q&A
Slide 77: Closing remarks
Closing remarks Juha Kokkonen
Slide 78: Canatu as an investment
Canatu as an investment Key strengths 1 Versatile platform technology leading the next wave of material transformation 5 Market drivers support growth in the energy optimized automotive market - 2 Scalable business model s 6 Clear benefits supporting potential market shift from centralized to point
Slide 79: Thank you for your interest!
Thank you for your interest! Save the Date Canatu H1’26 Financial Results (January -June) 25 August 2026 Sanomatalo I Online JUHA KOKKONEN MIKKO VESTERINEN MARI MAKKONEN CEO CFO VP, IR, COMMUNICATIONS & MARKETING +358 405 430 367 +358 505 217 908 +358 504 422 343 juha.kokkonen@canatu.com mikko.veste
Slide 80: Our position today
Our position today Advanced chips ~20% CAGR 1. Canatu market has a deeper and broader understanding of the 2. Industry point consensus confirms CNT pellicle inflection 3. Canatu’s technology is ready for mass production 4. Canatu holds strong competitive position