Noctiluca Spolka Akcyjna · GPW:NCL
Noctiluca Spolka Akcyjna — Noctiluca — Investor Presentation (January 2026)
24 slides from Noctiluca Spolka Akcyjna's investor presentation, January 2026
Slide 1: In the heart of every OLED: from deep tech to an industrial player
- in the heart of every OLED The year 2026: from deep tech to an industrial player. Warsaw, I 2026
Slide 2: Speakers & Legal Notice
Speakers & Legal Notice BY ATTENDING A MEETING AT WHICH THIS MATERIAL IS PRESENTED AND/OR BY REVIEWING THIS MATERIAL, THE RECIPIENT ACKNOWLEDGES AND ACCEPTS THE FOLLOWING TERMS: This material (the “Material”) has been prepared by Noctiluca S.A., headquartered in Toruń (the “Company”), to present sel
Slide 3: Noctiluca – a deep-tech (materials science) company listed on the WSE
Noctiluca – a deep-tech (materials science) company listed on the WSE An independent supplier of advanced chemical compounds for OLEDs(monitors, televisions, smartphones, Company Noctiluca S.A. (NCL PW) – Warsaw Stock Exchange wearables, VR, lighting sources), addressing key industry “bottlenecks” —
Slide 4: Summary of Key Events in 2025
Summary of Key Events in 2025 Commercialization & Partnerships Technology & Product Development 1. EIL validated in industrial environments 1. Development of further material series (incl. EIL-21) 1. China: >100% extension of OLED device lifetime vs. reference stack → JDP bypassed, tests conducted d
Slide 5: 3Q and 4Q 2025 Summary
3q i 4q 2025 Summary |5
Slide 6: Commercialization – pipeline as of XII 2025
Commercialization – pipeline as of 31 XII 2025 Blue – new in 2025 Top players - proprietary Mid market - proprietary Smaller manufacturers/distributors Monetization: R&D and IP sale or licensing Monetiz.: R&D and production, JDP/ cCRO Monetization: production Chemical CRO for Inkbit (MIT spin-off) D
Slide 7: Revenues in 2025
Revenue through Q3 2025 Blue – new in 2025 Green – new contracts planned Top players - proprietary Mid market - proprietary Smaller manufacturers/distributors Monetization: R&D and IP sale or licensing Monetiz.: R&D and production, JDP/ cCRO Monetization: production Chemical CRO for Inkbit (MIT spin
Slide 8: Pipeline of diversified partners (as of 31 XII 2025)
Pipeline of diversified partners (as of 31 XII 2025) The most recent Earliest possible CF Probability of 2022 2023 2024 1H2025 2H2025 2026+ JDP/cCRO from the relationship + approx. 15 other 1 Inuru NDA JDP orders + new materials 100% Acquired relationships at 2 Korea MTA advance testing cCRO/JDP 70%
Slide 9: Summary of ongoing commercial projects (as of 31 XII 2025)
Summary of ongoing commercial projects (as of 31 XII 2025) Groundbreaking projects currently being implemented by the Company (Items Smaller yet strategically important projects/implementations, expected to generate in blue originated from 2025 agreements): revenue sooner and help co-fund technology
Slide 10: Costs 2024/2025 + optimalization from 4Q 2024 onward
Costs 2024/2025 + optimalization from 4Q 2024 onward 1-3Q 1-3Q 1-3Q 3Q 3Q 3Q 2024 2024 2025 2025* 2024 2025 2025* Operating costs [PLN thousand]: 8 409 6 562 5 284 5 120 2 040 1 927 1 763 Depreciation 950 831 357 357 118 119 119 Consumption of materials and energy 391 322 213 213 120 96 96 External
Slide 11: Financing of Noctiluca
Financing of Noctiluca Total funding secured: PLN 36 million • PLN 18.9m in equity capital + PLN 13m in capital in the June 2025 round • PLN 2.3m in grants/co-funding + PLN 1.1m in new 2025 grants Grant • Development (debt) financing agreements: PLN 11m (PLN 0m drawn) → extended through the end of 2
Slide 12: Noctiluca on the road to the next JDPs
Noctiluca on the road to the next JDPs | 12
Slide 13: Proprietary EIL — a candidate for a JDP with leading players
Proprietary EIL — a candidate for a JDP with leading players An unusual approach to solving the blue emitter problem – creating new high performance material Solving the blue emitter’s low efficiency not with a new emitter, but with auxiliary materials (HPM) that improve the conversion of electrical
Slide 14: (JDP) Chinese Partner – Progress in 3Q 2025
(JDP) Chinese Partner – Progress in 3Q 2025 progress vs 2Q The goal of the project is to qualify the NCEIL technology in a new, flagship OLED product for applications in the IT segment (including monitors and laptops) which according to the development cycle, should be released to the market within
Slide 15: World's largest telecommunications-equipment manufacturer from China (MTA+ → Beyond JDP)
(MTA+ → Beyond JDP) World’s largest telecommunications-equipment manufacturer from China With the biggest players, a long process of relationship-building and searching for product–market fit is standard in the industry Long-term trust building and proving the quality of Noctiluca’s materials → Very
Slide 16: Further partners from China and Taiwan
(MTA → JDP) Further partners from China and Taiwan (MTA → JDP) Taiwanese PMOLED manufacturer (JDP) Chinese micro-OLED manufacturer #2 before 2025 2025+ 2025 4Q 2025 • 2023 • 2H 2025 • 1Q 2025 • Q4 2025 start of cooperation with ITRI’s involvement Focus on NCEIL-4, presentation of NCEIL-4 results at
Slide 17: Acceleration of GTM (go-to-market) – where business meets science
Acceleration of GTM (go-to-market) – where business meets science 1. increasing the number of partners testing NCEIL (by year-end, tests with 15 partners) 2. securing local research units (SIGS, China – Prof. Kobe Tang; MCUT, Taiwan – Prof. Shun-Wei Liu) 3. hiring a local NCL team member and shorten
Slide 18: Expansion of operations and enhancement of the company's potential
Expansion of operations and enhancement of the company's potential The key value at the time of the transaction is represented by (1) I. Enhancement of research potential commercialized patent families (not merely the number of applications) and (2) revenues generated from proprietary IP for OLED Hu
Slide 19: Collaboration pipeline: expansion into China and Taiwan
Expansion into China and Taiwan — progress since Q1 2025 China Taiwan Joint Development Project with a subsidiary of TCL (66%) and Tianma (33%) dedicated to industrializing printed OLED technologies – a JDP based on EIL is underway, along with work on a proprietary ETL that MTA with one of the large
Slide 20: OLED Production in China – From Imitator to Creator
OLED Production in China – From Imitator to Creator Rapid growth of the Chinese display sector and its increasing role as an innovation leader → rising demand for materials and the opportunity to build a long- term strategic position. • China has become the global leader in OLED display Global Marke
Slide 21: Transactional OLED materials market: post-acquisition cooperation
Transactional OLED materials market Trend of investing in OLED TADF R&D confirmed by Samsung, LG and UDC Samsung Display LG Display UDC Novaled – IP & services Post-acquisition cooperation In 2005 Novaled raised 15M EUR from Merck – IP & services private investors and an undisclosed In 2023, UDC acq
Slide 22: Cooperation is the most important
Cooperation is the most important Novaled – revenue [mEUR] & patent families [pcs] 140 123 105 106 98 Year 11: Funding round 84 (11 mEUR) Year 12: Acquisition by Samsung Year 10: 66 2 years (2012) Mass production for Samsung, reaching Year 6: emitter breakeven at 11 mEUR in 52 readiness for testing
Slide 23: The history of Noctiluca
The history of Noctiluca Development of proprietary emitters → Development of a chemical compounds portfolio → Addressing device challenges before 2022 2022 2023 2024 2025 • Foundation established by • 400 compounds in the • 2x increase in staff and 5x • 1200+ compounds in the portfolio • Strategy 2
Slide 24: Thank You!
Thank You! Noctiluca SA inwestorzy@noctiluca.eu