Slide 1: Second Quarter 2026 Earnings Presentation
Second Quarter 2026 Earnings Presentation August 13, 2026
Slide 2: Disclaimer
2 Disclaimer The material that follows is a presentation ("Presentation") of information about Innventure, Inc. and its subsidiaries (together referred to herein as "Innventure," the "Company," "us," "our," or "we") as of the date of this presentation. The Presentation does not purport to contain al
Slide 3: Disclaimer (cont.)
3 Disclaimer (cont.) • sustained unfavorable economic or other conditions which could require Innventure to evaluate and potentially record additional impairment charges for all, or a portion of, its goodwill and other intangible assets; • the Company’s ability to maintain control over its subsidiar
Slide 4: Disclaimer (cont.)
4 Disclaimer (cont.) • the risk that the Company may be deemed an investment company under the Investment Company Act of 1940, which would impose burdensome compliance requirements and restrictions on its activities; • the Company’s ability to sufficiently protect the intellectual property (“IP”) ri
Slide 5: Disclaimer (cont.)
5 Disclaimer (cont.) Market and Industry Data Certain market, industry and other data used herein have been obtained or derived from third-party sources and publications as well as from research reports prepared for other purposes. Although the information from these third-party sources is believed
Slide 6: Non-GAAP Financial Measures
6 Non-GAAP Financial Measures We use certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (GAAP) to supplement our consolidated financial statements. These non-GAAP financial measures provide additional information to investors to
Slide 7: Maturing Platform Marching Towards Commercial Adoption
7 Maturing Platform Marching Towards Commercial Adoption • Milestone-based reporting replaces revenue and cash flow positivity targets, with progress measured by leading indicators • Capital discipline reinforced, goal to fund AeroFlexx and Refinity at the operating-company level to minimize dilutio
Slide 8: How Innventure Will Communicate From Here
8 How Innventure Will Communicate From Here What Stays the Same What Changes The Model Capital Allocation Measuring New Milestones We build operating Policy Progress Report against a defined companies around set of milestones tied to The capital allocation Suspending current breakthrough market adop
Slide 9: Operating Company Updates
9 OPERATING COMPANY UPDATES
Slide 10: Where Accelsius Is Headed, and Why Now
10 Where Accelsius Is Headed, and Why Now Playing to Win The market is coming toward us — so we are aiming well past single-digit market share. Belief that Two-Phase Has Moved from “If” to “When” Physics, hotter silicon, servicing costs and power pushback all breaking our way. Focusing on the Right
Slide 11: Technology Leader in a Massive and Growing Market
11 Technology Leader in a Massive and Growing Market Liquid Cooling Market vs. Two-Phase Market ($B) Total liquid cooling opportunity and the two-phase segment Accelsius leads Liquid Cooling Market Two-Phase Market $35B $30.2B $30B $25B $18.9B $20B $15B $13.2B $9.1B $10B $7.2B $3.0B $3.8B $5B $1.0B
Slide 12: The Four Milestones to Track Market Adoption
12 The Four Milestones to Track Market Adoption Chip-Maker Engagement OEM and ODM Programs Advancing toward reference designs. Inclusion in a Expanding server OEM and ODM relationships into silicon vendor’s partner ecosystem would be the co-development, the first step toward factory strongest valida
Slide 13: Third-Party Validation of Accelsius NeuCool Technology
13 Third-Party Validation of Accelsius NeuCool Technology Test Parameters Results 9-14 C server’s factory single-phase cooling • Run by an independent third-party systems integrator ° cooler at the system level than the • Hardware was a commercially available Dell PowerEdge XE9680L server with eight
Slide 14: AeroFlexx – Continued Momentum and Execution
14 AeroFlexx – Continued Momentum and Execution Manufacturing Readiness Consistent Revenue Strong Commercial Expansion Generation Sales Pipeline Packaging Imolese 8 ~$35M AeroFlexx commercial 2Q26 marked the eighth consecutive quarter of revenue sales pipeline New regional capabilities through gener
Slide 15: Refinity – Executing with Exceptional Speed
15 Refinity – Executing with Exceptional Speed 2026 Achievements and Future Roadmap Status Filed multiple patent applications on Refinity DuoZone reactor design and Completed operation, and licensed additional process technologies to expand IP portfolio 1Q26 Complete detailed engineering for 10 kilo
Slide 16: Financial Overview
16 FINANCIAL OVERVIEW
Slide 17: Cash & Liquidity
17 Cash & Liquidity $ in millions up ~$40.0 million year-over-year Raised ~$13.0 million during the $65.4 quarter through draws on the $60.4 standby equity purchase agreement, at an average price of $6.21 $46.5 Intend to fund AeroFlexx and Refinity increasingly at the operating- company level, limit
Slide 18: Q&A
18 Q&A
Slide 19: Appendix
19 APPENDIX
Slide 20: Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
20 Reconciliation of Net Loss to EBITDA and Adjusted EBITDA The following table provides a reconciliation from Net Loss to EBITDA and Adjusted EBITDA for the specified periods: Three Months Ended $ in thousands June 30, 2026 June 30, 2025 Net loss $ (34,914) $ (141,275) Interest expense, net(1) 531
Slide 21: Innventure
Innventure Creating Companies to Transform Tomorrow