Slide 1: Interim Management Statement Q1 2026
Interim Management Statement Q1 2026 Kartik Srinivasan, CEO Klaus H. Skovrup, CFO May 7, 2026 Q1 2026 INVESTOR PRESENTATION © NAPATECH 2026
Slide 2: Q&A Session
Q&A Session Following the presentation DK: +45 32 74 07 10 NO: +47 57 98 92 37 US: +1 646 307 1963 UK: +44 20 3481 4247 Participant Access Code: 4566992 To ask a question, press *1 on your telephone keypad. To withdraw your question, press *2 Texted questions can be submitted using the button on the
Slide 3: Safe Harbor Statement
Safe Harbor Statement This presentation has been prepared by Napatech A/S solely for information purposes. The presentation does not constitute an invitation or offer to acquire, purchase or subscribe for securities. Certain statements included in this presentation contain various forward-looking st
Slide 4: Executive Summary
Executive Summary Strengthening Financial Performance • Strong growth in Q1 with signs of demand recovery • Disciplined execution driving improved operating leverage Accelerating Business Momentum • Design win traction across Core and AI Infrastructure • Progressing toward production revenue with im
Slide 5: Q1 2026 - Strong Financial Performance
Q1 2026 - Strong Financial Performance Quarterly Revenue Trend ($M) • Revenue: $5.7M (+69% YoY) 7.9 • Driven by Core Infrastructure demand 8 0.3 1.0 7 0.9 6.3 0.2 5.7 0.8 6 • Gross margin: 70% 4.8 0.0 0.7 5 0.6 • Reflecting product mix and execution 0.0 4 7.6 0.5 3.4 3 0.4 6.0 0.4 5.7 • Guidance for
Slide 6: Business Momentum
Business Momentum Design Win Momentum Key Design Win in FinTech AI Inference Engagement Tier-1 Server OEM Solid Q1 Activity Production-oriented engagement Transitioning to Production Progressing though Qualification • 5 new Q1 design wins • >$3M lifetime opportunity • Technical deliverables on track
Slide 7: Core Infrastructure Spotlight: Financial Trading Networks
Core Infrastructure Spotlight: Financial Trading Networks • Mission-critical, latency- sensitive workloads require deterministic performance • Napatech enables real- time trading infrastructure with ultra- low latency and zero packet loss • Proven, repeatable deployments across leading financial ins
Slide 8: Solving the Networking Bottleneck in AI Infrastructure
Solving the Networking Bottleneck in AI Infrastructure • AI performance is constrained by network bottlenecks, not compute • Deterministic networking unlocks compute utilization and performance • Programmable acceleration enables scale at lower cost 8 Q1 2026 INVESTOR PRESENTATION © NAPATECH 2026
Slide 9: Financial Review and Outlook
Financial Review and Outlook 9 Q1 2026 INVESTOR PRESENTATION © NAPATECH 2026 © NAPATECH 2026
Slide 10: Quarterly Revenue and OPEX development
Quarterly Revenue and OPEX development Revenue $M & GM% OPEX MDKK 69% 7.9 -9.1% 8 80 48.9 50 1.0 70.3% 70.5% 69.9% 69.8% 7 66.9% 70 44.5 45 42.6 0.9 6.3 13.8 40.4 6 5.7 60 40 11.3 0.8 13.2 35.1 4.8 35 12.2 0.7 5 50 30 9.6 0.6 4 40 3.4 25 0.5 3 30 20 0.4 35.1 33.1 2 20 15 29.4 28.2 0.3 25.5 10 0.2 1
Slide 11: Consolidated Income Statement Q1 2026
Consolidated Income Statement Q1 2026 1st quarter Q1 Key Developments DKK'000 2026 2025 ∆ • Revenue in Q1 in USD was up 69% compared to Revenue 36.588 23.849 53% Q1’25 (up 53% in DKK) Cost of goods sold (11.065) (7.078) • GM in Q1 of 69.8%, down 50 basis points Gross profit 25.523 16.771 52% compare
Slide 12: Quarterly movements in cash and Net Working Capital
Quarterly movements in cash and Net Working Capital Cash & Cash equivalents, MDKK Net Working Capital, MDKK 83.2 4.4 Cash beginning of Q 127.5 -13.5 72.8 Net cash adjusted EBT -15.6 -1.3 WC adjustments 10.9 Interest, tax, & currency 0.0 gain/loss Investing activities -1.0 Financing & foreign -22.6 e
Slide 13: Consolidated Cash Flow Statement Q1 2026
Consolidated Cash Flow Statement Q1 2026 1st quarter DKK'000 2026 2025 Key Developments Earnings before tax (EBT) (21.415) (36.815) • Net Cash flow from operating activities in Q1 Adjustments to reconcile profit before tax to net cash flows 5.779 10.530 was negative DKK 4.8M – Q1’25 negative DKK Wor
Slide 14: Financial outlook for 2026 is unchanged
Financial outlook for 2026 is unchanged Guidance Comments • Revenue of $32-38M Units sold 8,700-10,700 • Napatech will continue the current momentum and first orders from AI infrastructure will come in H2 Revenue DKK 200 – 240M • Products for AI infrastructure comes with a lower gross margin • Staff
Slide 15: Where to Find Us
Where to Find Us 20 May 2026 2-4 June 2026 30 Jun-Jul 2 2026 New York, USA Prague, Czech Republic Dubai, UAE Core Infrastructure Core Infrastructure Core Infrastructure 19-21 Aug 2026 12-15 Oct 2026 15-17 Sept 2026 Virtual San Jose, USA Dubai, UAE AI Infrastructure AI Infrastructure AI Infrastructur
Slide 16: Q&A Session
Q&A Session Following the presentation DK: +45 32 74 07 10 NO: +47 57 98 92 37 US: +1 646 307 1963 UK: +44 20 3481 4247 Participant Access Code: 4566992 To ask a question, press *1 on your telephone keypad. To withdraw your question, press *2 Texted questions can be submitted using the button on the
Slide 17: Stay Connected with Napatech
Stay Connected with Napatech On the web Social Media Other news www.google.com/alerts www.euronext.com www.napatech.com www.napatech.com/newsletter 17 Q1 2026 INVESTOR PRESENTATION © NAPATECH 2026 17