Kraken Robotics Inc · TSXV:PNG
Kraken Robotics — Merger or Acquisition (March 2026)
30 slides from Kraken Robotics's merger presentation, Mar 3, 2026
Slide 1: Strategic Acquisition to Expand Global Maritime Security and Critical Underwater Infrastructure Inspection Capabilities
+ Strategic Acquisition to Expand Global Maritime Security and Critical Underwater Infrastructure Inspection Capabilities March 3, 2026
Slide 2: Cautionary Notes
Transforming Subsea Intelligence Cautionary Notes A final base shelf prospectus dated August 7, 2025 (the “Base Shelf Prospectus”) containing important information relating to the securities described in continuance of relevant supply chains; the satisfaction of all conditions to closing the Offerin
Slide 3: Cautionary Notes
Transforming Subsea Intelligence Cautionary Notes External Sources ended December 31, 2025, which is based on financial statements that have been prepared by the management of the Company and Covelya, respectively, but which are preliminary, unaudited, and not yet complete. See “Preliminary and Unau
Slide 4: Acquisition Overview
Acquisition Overview Transforming Subsea Intelligence § Acquisition of Covelya, an international provider of underwater technology including sensing, navigation, communications, and positioning § Enterprise value of $615 million with $480 million of cash consideration and $135 million of Kraken equi
Slide 5: Kraken Strategy and Acquisition Philosophy
Kraken Strategy and Acquisition Philosophy “Strategically, this acquisition will provide a unique opportunity to combine two leading subsea technology providers with complementary products, operating in markets with barriers to entry Greg Reid and high growth potential. Additionally, some key custom
Slide 6: Kraken Robotics Strategy & Overview
Kraken Robotics Strategy & Overview Transforming Subsea Intelligence Kraken's Strategy: Deliver market-leading value to customers through a portfolio of leading-edge technologies and a culture centered around innovation § Kraken offers a portfolio of solutions for ocean exploration, subsea infrastru
Slide 7: Strategic M&A Has Enhanced Our Position
Strategic M&A Has Enhanced Our Position Transforming Subsea Intelligence What We Look For in M&A Our Historical Acquisition Track Record ü Enhanced breadth of capabilities Enhance Competitive Position ü Ability to offer a more integrated solution for customers ü Businesses with defensible market pos
Slide 8: Highly Strategic Transformative Acquisition
Highly Strategic Transformative Acquisition Transforming Subsea Intelligence ü Positions Kraken as a Major Supplier of Dual-Use Subsea Technology with Combined Revenues of ~$365 million in 2025E and Combined Adjusted EBITDA Margin of 24%(1)(2)(3) ü Allows for Deeper Customer Relationships in the Fas
Slide 9: Compelling Combination of Two Industry Leading Subsea Technology Providers
Compelling Combination of Two Industry Leading Subsea Technology Providers Overview of Covelya Group Simon Partridge & Executive Chairman of Covelya At closing Mr. Partridge will become Kraken's Chief Strategy Officer Combined Strategic Position
Slide 10: Covelya Group Overview
Covelya Group Overview Transforming Subsea Intelligence A leading global provider of advanced subsea technologies with a 50+ year track record delivering mission-critical solutions for navigation, communication, positioning and imaging Covelya is a large, highly profitable organization with a strong
Slide 11: Broader Set of Capabilities for Growth
Broader Set of Capabilities for Growth Transforming Subsea Intelligence ü Positions Kraken as a Major Supplier for Dual-Use Subsea Technology ROV / Stationary Crewed AUV USV Diver Advances Strategy as a Major Supplier: ROTV Sensors Vessel Provides Kraken with: Underwater ü Greater scale and reach ü
Slide 12: Increased Content Per System
Increased Content Per System Transforming Subsea Intelligence ü Allows for Deeper Customer Relationships in the Growing Defence and Maritime Surveillance Market Kraken SeaPower Batteries Sonardyne Avtrak Acoustic Communications Kraken Synthetic Aperture Sonar Sonardyne SprintNav Navigation & Positio
Slide 13: 700+ Customers Combined
700+ Customers Combined Transforming Subsea Intelligence + Defence Commercial Larger set of capabilities combined with a diversified customer base positions Kraken for future growth via multiple channels 13
Slide 14: Addressing a Larger TAM
Addressing a Larger TAM Transforming Subsea Intelligence ü Expands Product Offering and Kraken’s Total Addressable Market in Subsea Technology Technical Capabilities Combined End Market Applications Navigation Defence & Maritime Surveillance Dynamic Positioning § Anti-Submarine Warfare (ASW) Underwa
Slide 15: Enhanced Global Footprint
Enhanced Global Footprint Transforming Subsea Intelligence ü Adds Strategic Locations for Geographic Expansion and Improves Business Diversification Combined 2025E Manufacturing and/or Testing & Calibration Facility (13) Geographic Revenue (1) Product Development or Sales & Support Facility (12) 7%
Slide 16: Greater Breadth and Depth
Greater Breadth and Depth Transforming Subsea Intelligence ü Bolsters Technical Capabilities with an Experienced Engineering Team and Highly Advanced Facilities ~1,200 25 >450,000 Employees Facilities across eight sq ft For combined entity countries Production capacity(1) ~790 700+ Technical Staff +
Slide 17: Significant Production Capability
Significant Production Capability Transforming Subsea Intelligence Covelya has made substantial investments in testing and calibration facilities in the U.K., complementing Kraken's production capabilities and new battery plant in Canada Product Development & Manufacturing Significant Capabilities f
Slide 18: Attractive Financial Outlook
Attractive Financial Outlook Transforming Subsea Intelligence ü Accretive Acquisition with Opportunity for Revenue and Cost Synergies Combined Overview Figures in $ Millions ar CAGR ar CAGR 24% 2-Ye 24% 2-Ye $365 $305 ar CAGR $262 22% 2-Ye $214 $239 Revenue (2)(3) $103 $170 $70 $91 2023 2024 2025E 2
Slide 19: Covelya Acquisition Ticks All Boxes
Covelya Acquisition Ticks All Boxes Transforming Subsea Intelligence What We Look For in M&A What Covelya Provides ü Significant scale and enhanced capabilities Enhance Competitive Position ü Ability to offer an integrated solution for customers ü Strong market position ü Industry leading technology
Slide 20: Appendix
Appendix
Slide 21: Capitalizes on Supportive Industry Trends
Capitalizes on Supportive Industry Trends Transforming Subsea Intelligence Strong Value Proposition and Macro Drivers for Defence NATO Defence Spending as a % of GDP (2024) § Geopolitical Drivers: National and economic security concerns are driving increased 5.0% focus on spending given the growing
Slide 22: Capitalizes on Supportive Industry Trends
Capitalizes on Supportive Industry Trends Transforming Subsea Intelligence Subsea and Offshore Energy - Long-Term Growth Outlook Global Offshore Energy Investment (US $Bln)(4) $800 § Expenditures on subsea services and equipment is expected to increase from ~$17 billion 2025 to 2029 Allocation $700
Slide 23: Growing Opportunities In Ocean Economy
Growing Opportunities In Ocean Economy Transforming Subsea Intelligence Initial Year of Estimated Market Ending Period of Estimated Market Various End Market Forecasts Implied CAGR (%) Forecast Size (US$ Bln) Forecast Size (US$ Bln) Uncrewed Underwater Vehicle (UUV) Market (1) 2025 $5.5 2035 $46.6 2
Slide 24: Examples of New End Market Applications
Examples of New End Market Applications Transforming Subsea Intelligence With Covelya, Kraken can access new technical capabilities and markets for both defense and commercial use within the overall ocean economy. Some illustrative examples are below. Intruder Detection Anti-Submarine Warfare Offsho
Slide 25: Examples of New End Market Applications
Examples of New End Market Applications Transforming Subsea Intelligence With Covelya, Kraken can access new technical capabilities and markets for both defence and commercial use within the overall ocean economy. Some illustrative examples are below. Subsea Communication Strategies Subsea Cable Ins
Slide 26: Non-IFRS Measures
Non-IFRS Measures Transforming Subsea Intelligence Additional Detail on Non-IFRS Financial Measures Non-IFRS Financial Measures valuation of a transaction relative to the Company’s and/or asset’s cash flow, facilitating comparability across transactions. This presentation includes certain non-IFRS m
Slide 27: Non-IFRS Measures: Reconciliation of Adjusted EBITDA
Non-IFRS Measures Transforming Subsea Intelligence Reconciliation of Adjusted EBITDA Figures in $ Millions !"#ABCDAEDF#A*+IDIA-DK/A0N23 Reconciliations of Non-IFRS Financial Measures: 4#FRD+A6"T"38K2 9:90 9:9; EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin YD3A=+K">D ?@/@ ?9:/N !"#A%CDEFG +I-.
Slide 28: Non-IFRS Measures: Covelya and Combined Adjusted EBITDA
Non-IFRS Measures Transforming Subsea Intelligence Reconciliation of Covelya Adjusted EBITDA and Combined Adjusted EBITDA Figures in $ Millions !"#ABCDAEDF#AG+IDIA-D./A012P Reconciliations of Non-IFRS Financial Measures: 4"5D6TFA8#"9: ;Y;0 ;Y;= Covelya EBITDA, Covelya Adjusted EBITDA and Covelya Adj
Slide 29: Non-IFRS Measures: Kraken Net Debt and Combined Net Leverage
Non-IFRS Measures Transforming Subsea Intelligence Reconciliation of Kraken Net Debt and Combined Net Leverage Figures in $ Millions !"#$%$C !"#ABCDEF*+I-.AL0."#N*OPQEED#0*L#5*6"#BPQEED#0*T"E0."#8 9:;<= !DLND*!.LI.-.0.DN*OPQEED#0*>*6"#BPQEED#0*T"E0."#8 9=;<? D()*+,-KL0)N-2+30 Q"56T !DNN@*PLNA*L#5*PL
Slide 30: Thank You
Transforming Subsea Intelligence Thank You investors@krakenrobotics.com