Gapwaves Ab Class B · OMXSTO:GAPW_B
Gapwaves Ab Class B — Q4 2025 Earnings Presentation
18 slides from Gapwaves Ab Class B's earnings presentation, 2026
Slide 1: Webcast Q4 2025
Webcast Q4 2025 A positive end to the year and one million Gapwaves antennas produced
Slide 2: Well positioned for profitable growth
INVESTMENT CASE Well positioned for profitable growth Driven by ▪ Strong growth and growing TAM regulation and customer needs With extensive ▪ World-leading technology patent portfolio >1 000 000 ▪ High-volume production has started antennas produced ▪ Asset-light and flexible business model Generat
Slide 3: Q4 Highlights 2025
Q4 Highlights 2025
Slide 4: Industrialisation continues
HIGHLIGHTS Q4 Industrialisation continues ▪ >1 000 000 Gapwaves antennas since inception (>840 000 in 2025 alone) ▪ Valeo volumes increasing strongly since start of production in the summer (8x contract volume for the period) ▪ Scaling up in phases as we build capacity in line with customers’ ramp-u
Slide 5: Record sales, EBITDA impacted by revenue mix
HIGHLIGHTS Q4 Record sales, EBITDA impacted by revenue mix Q4 Net Sales FY25 Net Sales ▪ Growth momentum sustained, driven by sales of production equipment and products MSEK 23,3 MSEK 90,6 (MSEK 17,6) (MSEK 66,1) ▪ Q4 adj EBITDA impacted by costs related to production and an unfavourable revenue mix
Slide 6: Highlights Q4
HIGHLIGHTS Q4 ▪ Positive year with several new customers and sales of serial products ▪ Delayed development and market penetration ▪ Impairment adjustments due to market delays ▪ Well positioned for continued growth going forward
Slide 7: Vinnova funding for research projects
HIGHLIGHTS Q4 Vinnova funding for research projects Civil-military application and for next-generation high-performance imaging radar in autonomous vehicles
Slide 8: 2026 - a transitional year
HIGHLIGHTS Q4 2026 - a transitional year ▪ Transitioning from research to a strategic, high-volume supplier ▪ Scaling up high-volume automotive production to meet growing demand ▪ Lower unit margins in high volume, but building scalability and long-term growth ▪ Production-equipment sales with the 2
Slide 9: Business model & strategy
Business model & strategy We grow together with our customers
Slide 10: Attractive business model - generating revenue at every step
BUSINESS MODEL AND STRATEGY Attractive business model - generating revenue at every step Phase 1 Phase 2 Phase 3 6-18 months 9-36 months 6-8 years Prototype Contractual Product Start of Volume Pre-study project work development production production Non-recurring engineering revenue (NRE) Product sa
Slide 11: Scalable and flexible production setup - with minimal Capex
BUSINESS MODEL AND STRATEGY Scalable and flexible production setup - with minimal Capex Volume production Prototype production European Research & Development supply chain – Work in progress Gothenburg Tianjin, China Chuzhou, China Industrialization High-volume Antenna design Prototypes Lower volume
Slide 12: Market potential
Market potential Automation drives radar growth
Slide 13: Regulation and consumer needs are strong drivers
MARKET POTENTIAL Regulation and consumer needs are strong drivers – Automation drives radar growth Market drivers Product impact Industry impact Automotive radar forecast (million units) 350 > 3 radars NCAP1) Higher resolution Increasing demand per car 300 & Legislation & performance for Waveguide E
Slide 14: Well positioned for profitable growth
INVESTMENT CASE Well positioned for profitable growth Driven by ▪ Strong growth and growing TAM regulation and customer needs With extensive ▪ World-leading technology patent portfolio >1 000 000 ▪ High-volume production has started antennas produced ▪ Asset-light and flexible business model Generat
Slide 15: Going forward Volume production
Going forward Volume production New customers Produced antennas: 2011-2023: 60 000 Gapwaves New segments 2024: >100 000 products in new 2025: >840 000 New contracts 2026: >4 500 000 (forecast) cars on the roads >1 000 000 antennas produced to date
Slide 16: Q&A
Q&A
Slide 17: For more information
For more information CONTACT Jonas Ehinger Nils Mösko CEO CFO jonas.ehinger@gapwaves.com nils.mosko@gapwaves.com
Slide 18: Thank you!
Thank you! Follow us Gapwaves AB (publ) Corp. Reg. No. 556840-2829 Headquarters: Nellickevägen 22 SE-412 63 Gothenburg, Sweden Tel: +46 31 762 60 40 E-mail: info@gapwaves.com www.gapwaves.com