Velan Inc. · TSX:VLN
Velan — Q2 FY2027 Earnings Presentation
14 slides from Velan's earnings presentation, Oct 8, 2026
Slide 1: Q2-FY2027 Investor Presentation
Q2-FY2027 Investor Presentation Results for the quarter ended August 31, 2026 TSX: VLN | October 8, 2026
Slide 2: Disclaimer
IMPORTANT INFORMATION Disclaimer The following presentation provides an analysis of the consolidated operating results FORWARD-LOOKING INFORMATION and financial position of Velan Inc. (“the Company”) for the quarter ended August 31, This presentation may include forward-looking statements, which 202
Slide 3: Q2-FY2027 at a Glance
Q2-FY2027 at a Glance A transition quarter. The foundation is being rebuilt. S AL E S BOOKINGS¹ B AC K L O G ¹ AD J . E B I T D A¹ C AS H $57.5M $47.9M $262.5M ($0.7M) $28.2M −14.9% y/y timing of large awards 76.2% within 12 months ex-transaction costs plus $80M facility W H E R E W E AR E W H AT I
Slide 4: Focusing Velan for Profitable Growth
OVERVIEW Focusing Velan for Profitable Growth NEAR-TERM PICTURE OUR SIX PILLARS Solid underlying demand Core nuclear, defense and energy markets remain Cost Discipline Procurement & Talent & Organization solid Value Engineering Right-size the cost base and Optimize the supplier base Build the capabi
Slide 5: Key Markets Overview
OVERVIEW Key Markets Overview Nuclear Defense Power MRO O UT LO O K OUTLOOK OUT LOOK O UT LO O K Steady aftermarket demand; Resilient through the cycle; Momentum building Naval modernization spending project bidding slowed by held up through the quarter rising geopolitical uncertainty • Demand for r
Slide 6: Second Quarter Results
FINANCIAL RESULTS Second Quarter Results HEADWINDS OFFSETS • Shipments delayed by • MRO activity stayed tariffs and geopolitical strong tensions, and by certain operational and customer • Backlog of $262.5M, constraints 76.2% deliverable in 12 months • Bookings of $47.9M vs. $65.2M: timing of North
Slide 7: Backlog and Bookings
FINANCIAL RESULTS Backlog¹ and Bookings¹ Bookings and Sales (trailing 12 months, $US Backlog ($US millions) millions) $350 $350 $300 $300 $250 $250 $200 $200 $150 $150 $100 $100 $50 $50 $0 $0 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4-26 Q1-27 Q2-27 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4-26 Q1-27 Q2-27
Slide 8: Sales
FINANCIAL RESULTS Sales Quarterly Sales ($US millions) Sales distribution by customer geographic location Q2-FY27 Q2-FY26 $67.6 0.3% North America $57.5 2.4% 2.6% 4.7% Europe 25.9% 38.2% Asia Pacific 54.9% 55.2% Africa & Middle East 11.6% 4.2% South & Central America Q2-FY26 Q2-FY27 Shipments deferr
Slide 9: Profitability
FINANCIAL RESULTS Profitability Gross Profit ($US millions) Adjusted EBITDA¹ and Adjusted Net Income¹ (Loss) ($US millions) $3.4 $15.7 $12.6 ($0.7) ($1.2) ($6.2) Q2-FY26 Q2-FY27 Q2-FY26 (23.2% margin) Q2-FY27 (21.9% margin) Adjusted EBITDA¹ Adjusted net income (loss)¹ Lower volume Cost actions One-t
Slide 10: Cash Flow and Financial Position
FINANCIAL RESULTS Cash Flow and Financial Position Cash Flow from Operating Activities Financial Position as at August 31, 2026 ($US millions) ($US millions) $39.4 $28.2 ($14.9) $5.5 ($17.1) Long-Term $2.3 Current Portion $3.2 Cash and cash Bank Long-term debt Q2-FY26 Q2-FY27 equivalents indebtednes
Slide 11: In Summary
SUMMARY In Summary Favourable long-term fundamentals 01 Positive momentum in nuclear; second-half focus on growing bookings and optimizing costs 02 Focused initiatives for profitable growth Building a more efficient, competitive and faster-growing Velan. BACKL OG Confident in our long-term outlook 0
Slide 12: Thank you
Thank you for attending our Q2-FY2027 Financial Results Investor Call. We are happy to answer any questions. velan.com | facebook.com/velan @VelanInc | linkedin.com/VelanInc
Slide 13: Additional Information
APPENDIX Additional Information Q2-FY2027 Investor Presentation – October 8, 2026 13
Slide 14: Non-IFRS and Supplementary Financial Measures
APPENDIX Non-IFRS and Supplementary Financial Measures Non-IFRS measures The term “Adjusted net income (loss)” is defined as net income or loss attributable to Subordinate and Multiple Voting Shares plus adjustment, net of income taxes, for costs related to restructuring and to the proposed transact