Key messages and Q&A on Financial Statements Bulletin 2025

The AI and semiconductor ecosystem remains on a strong and accelerating growth trajectory. The rapid growth of AI is driving demand for advanced chips, making EUV lithography increasingly critical. Central to this is the adoption of high‑power EUV scanners, which is expected to require CNT pellicles to protect photomasks (reticles) from defects during chip fabrication. CNT pellicles are emerging as a key enabling technology, as traditional composite pellicles are expected to decrease their capabilities with the heat and stress of high-power EUV scanners.

Deployment of 600W EUV scanners is now expected in 2027, and in Canatu’s view, this is anticipated to mark a key inflection point for broader adoption of CNT pellicles. Although this transition has progressed slower than anticipated at the time of our 2024 listing, we see that Canatu’s competitive position has remained strong and continued to advance.

Our strong market position is supported by progress with existing customers, including the successful customer approval and licensing of the first CNT100 SEMI reactor. This progress in CNT pellicle validation, combined with deepened relationships and technical discussions with major players in the ecosystem, is supporting active negotiations on new orders with both existing and prospective customers. We continue to see progress with our long‑standing customers, including follow‑on steps supporting future scaling.

Canatu’s revenue decreased to EUR 15.6 million from EUR 22.0 million in the previous year. The decline was mainly due to slower-than-anticipated customer approvals, which delayed revenue recognition and follow-on reactor orders from existing customers. Canatu’s revenue is largely tied to its first CNT100 SEMI reactor customers successfully moving from reactor installation to pilot and risk mass production.

Gross profit was EUR 11.3 million (13.8), with gross margin increasing to 72.5% (62.5%). The stronger gross margin mainly reflects a higher contribution from licensing revenue and a smaller share of reactor sales. Adjusted EBIT margin declined to -65.3% (-21.9%) due to lower revenue and increased personnel costs incurred in line with our growth plan. Our balance sheet remains strong and provides the flexibility to continue investing in our core portfolio as well as in selected new business and product development initiatives.

Canatu continues to see strong long-term potential in its three business focus areas. However, due to the ongoing strategy update, slower-than-expected market transition and recent delays especially in anticipated new customer projects, the Board of Directors has assessed and today decided to withdraw its previously communicated long-term financial targets of over EUR 100 million revenue and an EBIT margin of over 30%* in 2027.

Canatu’s revenue and new reactor orders are largely tied to its first CNT100 SEMI reactor customers successfully moving from reactor installation to pilot and risk mass production of CNT pellicle membranes. This process has experienced delays, which have affected the progress of customer approvals and the timing of follow-on reactor orders from existing customers, but continues to progress.

Canatu monitors its long-term financial targets on a continuous basis and reviews them more comprehensively, at least annually as part of its strategy review process. Canatu will communicate the results of its strategy update before the Capital Markets Day on 26 March 2026.

The first CNT100 SEMI reactor and post‑processing equipment, shipped to Fine Semitech Corp. (FST) in September 2024, received customer approval (SAT) in July and was granted commercial production license for CNT pellicle membranes in October. Third-party certification for safety and performance by ASML is required before CNT pellicles can be used in EUV scanners.

For the second reactor, customer approval (Site Acceptance Test, SAT) is still ongoing. The timeline for obtaining SAT is not fully within Canatu’s control and the risk of delays cannot therefore be excluded.

In March 2026, Canatu received a follow-on purchase order from a long‑standing global semiconductor customer. The purchase order is limited to long lead‑time items and associated preparatory work related to the design, fabrication and potential sourcing preparation for components that could be used in the customer’s possible second CNT100 SEMI reactor.

Canatu’s revenue and new reactor orders are largely tied to its first CNT100 SEMI reactor customers successfully moving from reactor installation to pilot and risk mass production of CNT pellicle membranes. This process has experienced some delays but continues to progress.

The start of commercial mass production of CNT pellicles is expected to create two new revenue streams for Canatu: consumable sales and royalties on each CNT pellicle sold by our customer to its end customers. The commercial roll‑out of ready CNT pellicles ultimately depends on Canatu’s customers’ processes and timelines.

Following the reporting period, Canatu has continued to see progress with long‑standing semiconductor customers as they prepare for the next phases of CNT pellicle production. During 2026, Canatu expects to complete the second CNT100 SEMI reactor Site Acceptance Test (SAT) and to sell at least one new CNT100 SEMI reactor. Recurring revenue from consumables and royalties on CNT pellicles sold is also expected to be received during 2026.

Canatu upgraded its manufacturing capability for higher volumes with a second factory, expanding total production space to 5,400 m² and enabling multiple parallel reactor builds. The infrastructure is now complete, and the cleanroom remains on track for completion in H1/2026.

Automotive revenue more than doubled compared to 2024, driven by strategic development work with DENSO. In April 2025, we announced a Joint Development Agreement (JDA) focused on enhancing CNT conductivity to improve the performance of ADAS camera heaters while unlocking new high-value use cases for our advanced CNTs.

In January 2026, we signed another JDA with DENSO to develop a large-scale chamber, which is required to scale CNT sheet size for potential future automotive applications.

These initiatives build on earlier Joint Development Programs with DENSO since 2017, which have successfully improved CNT performance and manufacturing productivity and cost through higher throughput enabled by high-performance CNT100 HPR reactors.

In Automotive, the key focus areas for 2026 are:

• Start mass production of ADAS camera heaters with a lead customer

• Complete ongoing joint development programs on CNT conductivity and large-scale chamber

• Advance the development of ADAS camera heater concept with an enhanced material configuration in windshield glass

• Continue developing full windshield heaters and next-generation solar cells

• Sell one high-performance CNT100 HPR reactor

Medical Diagnostics is in the development stage. Canatu’s aim is to become a leading point‑of‑care solution provider in hormones and infectious diseases by addressing the current sensitivity gap. Canatu has published two scientific papers and a third is currently in peer review, showing notable progress in testosterone and circulating tumor DNA testing. During 2025, Canatu strengthened its capabilities by enhancing development competencies and recruiting top global talent. The key focus areas for 2026 are:

• Develop one integrated proof-of-concept system and a functional alpha prototype for hormone monitoring

• Publish scientific papers to build strong proof points

In 2025 we built new business and product development to create a solid pipeline of new high-value applications for our CNT that are synergistic with our existing portfolio, with a focus on microsystems, electrochemical sensing, and emerging frontiers where Canatu’s advanced CNTs can potentially deliver significant performance advantages. We are strengthening ecosystem collaboration and providing a CNT platform that others can build upon, while leveraging public funding to accelerate time-to-market for new high-value applications. To support this, Canatu was selected as a Leading Company (Veturi) by Business Finland and awarded EUR 10 million to build a world-class industrial ecosystem and accelerate the development and standardization of next-generation CNT-based solutions. The key operational targets for 2026 are:

• Evaluate 10 new applications and identify the most promising business cases, primarily from the microsystems and electrochemical sensing domains

• Sign 1 new development agreement with a credible industrial player

Our balance sheet remains strong and provides flexibility to continue investing in our core portfolio as well as in selected new business and product development initiatives. Looking ahead, Canatu will communicate the results of its strategy update before the Capital Markets Day on 26 March 2026.

Canatu continues to see strong long-term potential in its three business focus areas: Semiconductor, Automotive, and Medical Diagnostics.

In accordance with its disclosure policy, Canatu does not issue any specific numerical guidance for the financial year 2026.

• In the near term, Canatu sees that there are certain factors which affect revenue visibility and continue to increase the volatility, in the Semiconductor and Automotive businesses.

• Canatu has ongoing customer negotiations, the timing and outcome of which remain uncertain. The commercial roll-out of ready CNT pellicles, for example, ultimately depends on Canatu’s customers processes and timelines.

• The timeline for obtaining the second CNT100 SEMI reactor customer approval (SAT) is not fully within Canatu’s control, and the risk of delays cannot therefore be excluded.