Norsk Titanium As

Thank you Joakim. So first of all, good afternoon, good morning everybody. Welcome to the North Titanium First Stop presentation. I think Ashar you can move into the next slide.

Last year we started a rigorous strategy review followed by a definition of a roadmap linked to the strategy review. And then we started to execute on it very rigorously. And I'm happy to report that We have positive trends across the board from the financial standpoint. Revenues are increasing both on the parts manufacturing and on the development part of our business. We were able to improve our cash burner with quite a bit of rigorousness on working capital and also making sure that we have the right people on the right spot. and we had a successful capital raise before summer. Also in operation, we are making progress towards our milestones. We continue to expand our relation with Airbus. We signed a new collaboration agreement at the group level with Airbus, which is very important. We placed our first machine in Faroe Germany, which is a first for North Titanium and it's really getting our RPD ecosystem strategy started. And we see that the lower frame fittings, which is The largest additive manufacturing parts ever produced and commercialized in aerospace is ramping up very, very nicely. Also important, we started our first production contract with Northrop Grumman. This is a landmark part. on one of the crown jewels of the U.S. Air Force. We are very, very excited about that. And we were finally awarded 4.2 million by the U.S. Department of War to develop our technology for submarine and Navy applications. Last but not least, also our industrial segment is helping us with Hitech, I'd say, you know, growing multiple fold versus last year and projecting consumption of our parts to double again next year. So all in all, a very positive trend from the financial and from the operational standpoint. Ashar, move to the next slide, please. Okay, a quick refresher on our strategy. As you may remember, we structured our strategy across three different verticals, focusing on our core OEM programs, both in commercial aerospace and in defense. focus on short cycle sales in order to identify opportunity that we can translate into revenues, profitable revenues, in a short period of time. and again the RPD ecosystem, which is a brand new business model that we are currently defining and structuring, which is meant to allow selected OEMs to insource our technology to be put at the core of their industrialization effort when it comes to additive manufacturing. Next slide then. So we, have been also completing our technology readiness level. I think we achieved at least two very important milestones in the first half of this year. So number one, RPD and Norsk were listed in the MMPDS handbook. Just again, a quick refresher. The MMPDS handbook is the Bible for aerospace and defense engineers. So for RPD to be listed in the MMPDS puts them in the position to design parts using all the data that are certified and included on MMPDS. We can see that this is already helping to getting more business and helping the design engineers to design parts on RPD. Also, we achieved the NCAP accreditation. This is fundamentally important for aerospace and defense. So now we can claim that Plattsburgh, which is our production center in North America, is NCAP accredited. And this really puts North Titanium years ahead of competition in terms of Technology Readiness and Accreditation with both agencies and authorities in the aerospace and defense industry. Last but not least, we were awarded the Innovation Award by Safran. This is again testament to who North Titanium is. We are a company based on innovation. We are a disruptive company, and we were recognized by Safran landing here as such. So we are very proud of this achievement, and this really proves that North Titanium is gaining ground with multiple OEMs in the aerospace industry. Ashar. So now, deep diving into the three different segments. We're going to talk first about aerostructures. Again, here we see increase in part manufacturing and sales, of course, across the board. Airbus, Boeing, Leonardo, and others that we cannot disclose, they are all growing in volumes with a very positive outlook. The lower frame fitting which is currently flying on the A350 received certification also from the FAA. It was certified by EASA, now it's certified by the FAA and EASA. So now this can be used across the board and across the globe on any A350 that is produced. We are very active in discussing with Airbus on the Wave 3 production order. Very intense discussion even across the summer with both manufacturing and procurement. As anticipated by the award, we continue to work with Safran landing gear systems and we are also very active on engine with one of the key OEMs when we are working really across the board to identify a number of parts that have a great fit with our technology RPD so that we can move forward introducing RPD also in engines which by the way has a great potential for additive manufacturing in aerospace. Ashar. So now you know moving forward on defense. Defense is even more exciting We are now in production with two primes Northrop and General Atomics. This is great for multiple reasons, not just because we're going to generate revenues. But this because, you know, this is going to unlock the opportunity to translate across, you know, those platforms and Northrop and General Atomics. Number two, we were awarded 4.2 million by the Department of War. This is a landmark development and is meant for North Titanium to develop applications and be qualified with the Department of Water so that this can open the gate to applications in the Department of Defense. And we are getting funded to do that, which is a little bit different than in the past. So we are very excited. We have started this program. It's going to last 18 months. And after that, we are going to be in a very different position within the Department of Defense. We also won an award with America Makes. This is kind of similar in nature if you look at the DeepEdge award. We are here, we are going to train a number of defense departments on RPD and our technology. We are going to achieve qualified supplier status on titanium parts at the end of the 12 months program. Very exciting. During our March investor presentation, we were talking about large opportunities. You can see here, we highlighted as undisclosed defense prime opportunities. I can tell you that we are in two key programs focused on the replenishment of what the US has deployed in the last 12, 18 months. This is very exciting. It's very, very active discussions and technical qualifications. As I said, back in May, we expect to know if we are going to win and how much we are going to win by the end of the year. And we are fully at target in order to do that. If else, this is even more exciting than a couple of months ago. So from the industrial side, again, the development that we did along with Hitech is now bearing its fruit. We are growing this part of the business multiple fold versus previous year. We are going to double that next year. This is really proof that the RPD technology can go beyond aerospace and defense. We are in discussion with Hitech on expanding this development in semiconductor and outside. It's great to have partners like Hitech, and we are very excited about going beyond aerospace and defense. I mean, for us, these results in much shorter cycle development, which is a relief if you consider that aerospace and defense always require Long development cycles, being in semiconductor, being in oil and gas, being in energy type of applications, while it's still very special and commands premium in terms of pricing and value, is much shorter to realize. So we are building a pipeline now, and in the next few months, we will be able to report on that pipeline. Ashar. Okay, so we talk about the third leg of our business, which is the RPD ecosystem. We now have a machine in Airbus in Germany. This is a first for North Titanium. It's the first time that we place a machine outside of our premises. This comes, of course, with quite a bit of learning, but so far I have to say the team has been really focused and working with Airbus in order to make this a success. We expect this machine to be fully accepted on site by Airbus by Q3. So October, the beginning of October, November, we are going to be there. And then the process, qualification process will start. This is exciting because although we are already qualified in a number of parts, and today we are qualifying part by part, look at the example of the lower frame fitting. The goal here is to qualify our process. And when our process would be qualified, The qualification part by part is going to become much quicker than it is today. On top of that, Erebus engineers will be able to design parts on RPD to start with. So this is a landmark development, and we are fully committed to execute that within the next 18 months in order to bring this to conclusion. Very exciting. Hold on a second, Ashar, I have a couple more messages about Airbus. We are very active in discussing Wave 3. We have been very active throughout the summer time with exchanges and very heated exchanges with both manufacturing and procurement. We responded to a number of RFQs and we're working very diligently and with a very high sense of urgency in order to translate that into the biggest package possible for North Titanium.

Okay, the floor is yours, Ashar. Thank you very much. Just to go through some of the key financial highlights for the first half of 2026, I'll start with the income statement here. As Fabrizio mentioned, revenue and other income in the first half of 2026 increased to 2.9% compared with the same period in 2025. That's approximately a 38% growth. This growth is driven by serial production revenue of about 1.1 million in first half of 2026, which is approximately 29% growth over the same period. This serial production growth was due to increased volumes of parts in serial production with Airbus, but also recovery in the Hittech volumes in 2026. The second part of the revenue, development revenue, was $1.7 million in the first half of 2026. This is approximately 50% growth over the same period in 2025. And this is driven by development activity we have ongoing with Boeing, but also additional activities that we have going on with Safran as well. On the expenditure side, we remained quite cost disciplined. Our operating expenses came down to $15 million or negative $15 million from negative $17.2 million in the same period last year. This ended with an EBITDA loss of $12.1 million, which is an improvement of approximately $3 million when compared to the same period last year. Net losses when compared to the same period last year are much lower. I just want to remind the viewers that in the first half of 2025, we had a net loss on the foreign exchange, a non-cash loss on foreign exchange on the intercompany loan between the parent company North Titanium As and the subsidiary North Titanium Us. So that was a non-cash foreign exchange difference. So when you reverse those impacts out, our comprehensive income in the first half of 2026 or comprehensive loss in the first half of 2026 was $12.2 million compared to a comprehensive loss of $14.5 million in 2025. So this is an improvement of approximately $2.3 million. On the cash flow side, we started the year with $19.3 million in cash. During the first half of 2026, we used about $11.8 million of cash in operations. This was down from $16.8 million in the first half of 2025. Net Financing Inflows. As Fabrizio mentioned earlier, we did a private placement. We executed and realized $13.2 million from the first tranche of that $27.3 million private placement before the end of the period on June 30th. So we ended the period with $19.6 million in cash. When you exclude the financing activities, this represents a $2.1 million monthly average cash burn rate, which is down from $2.9 million in the same period last year. This again shows that we are able to be disciplined in our expenditures and control our cash burn and anticipate cash burn and how we control it as we ramp up into higher volumes of sales. As I mentioned, cash balance ended at $19.6 million as of June 30th. But we also wanted to give a reflection or at least reflect on if we were able to complete the entire $27.3 million private placement in this half of the year, we would have had a pro forma cash balance of approximately $35 million if we were able to realize the entire proceeds by June 30th. Okay? Fabrizio, back to you. Yeah.