GomSpace Group AB (publ)

Welcome to today's event where we have the pleasure to present Gommaspace. To help us through today's presentation and answer questions, in the end of the presentation we are joined by CEO Carsten Drachmann. Today's topic financial report, Q3, and I guess also a little bit of insight into the market development. As always, there's a box down below. Do ask questions. We have already gotten a lot in. See if something is asked, and maybe you can avoid it. And of course, you're also free to do it in Danish. I will try and translate to the best of my ability. But for now, Carsten, I think I will take off my picture and leave you to the census page.

Thank you, Michael. And yeah, welcome to our third quarter 2025 presentation. Do put in as many questions as you like. I know there's a lot already. I'm looking forward to answering them. I think I cover a lot of it during the presentation, but there will be time at the end. So we make space yours. This is the slogan we are using right now. This is what we're telling the world that this is actually what we're doing. So we are really enabling commercial use cases, governments, nations to realize their business cases in space or perhaps protect a country. Maybe Denmark. We'll talk about that. We'll talk about investor communication, key highlights, business unit summary, market talk. I will share a bit more what I see in the market. I know from your chat forms you're paying attention, so there's a lot happening in Europe. We'll talk about that. And I think Gump Space should head compared to where we are now. Clarity and communication. Always, always, always try to communicate as much as possible internally and externally. Remember, this is a trading statement, so it's quite short. So we do that in the first quarter and the third quarter. We will give guidance on 2025 in addition to cash flow. Also, press releases, remember, they come out if there's any significant things on impacting the share price. So I have to communicate quickly. If I don't communicate quickly on something, it is not a major event. So anything that I need to say that might influence the share price, I will communicate quickly. You can count on that. Then there will be other press releases that I think are useful for you that I send out. Other than that, please, please follow us on, if you don't already do it, LinkedIn, social media. We have now a very capable marketing manager, so our social media presence is actually caught up a lot. So you will find a lot of useful information in there. Now, key messages for Q3. Let's take it. So, revenue. Well, year on year, we are up 94%. I think that's pretty good, and actually the third quarter is also higher than Q1 and Q2 this year, so trending very well there. We delivered an EBITDA of 15 million SEC, so we're keeping the trend of delivering a positive operational result. Cash flow, minus 38 million. It is related to some late payments I did not anticipate. I had expected that we would be at breakeven for Q3. I will get a little bit more into that in a second. Strong delivery of order backlog. Really, we are executing, we have a strong backlog from the previous quarters and we are now executing on that. Hence the higher revenue, hence the EBITDA. Also, the EBITDA is driven by healthy margins. So those of you who have been with Gumspace longer, remember in the beginning, two and a half years ago, I was talking about the profitability of the order backlog that we had was not good. It's really difficult to make money when the projects are close to zero or negative. So we cleaned all of that up now. So the result also in an increased volume and then together with healthy margins. order backlog in terms of margin is helping us delivering these results. And that's where we need to be. That's how you do a business. Free cash flow, so shifting. Customer payment shifted out. There was two customers actually that had not paid as anticipated. One has paid in full. Other has paid in part. I saw there was a question, can we get some reassurance? I am absolutely sure that they would pay in Q4. That is the arrangement we have. But it did shift from Q3 and hey. Actually, one of the reasons why we wanted to bolster our balance sheet with more cash, which we've done in Q3, we got a significant amount of cash in from a capital increase, is exactly to be able to handle these situations. If you look at it going two years back, this would have been very difficult for us to handle. It's not a problem at all. We have $250 million in a bank today, so it's totally fine and it's part of doing business. It's also part of the programs that we're running are getting bigger and bigger, which also means the impact when you see a shift between quarters is growing. Let's take a look at the year to date. We are up 71% compared to the first nine months last year. EBITDA at 35.4 million SEC, I think that is very decent, up from a negative minus 17 million last year. So again, we're trending as a total for the year also towards delivering profitability. The accumulated cash flow, minus 78 million, this is partly related to the deferred payment, as I mentioned, and also that we are increasing our investment level, especially into go-to-market resources, but also scaling up internally in terms of being able to test more and do more in a solution space. So accumulated revenue well ahead of 2024. Our trend continues. We are reaching a more steady level of delivering profitability. That's good, at least on the EBITDA level. We are now at 9% EBITDA. This is good. Adjusted, if you take out some of the Warren adjustments, it's actually at 12%. What is 9%? Let me try and give you a feeling for that. If you look into the industry, somewhere between 10 to 15% is average for the industry. Some run with a lot less, some with a little bit more, but I would say 10 to 15% is quite decent. And then we are looking at, we are growing. Growth typically means you have higher cost in anticipation of capturing more business into the future. So 9% is actually quite decent. And as you've seen also, well in the upper range of what they've been guiding on previously. EBITDA is also year-to-date, very happy with that, 3.4 million. It's not a lot positive, but it's positive. That's good. So we'll take it. And then, as I said before, the cash balance is 255 million SEC end of Q3. No, I'm not happy that there was a delay in payment. Am I worried about it? No, I'm not worried about it. I do believe that that will be settled in Q4. That is a clear agreement. And I'm not worried because we have plenty of money to continue to execute. So it's not really an issue for us. It doesn't mean we're throwing away money. It just means we have exactly the right level of maturity, stability, solidity that we need to have. Some of you will also remember I've said we need to have this strong balance sheet to do business with nations, a government business. We cannot have a weak balance sheet. We cannot have a weak cash balance.

We don't.