Q2 2026 Norsk Titanium AS Earnings Call

August 19, 2026

Speaker #1: In the Q&A tool in the webcast window. And questions will be addressed after the presentation. And with that, I'll hand over to Fabrizio.

Speaker #1: which— which is a first for Norsk Titanium, and it's a— it's really getting our RPD ecosystem strategy started. And we see that the lower frame fittings, which is, you know, the largest additive manufacturing parts ever produced and commercialized in aerospace, is ramping up very, very nicely.

Speaker #2: Thank you, Joachim. So, first of all, good afternoon, good morning, everybody. Welcome to the North Strathenium first-up presentation. I think, Asher, you can move into the next slide.

Speaker #1: Also, important, we started our first production contract with Northrop Grumman; this is a landmark part, a landmark part on— on one of the crown jewels of the— of the U.S.

Speaker #2: All right, so, you know, we started last year, we started a rigorous strategy review, followed by a definition of a roadmap linked to the strategy review.

Speaker #1: 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.

Speaker #2: 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.

Speaker #1: Last but not least, also our industrial segment is helping us with heat tech— I'd say, you know, growing multiple fold versus last year, and projecting consumption of our parts to double again next year.

Speaker #2: Revenues are increasing both on parts manufacturing and on the development part of our business. We were able to improve our cash burn with quite a bit of rigorousness on working capital and also making sure that we have the right people on the right spot.

Speaker #1: So all in all, a very positive trend from the financial and from the operational standpoint. Asher, move to the next slide, please. Okay, a quick refresher on our strategy.

Speaker #2: And we had a successful capital raise before summer. Also, on operation, we are making progress towards our milestones. We continue to expand our relation with Airbus; we signed a new collaboration agreement at a group level with Airbus, which is very important.

Speaker #1: As you may remember, we structure our strategy across 3 different verticals. Focusing on our core OEM programs, both in commercial aerospace and in defense.

Speaker #1: The two 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 party manufacturing and on the development part of our business.

Fabrizio Ponte: Which is a first for Norsk Titanium, and it is really getting our RPD ecosystem strategy started. We see that the Lower Frame Fittings, which is the largest additive manufacturing parts ever produced and commercialized in aerospace, is ramping up 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 United States Air Force. We are very excited about that. We were finally awarded NOK 4.2 million by the U.S. Department of Defense to develop our technology for submarine and navy applications. Last but not least, also our industrial segment is helping us with Hittech, I would say, 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.

Fabrizio Ponte: To execute on it very rigorously. I am 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 parts of our business. We were able to improve our cash burn with quite a bit of rigorousness on working capital, also making sure that we have the right people on the right spot. We had a successful capital raise before summer. Also on 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 Paderborn, Germany, which is a first for Norsk Titanium, it is really getting our RPD ecosystem strategy started.

Speaker #1: Focus on short-sight— short-cycled sales, in order to identify opportunity that we can translate into revenues profitable revenues in a short period of time. And— and— and again, the RPD ecosystem, which is a brand-new business model that we are currently defining and— and— 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.

Speaker #2: We placed our first machine in final Germany which is a first for North Strathenium, and it's really getting our RPD ecosystem strategy started. And we see that the lower frame fittings, which is, you know, the largest additive manufacturing parts ever produced and commercialized in aerospace, is ramping up very, very nicely.

Speaker #1: We were able to improve our cash burn with quite a bit of rigorousness on working capital and also making sure that we have the right people on the right spot.

Speaker #2: Also, important, we started our first production contract with Northrop Grumman; this is a landmark part on one of the crown jewels of the US Air Force.

Speaker #1: And we had a successful capital raise before summer. Also, on operation, we are making progress towards our milestones. We continue to expand our relation with Airbus; we signed a new collaboration agreement at a group level with Airbus, which is very important.

Speaker #1: Next slide. So we have been also completing our technology readiness level, I think we achieved at least 2 very important milestones this— in the first half of this year.

Speaker #2: We are very, very excited about that. And we were finally awarded $4.2 million by the US Department of War to develop our navy applications.

Speaker #1: We placed our first machine in final 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.

Speaker #2: Last but not least, also our industrial segment is helping us with heat tech I'd say, you know, growing multiple fold versus last year, and projecting consumption of our parts to double again next year.

Speaker #1: So number 1, RPD and Norsk were listed in the MMPDS handbook. The MM— just again, a quick refresher: the MMPDS handbook is the bible for aerospace and defense engineers.

Fabrizio Ponte: We see that the Lower Frame Fitting, which is the largest additive manufacturing parts ever produced and commercialized in aerospace, is ramping up 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 US Air Force. We are very excited about that. We were finally awarded USD 4.2 million by the U.S. Department of Defense to develop our technology for submarine and navy applications. Last but not least, also our industrial segment is helping us with Hittech, I say, growing multiple-fold versus last year and projecting consumption of our parts to double again next year. 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.

Fabrizio Ponte: Ashar, move to the next slide, please. Okay, a quick refresher on our strategy. As you may remember, we structure 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 opportunities that we can translate into profitable revenues in a short period of time. 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. 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 1, RPD and Norsk were listed in the MMPDS handbook.

Fabrizio Ponte: Ashar, move to the next slide, please. Okay, a quick refresher on our strategy. As you may remember, we structure 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 opportunities that we can translate into profitable revenues in a short period of time. 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. So we have been also completing our Technology Readiness Level. I think we achieved at least two very important milestones in the H1 of this year. So number 1, RPD and Norsk were listed in the MMPDS handbook.

Speaker #1: 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.

Speaker #2: So all in all, a very positive trend from the financial and from the operational standpoint. Asher, move to the next slide, please. Okay, a quick refresher on our strategy.

Speaker #1: 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.

Speaker #1: We can see that these are— these are already helping to gain more business and helping the design engineers to design parts on— on— on RPD.

Speaker #2: As you may remember, we structure our strategy across three different verticals. Focusing on our core OEM programs, both in commercial aerospace and in defense.

Speaker #1: 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.

Speaker #1: Also, we were— we achieved the NCAP accreditation; this is a fundamentally important for aerospace and defense. So now we can claim that Plattsburgh is— which is our— our production center in North America, is NCAP accredited, and— and this really puts Norsk Titanium years ahead of competition in terms of technology readiness and accreditation with both agencies and authorities in the aerospace and defense industry.

Speaker #2: Focus on short-cycled 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.

Speaker #1: Last but not least, also our industrial segment is helping us with heat tech—I'd say growing multiple fold versus last year—and projecting consumption of our parts to double again next year.

Speaker #1: So all in all, a very positive trend from the financial and from the operational standpoint. Asher, move to the next slide, please. Okay, a quick refresher on our strategy.

Speaker #1: Last but not least, we were awarded the Innovation Award by Safran. This is again a testament to who Norsk Titanium is. We are a company based on innovation; we are disruptive company, and we— we were recognized by Safran, lending years.

Speaker #1: As you may remember, we structure our strategy across three different verticals. Focusing on our core OEM programs, both in commercial aerospace and in defense.

Fabrizio Ponte: As you may remember, we structure 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 profitable revenues in a short period of time. 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. 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.

Fabrizio Ponte: As you may remember, we structure 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 profitable revenues in a short period of time. 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. So we have been also completing our technology readiness level. I think we achieved at least two very important milestones in the H1 of this year. So number one, RPD and Norsk were listed in the MMPDS handbook. Just again, a quick refresher.

Speaker #2: Next slide. 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.

Speaker #1: You know, as— as such. So we are very proud of this achievement, and this is gaining ground with multiple OEMs in— in— in the aerospace industry.

Speaker #1: 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.

Fabrizio Ponte: 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 gain more business and helping the design engineers to design parts on RPD. Also, we achieved the Nadcap 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 Nadcap accredited. This really puts Norsk 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 Norsk Titanium is.

Speaker #1: Asher. So now, deep diving into the 3 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.

Speaker #2: So number one, RPD and Norsk were listed in the MMPDS handbook. The just again, a quick refresher: the MMPDS handbook is the Bible for aerospace and defense engineers.

Speaker #2: 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.

Speaker #1: Airbus and 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.

Speaker #2: We can see that these are already helping to gain more business and helping the design engineers to design parts on RPD. Also, we achieved the NCAP accreditation; this fundamentally important for aerospace and defense.

Speaker #1: Next slide. 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.

Speaker #1: It was certified by ASA. Now it's certified by the FAA and the ASA, so now this can be used across the board. And across the globe, you know, on any A350 that is produced.

Speaker #2: So now we can claim that Platzberg is which is our production center in North America is NCAP accredited and this really puts North Strathenium years ahead of competition in terms of technology readiness and accreditation.

Speaker #1: We are very active with— in discussing with— with Airbus on the— on the— on the Wave 3 production order. Very intense discussion even across the summer with both manufacturing and procurement.

Speaker #1: So number one, RPD and Norsk were listed in the MMPDS handbook. The—just again—a quick refresher: the MMPDS handbook is the bible for aerospace and defense engineers.

Fabrizio Ponte: 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 gain more business and helping the design engineers to design parts on RPD. Also, we achieved the Nadcap 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 Nadcap accredited. This really puts Norsk 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 Norsk Titanium is. We are a company based on innovation.

Speaker #1: As— as anticipated by the award, we continue to work with Safran lending— lending gear systems and we are also very active on engine with one of the key OEMs where we are working really across the board to identify a number of parts that have a great fit with our technology RPD.

Speaker #1: So for RPD to be listed in the MMPDS, it puts them in the position to design parts using all the data that are certified and included on MMPDS.

Speaker #2: You know, with both agencies and authorities in the aerospace and defense industry. Last but not least, we were awarded the Innovation Award by Safran.

Fabrizio Ponte: We are a company based on innovation. We are a disruptive company, and we were recognized by Safran Landing Systems as such. So we are very proud of this achievement, and this really proves that Norsk Titanium is gaining ground with multiple OEMs in the aerospace industry. Ashar. So now, deep dive into the three different segments. We are 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 Federal Aviation Administration. It was certified by European Union Aviation Safety Agency, now it is certified by the Federal Aviation Administration and the European Union Aviation Safety Agency. So now this can be used across the board and across the globe on any A350 that is produced.

Speaker #2: This again testament to who North Strathenium is. We are a company based on innovation, we are disruptive company, and we were recognized by Safran lending years.

Speaker #1: We can see that these are already helping to gain more business and helping the design engineers to design parts on RPD. Also, we achieved the NCAP accreditation; this fundamentally important for aerospace and defense.

Speaker #1: So that we can introduce RPD also in engines, which, by the way, has a great potential for additive manufacturing in aerospace. Asher. So now, you know, moving forward on defense.

Speaker #2: You know, as such. So we are very proud of this achievement, and this really proves that North Strathenium is gaining ground with multiple OEMs in the aerospace industry.

Speaker #1: So now we can claim that Plattsburgh is—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.

Speaker #2: Asher. So now, deep dive 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.

Speaker #1: Defense is even more exciting than— than— than aerostructures. Or as exciting as— as— as aerostructure. You know, we are now in production with 2 primes: Northrop and General Atomics.

Fabrizio Ponte: 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 Federal Aviation Administration. It was certified by European Union Aviation Safety Agency, now it is certified by the Federal Aviation Administration and the European Union Aviation Safety Agency. So now this can be used across the board and across the globe on any A350 that is produced.

Speaker #1: This is great for multiple reasons, not just because we're going to generate revenues, but this is because— you know, this is going to unlock the opportunity to translate across— you know, those platforms and Northrop and General Atomics.

Speaker #2: 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.

Speaker #1: Last but not least, we were awarded the Innovation Award by Safran. This is again a testament to who North Titanium is. We are a company based on innovation; we are disruptive company, and we were recognized by Safran, lending years.

Speaker #1: Number 2, we were awarded 4.2 million by the Department of War. This is a landmark development, and it's meant to— for Norsk Titanium to develop applications and be qualified with the Department of War.

Fabrizio Ponte: We are a disruptive company, and we were recognized by Safran Landing Systems as such. We are very proud of this achievement, and this really proves that Norsk Titanium is gaining ground with multiple OEMs in the aerospace industry. Ashar. Now, deep dive into the three different segments. We are going to talk first about aerostructures. Again, here we see increase in part manufacturing and sales, of course, across the board. Airbus, Boeing, Leonardo S.p.A., 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 is certified by the FAA and EASA. Now this can be used across the board and across the globe on any A350 that is produced.

Speaker #2: It was certified by IASA. Now it's certified by the FAA and IASA. So now this can be used across the board. And across the globe.

Fabrizio Ponte: 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 Systems, and we are also very active on engine with one of the key OEMs, where 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. Now, moving forward on defense. Defense is even more exciting than aerostructures, or as exciting as aerostructure. We are now in production with two primes, Northrop Grumman and General Atomics.

Speaker #1: As such, we are very proud of this achievement, and this really proves that North Titanium is gaining ground with multiple OEMs in the aerospace industry.

Speaker #2: You know, 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.

Speaker #1: So that this can open the gate to applications in— in the— in the Department of— of Defense. And we are getting funded to do that, which is a little bit different than in the past.

Speaker #1: Asher. So now, deep dive 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.

Speaker #1: So we are very excited. We are— we have started— this program is going to last 18 months. And— and after that, we are going to be in a very different position within the department of— of defense.

Speaker #2: As anticipated by the award, we continue to work with Safran lending gear systems and we are also very active on engine with one of the key OEMs where we are working really across the board to identify a number of parts that have a great fit with our technology RPD.

Speaker #1: Airbus and 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.

Speaker #1: We also won an award with America Makes, this— you know, kind of similar in nature, if you look at the deep edge award, is, you know, we are here— we are going to train a number of defense departments on RPD and our technology.

Speaker #1: It was certified by IASA. Now it's certified by the FAA and IASA, 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.

Speaker #2: So that we can move forward introducing RPD also in engines. Which, by the way, has a great potential for additive manufacturing in aerospace. Asher.

Speaker #1: This— and— and we are going to achieve qualified supplier status on titanium parts, and the end of the 12 months program. Very exciting. During our March investor relation presentation, we were talking about large opportunities.

Fabrizio Ponte: 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 Systems, and we are also very active on engine with one of the key OEMs, where 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. Now, moving forward on defense. Defense is even more exciting than aerostructures or as exciting as aerostructure. We are now in production with two primes, Northrop Grumman and General Atomics.

Speaker #2: So now, you know, moving forward on defense. Defense is even more exciting than Aerostructures. Or as exciting as Aerostructure. You know, we are now in production with two primes: Northrop and General Atomics.

Speaker #1: Very intense discussion even across the summer with both manufacturing and procurement. As anticipated by the award, we continue to work with Safran lending gear systems and we are also very active on engine with one of the key OEMs where we are working really across the board to identify a number of parts that have a great fit with our technology RPD.

Speaker #1: You can see here we highlighted as undisclosed defense prime, defense prime, opportunities. I can tell you that we are in 2 key programs. Focused on the replenishment of— of what the US has— has deployed in the last 12, 18 months.

Fabrizio Ponte: This is great for multiple reasons, not just because we are going to generate revenues, but it is because this is going to unlock the opportunity to translate across those platforms and Northrop Grumman, General Atomics. Number 2, we were awarded USD 4.2 million by the Department of Defense. This is a landmark development and is meant for Norsk Titanium to develop applications and be qualified with the Department of Defense so that this can open the gate to applications in the Department of Defense. We are getting funded to do that, which is a little bit different than in the past. We are very excited. We have started. This program is 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.

Speaker #2: This is great for multiple reasons. Not just because we're going to generate revenues, but this is because you know this is going to unlock the opportunity to translate across you know those platforms and Northrop and General Atomics.

Speaker #1: 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— if we are going to win and how much we are going to win by— by— by the end of the year.

Speaker #2: Number two, we were awarded 4.2 million by the Department of War. This is a landmark development and is meant to for North Strathenium to develop applications and be qualified with the Department of War.

Speaker #1: So that we can move forward, introducing RPD also in engines, which, by the way, has a great potential for additive manufacturing in aerospace. Asher.

Speaker #1: And we are fully target in order to do that. If— if else this is even more exciting than a couple of months ago. Asher.

Speaker #2: 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.

Speaker #1: So now, moving forward on defense, defense is even more exciting than Aerostructures. Or as exciting as Aerostructure. We are now in production with two primes: Northrop and General Atomics.

Speaker #1: So from the industrial side, again, the— the— the development that we did along with HITEC is now bearing— is fruit. We are growing this part of the business multiple fold versus previous year.

Speaker #2: So we are very excited. We have started this program is going to last 18 months. And after that, we are going to be in a very different position within the department of defense.

Fabrizio Ponte: This is kind of similar in nature, if you look at the DBED 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 relation 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 is very, very active discussions and technical qualifications.

Speaker #1: This is great for multiple reasons, not just because we're going to generate revenues, but this is because this is going to unlock the opportunity to translate across those platforms and Northrop and General Atomics.

Fabrizio Ponte: This is great for multiple reasons, not just because we are going to generate revenues, but it is because this is going to unlock the opportunity to translate across those platforms and Northrop Grumman and General Atomics. Number 2, we were awarded USD 4.2 million by the Department of Defense. This is a landmark development and is meant for Norsk Titanium to develop applications and be qualified with the Department of Defense so that this can open the gate to applications in the Department of Defense. We are getting funded to do that, which is a little bit different than in the past. We are very excited. We have started. This program is 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.

Speaker #1: 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 HITEC on expanding this— this— this development in semiconductor and outside.

Speaker #2: We also won an award with America Makes. This you know kind of similar in nature if you look at the deep edge award is you know we are here we are going to train a number of defense departments on RPD and our technology.

Speaker #1: Number two, we were awarded 4.2 million by the Department of War. This is a landmark development and is meant to, for North Titanium, to develop applications and be qualified with the Department of War.

Speaker #1: It's great to have partners like— like HITEC. And we are very excited about going beyond aerospace and defense. I mean, it's— it's for us, you know, these results in much shorter cycle development, which— which is a relief if you consider that aerospace and defense always require, you know, long development cycles.

Speaker #2: This and 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 relation presentation, we were talking about large opportunities.

Speaker #1: 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.

Speaker #1: Being in semiconductor, being in oil and gas, being in— in— in energy type of applications, while it's still very special and commands premium in terms of pricing and value, it's much shorter to realize.

Speaker #2: You can see here we highlighted as undisclosed defense prime, 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.

Speaker #1: 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.

Speaker #1: So, you know, we are building a pipeline and in the next few months we will be able to report on that pipeline. Asher. Okay, so we— we— we talk about the third leg of our— of our business, which is the RPD ecosystem.

Speaker #1: We also won an award with America Makes, this kind of similar in nature, if you look at the D-badge award, is we are here; we are going to train a number of defense departments on RPD and our technology.

Fabrizio Ponte: 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 yes, this is even more exciting than a couple of months ago. Ashar. From the industrial side, again, the development that we did along with Hittech is now bearing its fruit. We are growing this part of the business multiple-fold versus previous year. We are going to double that the next year. This is really proof that the RPD technology can go beyond aerospace and defense. We are in discussion with Hittech on expanding this development in semiconductor and outside. It is great to have partners like Hittech, and we are very excited about going beyond aerospace and defense.

Fabrizio Ponte: This is kind of similar in nature if you look at the DPA Title III 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 relation 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 is very active discussions and technical qualifications.

Speaker #2: 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.

Speaker #1: You know, we placed— we— we now have a machine in— in Airbus in— in— in Germany. This is the first for Norsk— Norsk Titanium is the first time that we place a machine outside of our premises.

Speaker #1: And 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 relation presentation, we were talking about large opportunities.

Speaker #2: And we are fully at target. In order to do that. If else, this is even more exciting than a couple of months ago. Asher.

Speaker #2: So from the industrial side, again, the development that we did along with HITEC is now bearing its fruit. We are growing this part of the business multiple fold versus previous year.

Speaker #1: 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.

Speaker #1: You can see here we highlighted as undisclosed defense prime, 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.

Speaker #1: 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.

Speaker #2: 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 HITEC on expanding this development in semiconductor and outside.

Speaker #1: And then the— the— the— the process qualification process will— will— will start. This is exciting. Because, you know, 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.

Speaker #1: 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.

Fabrizio Ponte: 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 yes, this is even more exciting than a couple of months ago. Ashar. From the industrial side, again, the development that we did along with Hittech is now bearing its fruit. We are growing this part of the business multiple-fold versus previous year. We are going to double that the next year. This is really proof that the RPD technology can go beyond aerospace and defense. We are in discussion with Hittech on expanding this development in semiconductor and outside. It is great to have partners like Hittech, and we are very excited about going beyond aerospace and defense.

Fabrizio Ponte: 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 is still very special and commands a premium in terms of pricing and value, is much shorter to realize. We are building a pipeline, and in the next few months, we will be able to report on that pipeline. Ashar. Okay, 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 Norsk Titanium. It is the first time that we place a machine outside of our premises. This comes, of course, with quite a bit of learning.

Speaker #2: It's great to have partners like HITEC. And we are very excited about going beyond aerospace and defense. I mean, it's for us, you know, these results in much shorter cycle development, which is a relief if you consider that aerospace and defense always require, you know, long development cycles.

Speaker #1: 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, Airbus engineers will be able to design parts on RPD to start with.

Speaker #1: And we are fully at target. In order to do that, if else, this is even more exciting than a couple of months ago. Asher.

Speaker #1: So from the industrial side, again, the development that we did along with HITEC is now bearing its fruit. We are growing this part of the business multiple fold versus previous year.

Speaker #1: So this is a landmark development, and we are fully committed to execute that, you know, within the next— you know, 18 months in order to bring this to conclusion.

Speaker #2: 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, it's much shorter to realize.

Speaker #1: Very exciting. Production— no, hold on a second, Asher, I have a couple more messages about— about Airbus. We are— we are very active in discussing wave 3, we have been very active throughout the summertime, with exchanges and very heated exchanges with both manufacturing and procurement.

Speaker #2: So you know, we are building a pipeline and in the next few months we will be able to report on that pipeline. Asher. Okay, so we talk about the third leg of our business, which is the RPD ecosystem.

Speaker #1: It's great to have partners like HITEC, and we are very excited about going beyond aerospace and defense. I mean, it's 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.

Speaker #2: You know, we placed, we now have a machine in Airbus in Germany. This is the first for North Strathenium is the first time that we place a machine outside of our premises.

Speaker #1: We responded to a number of— of RFQs and we are working very diligently and with a very high sense of urgency in order to translate that into a— the biggest package possible for Norsk Titanium.

Fabrizio Ponte: 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. The beginning of October, November, we are going to be there. 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. When our process will be qualified, the qualification part by part is going to become much quicker than it is today. On top of that, Airbus engineers will be able to design parts on RPD to start with.

Fabrizio Ponte: 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 is still very special and commands a premium in terms of pricing and value, is much shorter to realize. We are building a pipeline, and in the next few months, we will be able to report on that pipeline. Ashar. Okay. 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 Norsk Titanium. It is the first time that we place a machine outside of our premises. This comes, of course, with quite a bit of learning.

Speaker #2: 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.

Speaker #1: 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.

Speaker #1: Okay. The floor is yours, Asher.

Speaker #2: 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.

Speaker #2: Thank— thank you, Fabrizio. Just to go through some of the key financial highlights for the first half of 2026, I'll start with the income statement here.

Speaker #1: So we are building a pipeline and in the next few months we will be able to report on that pipeline. Asher. Okay, so we talk about the third leg of our business, which is the RPD ecosystem.

Speaker #2: And then the process qualification process will start. This is exciting. Because you know, 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.

Speaker #2: 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.

Speaker #2: This growth is driven by serial production revenue of about 1.1 million in the first half of 2026, which is approximately 29% growth over the same period.

Speaker #1: We placed, we now have a machine in Airbus in Germany, this is the first for North Titanium, is the first time that we place a machine outside of our premises.

Speaker #2: 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.

Fabrizio Ponte: 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 summertime with exchanges and very heated exchanges with both manufacturing and procurement. We responded to a number of RFQs and we are working very diligently and with a very high sense of urgency in order to translate that into the biggest package possible for Norsk Titanium. Okay. The floor is yours, Ashar.

Speaker #2: This serial production growth was due to increased volumes of parts in serial production, with Airbus but also recovery in the HITEC volumes in— in 2026.

Speaker #2: On top of that, Airbus 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, you know, within the next you know 18 months in order to bring this to conclusion.

Speaker #1: 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.

Fabrizio Ponte: 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. October, the beginning of October, November, we are going to be there. 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. When our process will be qualified, the qualification part by part is going to become much quicker than it is today. On top of that, Airbus engineers will be able to design parts on RPD to start with.

Speaker #2: 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.

Speaker #1: We expect this machine to be fully accepted on site by Airbus by Q3. So October, beginning of October and November, we are going to be there.

Speaker #2: Very exciting. Production, no, hold on a second. Asher, I have a couple more messages about Airbus. We are very active in discussing wave three.

Speaker #2: And this is driven by activity development activity we have ongoing with Boeing, but also additional activities that we have going on with Saffran as well.

Speaker #1: 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.

Speaker #2: On the expenditure side, we remained quite cost disciplined. Our operating expenses came down to 15 million dollars or negative 15 million dollars from negative 17.2 million in the same period last year.

Speaker #2: We have been very active throughout the summertime with exchanges and very heated exchanges with both manufacturing and procurement. We responded to a number of RFQs and we are working very diligently and with a very high sense of urgency in order to translate that into the biggest package possible for North Strathenium.

Speaker #2: This ended with an EBITDA loss of 12.1 million dollars, which is an improvement of approximately 3 million dollars when compared to the same period last year.

Ashar Ashary: Thank you, Fabrizio. Just to go through some of the key financial highlights for H1 2026. I will start with the income statement here. As Fabrizio mentioned, revenue and other income in H1 2026 increased to 2.9% compared with the same period in 2025. That is approximately a 38% growth. This growth is driven by serial production revenue of about NOK 1.1 million in H1 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 NOK 1.7 million in H1 2026. This is approximate 50% growth over the same period in 2025.

Speaker #1: 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.

Fabrizio Ponte: 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 excited. Production. No, 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 summertime with exchanges and very heated exchanges with both manufacturing and procurement. We responded to a number of RFQs, and we are working very diligently and with a very high sense of urgency in order to translate that into the biggest package possible for Norsk Titanium. Okay. The floor is yours, Ashar.

Speaker #2: Net losses is extremely— when— when compared to the same period last year, extremely— much lower. This is— I just wanted to remind the viewers that in the first half of 2025, we— we had a net loss on the foreign exchange, a non-cash loss on foreign exchange, between the— the— on the intercompany loan between the parent company, Norsk Titanium AS, and the subsidiary, Norsk Titanium US.

Speaker #2: Okay. The floor is yours, Asher.

Speaker #1: Thank you very much Joe. Just to go through some of the key financial highlights for the first half of 2026. I'll start with the income statement here.

Speaker #1: Very exciting. Production, no, hold on a second. Asher, I have a couple of more messages about Airbus. We are very active in discussing wave three.

Speaker #1: As Fabrizio mentioned, revenue and other income in first half of 2026 increased to 2.9% compared with the same period in 2025. That's approximately a 38% growth.

Speaker #2: 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 was— or comprehensive loss in 2020 first half of 2026 was 12.2 million, compared to a comprehensive loss of 14.5 million in— in— in 2025.

Speaker #1: We have been very active throughout the summertime, with exchanges and very heated exchanges with both manufacturing and procurement. We responded to a number of RFQs and we are working very diligently and with a very high sense of urgency in order to translate that into the biggest package possible for North Titanium.

Speaker #1: 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.

Speaker #1: This serial production growth was due to increased volumes of parts in serial production with Airbus but also recovery in the HITEC volumes in 2026.

Speaker #2: So this is an improvement of approximately 2.3 million dollars. Okay. On the cash flow side, we started the year with 19.3 million dollars in cash.

Speaker #1: 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.

Speaker #1: Okay. The floor is yours, Asher.

Ashar Ashary: This is driven by activity development activity we have ongoing with Boeing, but also additional activities that we have going on with Safran. On the expenditure side, we remained quite cost-disciplined. Our operating expenses came down to -$15 million from -$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 wanted to remind the viewers that in H1 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, Norsk Titanium AS, and the subsidiary, Norsk Titanium US. That was a non-cash foreign exchange difference.

Speaker #2: Thank you very much, Joe. Just to go through some of the key financial highlights for the first half of 2026, I'll start with the income statement here.

Ashar Ashary: Thank you, Fabrizio. Just to go through some of the key financial highlights for H1 2026. I will start with the income statement here. As Fabrizio mentioned, revenue and other income in H1 2026 increased to 2.9% compared with the same period in 2025. That is approximately a 38% growth. This growth is driven by serial production revenue of about $1.1 million in H1 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 H1 2026. This is approximately 50% growth over the same period in 2025.

Speaker #2: During the period— during the first half of 2026, we used about 11.8 million dollars of cash in operations. This was down about— from 16.8 million dollars in the first half of 2025.

Speaker #1: And this is driven by activity development activity we have ongoing with Boeing but also additional activities that we have going on with Safran as well.

Speaker #2: 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.

Speaker #2: Net financing— nice financing inflows, as Fabrizio mentioned earlier, we— we did a private placement. We were— we executed and realized 13.2 million dollars from the first tranche of that 27.3 million dollar private placement.

Speaker #1: On the expenditure side, we remained quite cost disciplined. Our operating expenses came down to 15 million dollars or negative 15 million dollars from negative 17.2 million in the same period last year.

Speaker #2: This growth is driven by serial production revenue of about 1.1 million in the first half of 2026, which is approximately 29% growth over the same period.

Speaker #2: In— in— before the end of the period, on June 30th. So we ended the— we ended the period with 19.6 million dollars in cash.

Speaker #1: This ended with an EBITDA loss of 12.1 million dollars, which is an improvement of approximately 3 million dollars when compared to the same period last year.

Speaker #2: This serial production growth was due to increased volumes of parts in serial production, with Airbus but also recovery in the HITEC volumes in 2026.

Speaker #2: And which represents— and well, when you exclude the financing activities, this represents a 2.1 million dollar monthly average cash burn rate which is down to about 2.0— which is down from 2.9 million in the same period last year.

Speaker #1: Net losses is extremely when compared to the same period last year much lower. This is I just wanted to to remind the viewers that in first half of 2025 we had a net loss on the foreign exchange, a non-cash loss on foreign exchange between the on the intercompany loan between the parent company North Strathenium AS and the subsidiary North Strathenium US.

Speaker #2: 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.

Speaker #2: This, again, shows that we are able to be disciplined in our expenditures and control our cash burn. And— and anticipate the cash— and anticipate cash burn and how— and how we control it as we ramp up into— into higher volumes of sales.

Speaker #2: And this is driven by activity development activity we have ongoing with Boeing, but also additional activities that we have going on with Saffron as well.

Ashar Ashary: This is driven by activity 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 -$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 is extremely, when compared to the same period last year, extremely much lower. I just wanted to remind the viewers that in H1 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, Norsk Titanium AS, and the subsidiary, Norsk Titanium US.

Ashar Ashary: When you reverse those impacts out, our comprehensive income in H1 2026 was, or comprehensive loss in H1 2026, was $12.2 million, compared to a comprehensive loss of $14.5 million in 2025. 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 period, during the H1 2026, we used about $11.8 million of cash in operations. This was down from $16.8 million in the H1 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 30 June.

Speaker #1: 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 was or comprehensive loss in 2020 first half of 2026 was 12.2 million compared to a comprehensive loss of 14.5 million in 2025.

Speaker #2: As I mentioned, cash balance ended at 19.6 million dollars as of June 30th. But we also wanted to give a reflection, or at least reflect on the— if we were able to complete the entire 27.3 million dollar private placement in— in this half of the year, we would have had a pro forma cash balance of approximately 35 million— million dollars.

Speaker #2: This ended with an EBITDA loss of 12.1 million dollars, which is an improvement of approximately 3 million dollars when compared to the same period last year.

Speaker #1: So this is an improvement of approximately 2.3 million dollars. Okay. On the cash flow side, we started the year with 19.3 million dollars in cash.

Speaker #2: Net losses is extremely when compared to the same period last year, much lower. This is just wanted 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 between the on the intercompany loan between the parent company, North Titanium AS, and the subsidiary, North Titanium US.

Speaker #2: If we were able to realize the entire proceeds in— in— by June 30th. Okay. Fabrizio, back to you.

Speaker #1: Yeah. Thank you, Ashar. Just flip the slide. Very good. So we have the ambition to achieve a break-even by 2028 with a 25% capacity utilization.

Speaker #1: During the period, during the first half of 2026, we used about 11.8 million dollars of cash in operations this was down about from 16.8 million dollars in the first half of 2025.

Speaker #2: 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 was or comprehensive loss in 2020 first half of 2026 was 12.2 million, compared to a comprehensive loss of 14.5 million in 2025.

Ashar Ashary: So that was a non-cash foreign exchange difference. So when you reverse those impacts out, our comprehensive income in H1 2026 was, or comprehensive loss in H1 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. Okay. On the cash flow side, we started the year with $19.3 million in cash. During the period, during H1 2026, we used about $11.8 million of cash in operations. This was down about from $16.8 million in H1 2025. Net financing inflows, as Fabrizio mentioned earlier, we did a private placement.

Ashar Ashary: So that was a non-cash foreign exchange difference. So when you reverse those impacts out, our comprehensive income in H1 2026 was, or comprehensive loss in H1 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. Okay. On the cash flow side, we started the year with $19.3 million in cash. During the period, during H1 2026, we used about $11.8 million of cash in operations. This was down about from $16.8 million in H1 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 30 June.

Speaker #1: Net financing nice financing inflows as Fabrizio mentioned earlier we did a private placement. We were we executed and realized 13.2 million dollars from the first tranche of that 27.3 million dollar private placement in before the end of the period on June 30th.

Speaker #1: We also want— we are also working towards achieving the first step of realizing the full value of Norsk Titanium by 2030, achieving a significant operating leverage and driving towards 30% EBITDA margin on sales.

Ashar Ashary: We ended the period with $19.6 million in cash, which represents, 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 30 June. 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 30 June.

Speaker #1: So we ended the we ended the period with 19.6 million dollars in cash. And which represents and well when you exclude the financing activities this represents a 2.1 million dollar monthly average cash burn rate.

Speaker #1: So how do we do that, and how is this possible? So first of all, we are really backed by very positive dynamics in our target markets.

Speaker #2: So this is an improvement of approximately 2.3 million dollars. Okay. On the cash flow side, we started the year with 19.3 million dollars in cash.

Speaker #1: Aerospace, defense, even semiconductor. So we are in markets that are pulling for our solutions, and they are working, and we— we are working with customers that are committed to bring our technology at the core of— of— of their industrial platforms as an enabler and as a solution to their bottlenecks.

Speaker #1: Which is down to about 2.0 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.

Speaker #2: During the period, during the first half of 2026, we used about 11.8 million dollars of cash in operations. This was down about from 16.8 million dollars in the first half of 2025.

Speaker #1: And anticipate the cash and anticipate cash burn and how and how we control it as we ramp up into higher volumes of sales. As I mentioned, cash balance ended at 19.6 million dollars as of June 30th.

Speaker #2: Net financial inflows, as Fabrizio mentioned earlier, we did a private placement. We executed and realized 13.2 million dollars from the first tranche of that 27.3 million dollar private placement in before the end of the period on June 30th.

Speaker #1: And this is a great place to be. So— but what are going to be the levers? So number one, obviously, volume growth. Okay. So we are— we need to bring home what I call needle movers in terms of development in aerospace, in defense, and we already have one in industrial markets.

Ashar Ashary: 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 30 June. So we ended the period with $19.6 million in cash, and 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 the 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 30 June.

Speaker #1: But we also wanted to give a reflection or at least reflect on the if we were able to complete the entire 27.3 million dollar private placement in this half of the year.

Speaker #2: So we ended the we ended the period with 19.6 million dollars in cash. And which represents and well, when you exclude the financing activities, this represents a 2.1 million dollar monthly average cash burn rate.

Ashar Ashary: So we ended the period with $19.6 million in cash, and 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 the 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 30 June. 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 H2, we would have had a pro forma cash balance of approximately $35 million if we were able to realize the entire proceeds by 30 June. Okay. Fabrizio, back to you.

Speaker #1: We would have had a pro forma cash balance of approximately 35 million million dollars. If we were able to realize the entire proceeds in by June 30th.

Speaker #1: Okay. If we— if we will be able to do that in the next two or three years, we are going to be in the position to break even in '28 and realize the first step of the full value capturing by 2030.

Ashar Ashary: Fabrizio, back to you.

Fabrizio Ponte: Yeah. Thank you, Ashar. Click the slide. Very good. We have the ambition to achieve a breakeven by 2028 with a 25% capacity utilization. We are also working towards achieving the first step of realizing the full value of Norsk Titanium by 2030, achieving a significant operating leverage, driving towards 30% EBITDA margin on sales. How do we do that, and how is this possible? First of all, we are really backed by very positive dynamics in our target markets, aerospace, defense, even semiconductor. We are in markets that are pulling for our solutions, and we are working with customers that are committed to bring our technology at the core of their industrial platforms as an enabler and as a solution to their bottlenecks. It is a great place to be. What are going to be the levers? Number one, obviously, volume growth.

Speaker #1: Okay. Fabrizio, back to you.

Speaker #2: Which is down to about 2.0 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.

Speaker #2: Yeah. Thank you, Asher. Just flip the slide. Very good. So we have the ambition to achieve a break even by 2028 with a 25% capacity utilization.

Speaker #1: Second, we need to make sure that we have the right revenue mix. We believe that the RPD ecosystem will— will support achieving the 30% revenue on sales.

Speaker #1: So this is a capex light business model, and we'll certainly boost our profitability going forward. And then last but not least, cost efficiency. Both on how we spend our cash, and I think we are making progress towards that rigorousness and being very, very cautious when we spend money, but also making sure that we remain or improve competitiveness of our technology.

Speaker #2: And anticipate the cash 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 dollars as of June 30th.

Speaker #2: We also want we are also working towards achieving the first step of realizing the full value of North Strathenium by 2030. Achieving a significant operating leverage driving towards 30% EBITDA margin on sales.

Speaker #2: But we also wanted to give a reflection or at least reflect on the if we were able to complete the entire 27.3 million dollar private placement in this half of the year, we would have had a pro forma cash balance of approximately 35 million dollars.

Ashar Ashary: 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 H2, we would have had a pro forma cash balance of approximately $35 million if we were able to realize the entire proceeds by 30 June. Okay. Fabrizio, back to you.

Speaker #1: So we believe that we have the right strategy and the right roadmap to execute on in order to achieve our 2028 ambitions and 2030 targets.

Speaker #2: So how do we do that and how is this possible? So first of all, we are really backed by very positive dynamics in our target markets.

Speaker #2: If we were able to realize the entire proceeds by June 30th. Okay. Fabrizio, back to you.

Speaker #2: Aerospace defense even semiconductor. So we are in markets that are pulling for our solutions. And they are working and we are working with customers that are committed to bring our technology at the core of their industrial platforms as an enabler and as a solution to their bottlenecks.

Speaker #1: Yeah. Thank you, Asher. Skip the slide. Very good. So we have the ambition to achieve a break-even by 2028 with a 25% capacity utilization.

Fabrizio Ponte: Yeah. Thank you, Ashar. Click the slide. Very good. So we have the ambition to achieve a breakeven by 2028 with a 25% capacity utilization. We are also working towards achieving the first step of realizing the full value of Norsk Titanium by 2030, achieving a significant operating leverage, driving towards 30% EBITDA margin on sales. So how do we do that, and how is this possible? First of all, we are really backed by very positive dynamics in our target markets, aerospace, defense, even semiconductor. So we are in markets that are pulling for our solutions, and we are working with customers that are committed to bring our technology at the core of their industrial platforms as an enabler and as a solution to that bottleneck. It is a great place to be. But what are going to be the levers? Number one, obviously, volume growth.

Speaker #1: All right. In summary, I hope you can see that, really, we are on a positive trend. We define a strategy with an associated roadmap.

Fabrizio Ponte: Okay, so we need to bring home what I call needle movers in terms of development in aerospace, in defense, and we already have one in industrial markets. Okay? If we will be able to do that in the next 2 or 3 years, we are going to be in the position to break even in 2028 and realize the first step of the full value capturing by 2030. Second, we need to make sure that we have the right revenue mix. We believe that the RPD ecosystem will support achieving the 30% revenue on sales. This is a CapEx-light business model, and will certainly boost our profitability going forward.

Speaker #1: We are now executing— trying to be as rigorous as possible with really a focus on customers and making sure that we— we execute the— the— the right way.

Speaker #2: And this is a great place to be. So but what are going to be the levers? So number one, obviously volume growth. Okay. So we are we need to bring home what I call needle movers in terms of development in aerospace in defense and we already have one in industrial markets.

Speaker #1: We also want we are also working towards achieving the first step of realizing the full value of North Titanium by 2030, achieving a significant operating leverage and driving towards 30% EBITDA margin on sales.

Speaker #1: We are very positive on— on the financial side, not— you know, we are— we are certainly showing the positive trends across the board, revenues, cash burn, and we were successful on the capital— on the capital raise.

Speaker #1: So how do we do that and how is this possible? So first of all, we are really backed by very positive dynamics in our target markets.

Speaker #2: Okay. If we if we will be able to do that in the next two or three years we are going to be in the position to break even in 28 and realize the first step of the full value capturing by 2030.

Speaker #1: Aerospace, defense, even semiconductor. So we are in markets that are pulling for our solutions and they are working and we are working with customers that are committed to bring our technology at the core of their industrial platforms as an enabler and as a solution to their bottlenecks.

Speaker #1: We remain committed to be very successful at— at one-hour core development, which is Airbus. We are— we are working across three different workstreams there.

Speaker #2: Second, we need to make sure that we have the right revenue mix. We believe that the RPD ecosystem will support achieving the 30% revenue on sales.

Fabrizio Ponte: Last but not least, cost efficiency, both on how we spend our capture, and I think we are making progress towards that, rigorousness and being very, very cautious when we spend money, but also making sure that we remain or improve competitiveness of our technology. We believe that we have the right strategy and the right roadmap to execute on in order to achieve our 2028 ambitions and the 2030 targets. All right. In summary, I hope you can see that really we are on a positive trend. We define a strategy with an associated roadmap. We are now executing, trying to be as rigorous as possible. We really focus on customers and making sure that we execute the right way. We are very positive on the financial side.

Speaker #1: Production order number three, placing our machine, and certainly supporting all the business that we already have which is— which is ramping. We don't stop there.

Speaker #2: So this is a capex light business model. And we'll certainly boost our profitability going forward. And then last but not least, cost efficiency. Both on how we spend our cash and I think we are making progress towards that rigorousness and being very very cautious when we spend money.

Speaker #1: And this is a great place to be. So but what are going to be the levers? So number one, obviously, volume growth. Okay. So we are we need to bring home what I call needle movers in terms of development in aerospace in defense and we already have one in industrial markets.

Speaker #1: We are working with EMs including Boeing, Safran, and other engine manufacturers. So very exciting there. Defense, it's a very exciting market and market dynamic.

Fabrizio Ponte: Okay, so we need to bring home what I call needle movers in terms of development in aerospace, in defense, and we already have one in industrial markets. Okay? If we will be able to do that in the next two or three years, we are going to be in the position to break even in 2028 and realize the first step of the full value capturing by 2030. Second, we need to make sure that we have the right revenue mix. We believe that the RPD ecosystem will support achieving the 30% revenue on sales. This is a CapEx-light business model, and will certainly boost our profitability going forward.

Speaker #2: But also making sure that we remain or improve competitiveness of our technology. So we believe that we have the right strategy and the right roadmap to execute on in order to achieve our 2028 ambitions and 2030 targets.

Speaker #1: Very strong pull. We are— we are advancing discussions with a number of primes we are working in order to define success in the next two or three months.

Speaker #1: Okay. If we if we will be able to do that in the next two or three years, we are going to be in the position to break even in 28 and realize the first step of the full value capture by 2030.

Speaker #1: This will be instrumental to our success. And then RPD machine, the RPD business model, the ecosystem, is also making progress. Okay. Placed the first machine and now we're going to expand from there, to— within Airbus, and with— with— with other OEMs.

Speaker #1: Second, we need to make sure that we have the right revenue mix. We believe that the RPD ecosystem will support achieving the 30% revenue on sales.

Speaker #2: All right. In summary, I hope you can see that really we are on a positive trend. We define a strategy with an associated roadmap.

Speaker #1: So small steps, small quick steps that will help us to achieve our targets in '28 and— and 2030. Thank you, and I hope this was informative.

Speaker #1: So this is a capex light business model. And we'll certainly boost our profitability going forward. And then last but not least, cost efficiency. Both on how we spend our cash and I think we are making progress towards that rigorousness and being very, very cautious when we spend money, but also making sure that we remain or improve competitiveness of our technology.

Speaker #2: We are now executing trying to be as rigorous as possible with really a focus on customers and making sure that we execute the right way.

Fabrizio Ponte: Last but not least, cost efficiency, both on how we spend our capture, and I think we are making progress towards that, rigorous mix, and being very cautious when we spend money, but also making sure that we remain or improve competitiveness of our technology. So we believe that we have the right strategy and the right roadmap to execute on in order to achieve our 2028 ambitions and 2030 targets. All right. In summary, I hope you can see that really we are on a positive trend. We define a strategy with an associated roadmap. We are now executing, trying to be as rigorous as possible. We are really focused on customers and making sure that we execute the right way. We are very positive on the financial side.

Speaker #1: Open to questions. Thank you.

Speaker #2: Thank you, Fabrizio. And Ashar, we have received a few questions, so let's start with the first question from Nicolas. When is it realistic to expect actual revenue from defense customers?

Fabrizio Ponte: We are certainly showing positive trends across the board, revenues, cash burn, and we were successful on the capital raise. We remain committed to be very successful at one of our core development, which is Airbus. We are working across 3 different work streams there, production order number 3, placing our machine, and certainly supporting all the business we already have, which is ramping. We do not stop here. We are working with a number of other Aero structural OEMs, including Boeing, Safran, and other engine manufacturers. Very exciting there. Defense, it is a very exciting market and market dynamic. Very strong pull. We are advancing discussions with a number of primes. We are working in order to define success in the next 2 or 3 months. This will be instrumental to our success. The RPD machine, the RPD business model, the ecosystem, is also making progress. Okay?

Speaker #2: We are very positive on the financial side. Not you know we are we are certainly showing the positive trends across the board. Revenues cash burn and we were successful on the capital on the capital raise.

Speaker #1: So we believe that we have the right strategy and the right roadmap to execute on in order to achieve our 2028 ambitions and 2030 targets.

Speaker #1: Okay. I— I'll— I'll— I'll take this one, Ashar. Okay. So first of all, we already have actual revenues from defense customers. Okay. So these are low-rate productions.

Speaker #2: We remain committed to be very successful at one or core development which is Airbus. We are we are working across three different workstreams there.

Speaker #1: So, you know, not really meaningful if you ask me. From— from— from the— from the— from the revenues that we need to achieve standpoint.

Speaker #1: All right. In summary, I hope you can see that really we are on a positive trend. We define a strategy with an associated roadmap.

Speaker #1: But still, you know, meaningful from the strategic standpoint. So we are already there. Now, we are working on— on large and important programs, okay, you know, if we win and depending on how big this is going to be, but this can happen very quickly.

Speaker #2: Production order number three placing our machine and certainly supporting all the business that we already have which is which is ramping. We don't stop there.

Speaker #1: We are now executing trying to be as rigorous as possible with really a focus on customers and making sure that we execute the right way.

Speaker #2: We are working with a number of other aerospacial OEMs including Boeing, Safran and other engine manufacturers. So very exciting there. Defense it's a very exciting market and market dynamic.

Speaker #1: Okay. So we are talking about in the next— to start to realize sales in the next six to twelve months. So this is going to go very, very fast, assuming we win and we win in a big— in a big way.

Speaker #1: We are very positive on the financial side not you know we are certainly showing the positive trends across the board. Revenues cash burn and we were successful on the capital on the capital raise.

Speaker #2: Very strong pull. We are we are advancing discussions with a number of primes we are working in order to define success in the next two or three months.

Fabrizio Ponte: We are certainly showing positive trends across the board, revenues, cash burn, and we were successful on the capital raise. We remain committed to be very successful at one of our core developments, which is Airbus. We are working across three different work streams there, production order number 3, placing our machine, and certainly supporting all the business we already have, which is ramping. We do not stop there. We are working with a number of other aerospace OEMs, including Boeing, Safran, and other engine manufacturers. Very exciting there. Defense, it is a very exciting market and market dynamic, very strong pull. We are advancing discussions with a number of primes. We are working in order to define success in the next 2 or 3 months. This will be instrumental to our success. The RPD machine, the RPD business model, the ecosystem, is also making progress.

Fabrizio Ponte: We are certainly showing positive trends across the board, revenues, cash burn, and we were successful on the capital raise. We remain committed to be very successful at one of our core developments, which is Airbus. We are working across three different work streams there, production order number 3, placing our machine, and certainly supporting all the business we already have, which is ramping. We do not stop there. We are working with a number of other aerospace OEMs, including Boeing, Safran, and other engine manufacturers. Very exciting there. Defense, it is a very exciting market and market dynamic, very strong pull.

Speaker #2: Thank you. And on that topic, another question from Marcus Gavelli. Are the potential contracts with the defense primes multi-year in nature or more of a short-term replenishment?

Fabrizio Ponte: placed the first machine, and now we are going to expand from there to within Airbus and with other OEMs. So small steps, small quick steps that will help us to achieve our targets in 2028 and 2030. Thank you, and I hope this was informative. Open to questions. Thank you.

Speaker #2: This will be instrumental to our success. And then RPD machine the RPD business model the ecosystem is also making progress. Okay. Place the first machine and now we're going to expand from there to within Airbus and with other OEMs.

Speaker #1: We remain committed to be very successful at one or a core development which is Airbus we are working across three different workstreams there production order number three placing our machine and certainly supporting all the business that we already have which is ramping.

Speaker #1: I think we are working on both— on both areas. So short-term replenishment, which— which— which would mean a two or three years of work, and then long-term on— on other areas.

Speaker #2: So small steps small quick steps that will help us to achieve our targets in 28 and 2030. Thank you and I hope this was informative.

Nicholas Mayer: Thank you, Fabrizio and Ashar. We have received a few questions, so let us start with the first question from Nicholas. When is it realistic to expect actual revenue from defense customers?

Operator: Thank you, Fabrizio and Ashar. We have received a few questions, so let us start with the first question from Nicholas. When is it realistic to expect actual revenue from defense customers?

Speaker #1: So we are working on both directions.

Speaker #1: We don't stop there. We are working with a number of other Aerostation OEMs including Boeing, Safran, and other engine manufacturers. So very exciting there.

Speaker #2: Next question also defense-related from Ulili. You have mentioned two Patriot-related programs, and previously indicated that you expected clarity on potential awards by early October.

Speaker #2: Open to questions. Thank you.

Speaker #1: Thank you Fabrizio and Ashar. We have received a few questions. So let's start with the first question from Nicolas. When is it realistic to expect actual revenue from defense customers?

Speaker #1: Defense it's a very exciting market and market dynamic. Very strong pull. We are advancing discussions with a number of primes we are working in order to define success in the next two or three months.

Fabrizio Ponte: Okay. I will take this one, Ashar. Okay, so first of all, we already have actual revenues from defense customers. Okay, so these are low-rate productions, so not really meaningful, if you ask me, from the revenues that we need to achieve standpoint, but still meaningful from the strategic standpoint. So we are already there. Now, we are working on large and important programs. Okay. If we win, and depending on how big this is going to be, but this can happen very quickly. Okay, so we are talking about to start to realize sales in the next 6 to 12 months. So this is going to go very, very fast, assuming we win, and we win in a big way.

Speaker #2: Has the timeline now shifted toward year-end for both programs? Or do they have different decision timelines? And beyond these two, are there additional Patriot-related opportunities currently progressing?

Fabrizio Ponte: We are advancing discussions with a number of primes. We are working in order to define success in the next 2 or 3 months. This will be instrumental to our success. The RPD machine, the RPD business model, the ecosystem, is also making progress. Placed the first machine, and now we are going to expand from there within Airbus and with other OEMs. Small quick steps that will help us to achieve our targets in 2028 and 2030. Thank you, and I hope this was informative. Open to questions. Thank you.

Speaker #2: Okay. I'll take this one Ashar. Okay. So first of all we already have actual revenues from defense customers. Okay. So these are low rate productions so you know not really meaningful if you ask me from the from the revenues that we need to achieve standpoint.

Speaker #1: This will be instrumental to our success. And then RPD machine the RPD business model the ecosystem is also making progress. Okay. Place the first machine and now we're going to expand from there to within Airbus and with other OEMs.

Speaker #1: So, you know, yeah, I mean, I think— I think the timeline has not changed; it can be October, it can be a little bit later than that.

Fabrizio Ponte: Placed the first machine, and now we are going to expand from there within Airbus and with other OEMs. Small quick steps that will help us to achieve our targets in 2028 and 2030. Thank you, and I hope this was informative. Open to questions. Thank you.

Speaker #1: Again, like aerospace, we try to influence the best of our abilities our customers. But, you know, we don't do a very good job at that.

Speaker #2: But still you know meaningful from the strategic standpoint. So we are already there. Now we are working on larger important programs okay you know if we win and depending on how big this is going to be but this can happen very quickly.

Speaker #1: So small steps small quick steps that will help us to achieve our targets in 28 and 2030. Thank you and I hope this was informative.

Speaker #1: I mean, it's at the end of the day, their decision-making is outside of our— of our control. What we can do is really to stay focused and help them make the decision.

Speaker #1: So I still believe that October is possible. For sure, by the end of the year, on one or two big programs, we will know.

Speaker #1: Open to questions. Thank you.

Speaker #2: Thank you, Fabrizio. And Ashar, we have received a few questions. So let's start with the first question from Nicholas. When is it realistic to expect actual revenue from defense customers?

[Company Representative] (Norsk Titanium): Thank you, Fabrizio and Ashar. We have received a few questions, so let us start with the first question from Nicholas. When is it realistic to expect actual revenue from defense customers?

Speaker #2: Okay. So we are talking about in the next to start to realize sales in the next six to twelve months. So this is going to go very very fast assuming we win and we win in a big in a big way.

Speaker #1: We're— we're— where we end up.

Nicholas Mayer: Thank you. On that topic, another question from Marcus Gavelli. Are the potential contracts with the defense primes multi-year in nature or more of a short-term replenishment?

Operator: Thank you. On that topic, another question from Marcus Gavelli. Are the potential contracts with the defense primes multi-year in nature or more of a short-term replenishment?

Speaker #2: Then another question from Ulili related to Airbus. You have said that there were several interesting discussions with Airbus over the summer. Is it fair to assume that the technical work is largely completed and that the dialogue is now increasingly focused on commercial turns and the path toward wave three?

Speaker #1: Okay. I'll take this one, Ashar. Okay. So first of all, we already have actual revenues from defense customers. Okay. So these are low rate productions.

Fabrizio Ponte: Okay. I will take this one, Ashar. First of all, we already have actual revenues from defense customers. These are low-rate productions, so not really meaningful if you ask me from the revenues that we need to achieve standpoint, but still, meaningful from the strategic standpoint. So we are already there. Now, we are working on large and important programs. If we win, and depending on how big this is going to be, but this can happen very quickly. We are talking about to start to realize sales in the next 6 to 12 months. This is going to go very, very fast, assuming we win, and we win in a big way.

Speaker #1: Thank you. And on that topic another question from Marcus Gavelli. Are the potential contracts with the defense primes multi-year in nature or more of a short-term replenishment?

Fabrizio Ponte: I think we are working on both areas. Short-term replenishment, which would mean 2 or 3 years of work, and then long-term in other areas. We are working on both directions.

Speaker #1: So you know not really meaningful if you ask me from the revenues that we need to achieve standpoint. But still you know meaningful from the strategic standpoint.

Speaker #2: Do you feel Airbus is investing more time and resources in the process than before, potentially allowing wave three to materialize relatively quickly?

Speaker #2: I think we are working on both on both areas. So short-term replenishment which would mean a two or three years of work and then long-term on other areas.

Nicholas Mayer: Next question, also defense-related from Olille. You have mentioned two Patriot-related programs and previously indicated that you expected clarity on potential awards by early October. Has the timeline now shifted toward year-end for both programs, or do they have different decision timelines? Beyond these two, are there additional Patriot-related opportunities currently progressing?

Operator: Next question, also defense-related from Olille. You have mentioned two Patriot-related programs and previously indicated that you expected clarity on potential awards by early October. Has the timeline now shifted toward year-end for both programs, or do they have different decision timelines? Beyond these two, are there additional Patriot-related opportunities currently progressing?

Speaker #1: So we are already there. Now we are working on larger important programs okay you know if we win and depending on how big this is going to be but this can happen very quickly.

Speaker #1: It— it is a fact that Airbus is engaged heavily across the board. So manufacturing procurement, it— it at this point, even program. So that's a fact.

Speaker #2: So we are working on both directions.

Speaker #1: Next question also defense related from Ulili. You have mentioned two Patriot related programs and previously indicated that you expected clarity on potential awards by early October.

Speaker #1: Okay. So we are talking about in the next to start to realize sales in the next six to twelve months. So this is going to go very very fast assuming we win and we win in a big in a big way.

Speaker #1: Over the summer, we had a very busy summer. I even had to fly back from my own vacation. So it's— this is a testament that things are moving faster.

Speaker #1: Has the timeline now shifted toward year end for both programs or do they have different decision timelines? And beyond these two are there additional Patriot related opportunities currently progressing?

Fabrizio Ponte: Yeah. I think the timeline has not changed. It can be October, it can be a little bit later than that. Again, like aerospace, we try to influence, to the best of our abilities, our customers, but we do not do a very good job at that. At the end of the day, their decision-making is outside of our control. What we can do is really to stay focused and help them make the decision. I still believe that October is possible. For sure by the end of the year, on one or two big programs, we will know where we end up.

Speaker #1: There is full engagement and commitment to make— to insource additive manufacturing and the— the within their industry— — industrialization process. This is certainly going to help— this is helping today.

Speaker #2: Thank you. And on that topic another question from Marcus Cavelli. Are the potential contracts with the defense primes multi-year in nature or more of a short-term replenishment?

[Company Representative] (Norsk Titanium): Thank you. On that topic, another question from Marcus Gavelli. Are the potential contracts with the defense primes multi-year in nature or more of a short-term replenishment?

Operator: Thank you. On that topic, another question from Marcus Gavelli. Are the potential contracts with the defense primes multi-year in nature or more of a short-term replenishment?

Speaker #2: So you know yeah I mean I think the timeline has not changed it can be October it can be a little bit later than that.

Speaker #1: Our discussion on wave three, which— which are— as I said, very active. They've been very active over the summer. They're still active as— as I speak.

Speaker #2: Again like aerospace we try to influence at the best of our abilities our customers but you know we don't do a very good job at that.

Speaker #1: I think we are working on both on both areas. So short-term replenishment which would mean a two or three years of work and then long-term on other areas.

Fabrizio Ponte: I think we are working on both areas. So short-term replenishment, which would mean 2 or 3 years of work, and then long-term in other areas. We are working on both directions.

Speaker #1: So things are— are— are certainly in a positive dynamic.

Speaker #2: I mean at the end of the day their decision making is outside of our control. What we can do is really to stay focused and help them make the decision.

Speaker #2: A question from Sara Kay. Any news on the Boeing relationship? Can you give some color on the current development work with them?

Speaker #1: So we are working on both directions.

Speaker #2: Next question also defense related from Ulili. You have mentioned two Patriot related programs and previously indicated that you expected clarity on potential awards by early October.

[Company Representative] (Norsk Titanium): Next question, also defense-related from Olille. You have mentioned two Patriot-related programs and previously indicated that you expected clarity on potential awards by early October. Has the timeline now shifted toward year-end for both programs, or do they have different decision timelines? Beyond these two, are there additional Patriot-related opportunities currently progressing?

Speaker #2: So I still believe that October is possible. For sure by the end of the year on one or two big programs we will know.

Nicholas Mayer: Then another question from Olille related to Airbus. You have said that there were several interesting discussions with Airbus over the summer. Is it fair to assume that the technical work is largely completed and that the dialogue is now increasingly focused on commercial terms and the path toward Wave 3? Do you feel Airbus is investing more time and resources in the process than before, potentially allowing Wave 3 to materialize relatively quickly?

Operator: Then another question from Olille related to Airbus. You have said that there were several interesting discussions with Airbus over the summer. Is it fair to assume that the technical work is largely completed and that the dialogue is now increasingly focused on commercial terms and the path toward Wave 3? Do you feel Airbus is investing more time and resources in the process than before, potentially allowing Wave 3 to materialize relatively quickly?

Speaker #1: Yeah. I mean, we— we have multiple exchanges with Boeing. You can see that Boeing is a big part of our development revenues. For the first half, so it's actually a very large part of that.

Speaker #2: Where we end up.

Speaker #1: Then another question from Ulili related to Airbus. You have said that there were several interesting discussions with Airbus over the summer. Is it fair to assume that the technical work is largely completed and that the dialogue is now increasingly focused on commercial turns and the path toward wave three?

Speaker #2: Has the timeline now shifted toward year end for both programs or do they have different decision timelines and beyond these two are there additional Patriot related opportunities currently progressing?

Speaker #1: So, of course, you can see that the discussion with them continue. We are still working in order to make sure that we have the same type of discussion that we are having with the other OEMs.

Speaker #1: So you know yeah I mean I think the timeline has not changed it can be October it can be a little bit later than that.

Fabrizio Ponte: Yeah. I think the timeline has not changed. It can be October, it can be a little bit later than that. Again, like aerospace, we try to influence to the best of our abilities our customers, but we do not do a very good job at that. At the end of the day, their decision-making is outside of our control. What we can do is really to stay focused and help them make the decision. So I still believe that October is possible. For sure by the end of the year, on one or two big programs, we will know where we end up.

Speaker #1: You know, I— I would say that with Airbus, we are certainly much more advanced, but we are working very hard to do the same, with Boeing.

Speaker #1: Do you feel Airbus is investing more time and resources in the process than before potentially allowing wave three to materialize relatively quickly?

Speaker #1: Again like aerospace we try to influence the best of our abilities our customers but you know we don't do a very good job at that.

Fabrizio Ponte: It is a factor that Airbus is engaged heavily across the board, so manufacturing, procurement, at this point, even a program. So that's a factor. We had a very busy summer. I even had to fly back from my own vacation. So it is a testament that things are moving faster. There is full engagement and commitment to insource additive manufacturing and within their industrialization process. This is helping today, our discussion on Wave 3, which are, as I said, very active. They've been very active over the summer. They are still active as I speak. So things are certainly in a positive dynamic.

Speaker #2: A question from Jeffer Bordset in Arctic. The first RPD machine at Airbus Virel is targeted for commissioning in Q3, 2026, and is described as a blueprint for further deployments.

Speaker #1: I mean it's at the end of the day their decision making is outside of our control. What we can do is really to stay focused and help them make the decision.

Speaker #2: It is a fact that Airbus is engaged heavily across the board. So manufacturing procurement at this point even program. So that's a fact. Over the we had a very busy summer.

Speaker #1: So I still believe that October is possible. For sure by the end of the year on one or two big programs we will know.

Speaker #2: What are the economics for Norsk Titanium from these machine deployments? And when could we realistically see a second or third OEM deployment?

Speaker #2: I even had to fly back from my own vacation so it's this is a testament that things are moving faster there is full engagement and commitment to make to insource additive manufacturing and the within their industrialization process.

Speaker #1: Where we end up.

Speaker #1: Yeah. So I— I— I think at this point, Airbus is covering all the cost of— of the deployment at— at the— on their premises.

[Company Representative] (Norsk Titanium): Then another question from Olille related to Airbus. You have said that there were several interesting discussions with Airbus over the summer. Is it fair to assume that the technical work is largely completed and that the dialogue is now increasingly focused on commercial terms and the path toward Wave 3? Do you feel Airbus is investing more time and resources in the process than before, potentially allowing Wave 3 to materialize relatively quickly?

Speaker #1: So they are covering all that. We are working in order to define a business model to go beyond that one machine and Airbus and just Airbus.

Speaker #2: This is certainly going to help this is helping today our discussion on wave three which are as I said very active. They've been very active over the summer.

Speaker #1: So we'll— we are going to complete the business model before the end of— of the year. And then we're going to start execution. Because that's an integral part of our results by 2028 and 2030.

Speaker #2: Do you feel Airbus is investing more time and resources in the process than before potentially allowing wave three to materialize relatively quickly?

Nicholas Mayer: A question from Sarah K. Any news on the Boeing relationship? Can you give some color on the current development work with them?

Operator: A question from Sarah K. Any news on the Boeing relationship? Can you give some color on the current development work with them?

Speaker #2: They are still active as I speak. So things are certainly in a positive dynamic.

Speaker #1: I don't know, Asher, if you want to add anything on the economic— economic model, but at this point, I would not do that.

Fabrizio Ponte: Well, we have multiple exchanges with Boeing. You can see that Boeing is a big part of our development revenues for the H1. So it's usually a very large part of that. Of course, you can see that the discussion with them continue. We are still working in order to make sure that we have the same type of discussion that we are having with the other OEMs. I would say that with Airbus, we are certainly much more advanced, but we are working very hard to do the same with Boeing.

Fabrizio Ponte: It is a factor that Airbus is engaged heavily across the board, so manufacturing, procurement, at this point, even a program. So that's a factor. We had a very busy summer. I even had to fly back from my own vacation. So it is a testament that things are moving faster. There is full engagement and commitment to insource additive manufacturing within their industrialization process. This is helping today our discussion on Wave 3, which are, as I said, very active. They've been very active over the summer. They are still active as I speak. So things are certainly in a positive dynamic.

Speaker #1: It is a fact that Airbus is engaged heavily across the board. So manufacturing procurement at this point even program. So that's a fact. Over the we had a very busy summer.

Speaker #1: A question from Sarah Kate. Any news on the Boeing relationship? Can you give some color on the current development work with them?

Speaker #3: Yeah. I mean, I think— I think as— as Fabrizio mentioned, we are still ironing out how— how— how we implement and what kind of revenues we can monetize with this.

Speaker #2: Yeah. I mean we have multiple exchanges with Boeing. You can see that Boeing is a big part of our development revenues for the first half.

Speaker #3: And, you know, this platform with Airbus gives us a very good— very good and reliable case in the real world. So we're still working through it and— and we will report back as— as we mature— mature this business case.

Speaker #1: I even had to fly back from my own vacation. So it's this is a testament that things are moving faster there is full engagement and commitment to make to insource additive manufacturing and the within their industrialization process.

Speaker #2: So it's actually a very large part of that. So of course you can see that the discussion with them continue. We are still working in order to make sure that we have the same type of discussion that we are having with the other OEMs.

Speaker #2: Another question from Marcus Gavelli. Looking at the current scope of opportunities across sectors, could you try to rank them in terms of gross margin?

Nicholas Mayer: A question from Jesper Bordal in Arctic. The first RPD machine at Airbus Varel is targeted for commissioning in Q3 2026 and is described as a blueprint for further deployments. What are the economics for Norsk Titanium from these machine deployments, and when could we realistically see a second or third OEM deployment?

Operator: A question from Jesper Bordal in Arctic. The first RPD machine at Airbus Varel is targeted for commissioning in Q3 2026 and is described as a blueprint for further deployments. What are the economics for Norsk Titanium from these machine deployments, and when could we realistically see a second or third OEM deployment?

Speaker #1: This is certainly going to help this is helping today our discussion on wave three which are as I said very active. They've been very active over the summer.

Speaker #2: You know I would say that with Airbus we are certainly much more advanced but we are working very hard to do the same. With Boeing.

Speaker #1: Okay.

Speaker #3: Across sectors. You know, it's— it's at this point, obviously, they're— they're— these are opportunities that we're looking at. Clearly, the serial production parts that we have in serial production today are not the best parts for— other than a few of them, for our process.

Speaker #1: They are still active as I speak. So things are certainly in a positive dynamic.

Speaker #1: A question from Jeffer Bordset in Arctic. The first RPD machine at Airbus Varel is targeted for commissioning in Q3 2026 and is described as a blueprint for further deployments.

Speaker #2: A question from Sarah Kate. Any news on the Boeing relationship? Can you give some color on the current development work with them?

[Company Representative] (Norsk Titanium): A question from Sarah K. Any news on the Boeing relationship? Can you give some color on the current development work with them?

Operator: A question from Sarah K. Any news on the Boeing relationship? Can you give some color on the current development work with them?

Fabrizio Ponte: Yeah. I think at this point, Airbus is covering all the cost of the deployment on their premises. They are covering all that. We are working in order to define a business model to go beyond that one machine in Airbus and just Airbus. We are going to complete the business model before the end of the year, and then we are going to start execution, because that is an integral part of our results by 2028 and 2030. I do not know, Ashar, if you want to add anything on the economy model, but at this point, I would not do that.

Speaker #1: What are the economics for North Stratanium from these machine deployments and when could we realistically see a second or third OEM deployment?

Speaker #3: So as we look forward and look at the pipeline that we have, you know, in the prev— in previously, we've talked about having going from a 30% contribution margin where we are today towards a 50% contribution margin.

Speaker #1: Yeah. I mean we have multiple exchange with Boeing. You can see that Boeing is a big part of our development revenues for the first half.

Fabrizio Ponte: We have multiple exchanges with Boeing. You can see that Boeing is a big part of our development revenues for the H1. So it is usually a very large part of that. Of course, you can see that the discussion with them continue. We are still working in order to make sure that we have the same type of discussion that we are having with the other OEMs. I would say that with Airbus, we are certainly much more advanced, but we are working very hard to do the same with Boeing.

Fabrizio Ponte: Yeah. We have multiple exchanges with Boeing. You can see that Boeing is a big part of our development revenues for the H1. So it is usually a very large part of that. Of course, you can see that the discussion with them continue. We are still working in order to make sure that we have the same type of discussion that we are having with the other OEMs. I would say that with Airbus, we are certainly much more advanced, but we are working very hard to do the same with Boeing.

Speaker #2: Yeah. So I think at this point Airbus is covering all the cost of the deployment on their premises. So they are covering all that.

Speaker #3: And those are the unit economics and cost efficiencies that— that— that— that we need to realize. So I— I— I hesitate to rank the opportunities because they vary, right?

Speaker #1: So it's actually a very large part of that. So of course you can see that the discussion with them continue. We are still working in order to make sure that we have the same type of discussion that we are having with the other OEMs.

Speaker #3: In defense, you know, we— we're looking at some opportunities that are very— very— very profitable. And— and high volume, just given the nature of those— of those parts.

Speaker #2: We are working in order to define a business model to go beyond that one machine and Airbus and just Airbus. So we are going to complete the business model before the end of the year.

Speaker #1: You know I would say that with Airbus we are certainly much more advanced but we are working very hard to do the same. With Boeing.

Speaker #3: And Airbus— and aerospace, sorry, rather, they're also, you know, very profitable parts there too. It's— it's basically just moving from where we are today and where we need to get to.

Speaker #2: A question from Jeffer Bordset in Arctic. The first RPD machine at Airbus Borrell is targeted for commissioning in Q3 2026 and is described as a blueprint for further deployments.

[Company Representative] (Norsk Titanium): A question from Jeppe Baardseth in Arctic. The first RPD machine at Airbus, Varel, is targeted for commissioning in Q3 2026 and is described as a blueprint for further deployments. What are the economics for Norsk Titanium from these machine deployments, and when could we realistically see a second or third OEM deployment?

Operator: A question from Jeppe Baardseth in Arctic. The first RPD machine at Airbus, Varel, is targeted for commissioning in Q3 2026 and is described as a blueprint for further deployments. What are the economics for Norsk Titanium from these machine deployments, and when could we realistically see a second or third OEM deployment?

Speaker #2: And then we're going to start execution because that's an integral part of our results by 2028 and 2030. I don't know Asher if you want to add anything on the economic model but at this point I would not do that.

Ashar Ashary: Yeah. I think as Fabrizio mentioned, we are still ironing out how we implement and what kind of revenues we can monetize with this. This platform with Airbus gives us a very good and reliable case in the real world. We are still working through it, and we will report back as we mature this business case.

Speaker #3: So I hesitate to provide a, you know, a— a distinct answer on the rankings. Because at— I— we want to provide ground this in the credibility as we transition these parts into— into production.

Speaker #1: Yeah. I mean I think as Fabrizio mentioned we are still ironing out how we implement and what kind of revenues we can monetize with this.

Speaker #2: What are the economics for Norse Titanium from these machine deployments and when could we realistically see a second or third OEM deployment?

Speaker #2: Okay. We have time for two more questions. The base case targets a ramp-up towards 75 million in sales by 2028. What full-time employee count do you need to be able to deliver on your base case?

Speaker #1: And you know this platform with Airbus gives us a very good and reliable case in the real world. So we're still working through it and we will report back as we mature this business case.

Speaker #1: Yeah. So I think at this point Airbus is covering all the cost of the deployment on their premises. So they are covering all that.

Nicholas Mayer: Another question from Marcus Gavelli. Looking at the current scope of opportunities across sectors, could you try to rank them in terms of gross margin?

Operator: Another question from Marcus Gavelli. Looking at the current scope of opportunities across sectors, could you try to rank them in terms of gross margin?

Fabrizio Ponte: Yeah. So I think at this point, Airbus is covering all the cost of the deployment on their premises. They are covering all that. We are working in order to define a business model to go beyond that one machine in Airbus and just Airbus. We are going to complete the business model before the end of the year, and then we are going to start execution, because that is an integral part of our results by 2028 and 2030. I do not know, Ashar, if you want to add anything on the economic model, but at this point, I would not do that.

Speaker #2: And when do you need begins scaling the organization to be ready?

Speaker #1: Another question from Marcus Gavelli. Looking at the current scope of opportunities across sectors could you try to rank them in terms of gross margin?

Speaker #1: We are working in order to define a business model to go beyond that one machine and Airbus and just Airbus. So we are going to complete the business model before the end of the year.

Ashar Ashary: Across sectors. At this point, obviously, these are opportunities that we are looking at. Clearly, the serial production parts that we have in serial production today are not the best parts, other than a few of them, for our process. As we look forward and look at the pipeline that we have, and previously we have talked about going from a 30% contribution margin where we are today, towards a 50% contribution margin, and those are the unit economics and cost efficiencies that we need to realize. I hesitate to rank the opportunities because they vary. In defense, we are looking at some opportunities that are very profitable and high volume, just given the nature of those parts. In aerospace, there are also very profitable parts there, too. It is basically just moving from where we are today and to where we need to get to.

Speaker #1: I— Asher, you want to answer that one?

Speaker #3: Yeah. So to— you know, as— as we have said in the past, where we are today in terms of the operating leverage of the business, that's— that— that— that can serve— that can service us to— to— to break even.

Speaker #2: Okay.

Speaker #1: Across sectors. You know it's at this point obviously these are opportunities that we're looking at. Clearly the serial production parts that we have in serial production today are not the best parts for other than a few of them.

Speaker #1: And then we're going to start execution because that's an integral part of our results by 2028 and 2030. I don't know Asher if you want to add anything on the economic model but at this point I would not do that.

Speaker #3: For the most part, obviously, there will be some incremental increases— increases required from here. So not— not significant from where we are today. From a variable perspective, obviously, that's where we're going to focus a lot of our hiring, is as we scale up into 2028 and— and— and we— we— we internally like to think of 2020— towards 2028 as a break even.

Speaker #2: Yeah. I mean I think as Fabrizio mentioned we are still ironing out how we implement and what kind of revenues we can monetize with this.

Ashar Ashary: Yeah. I think as Fabrizio mentioned, we are still ironing out how we implement and what kind of revenues we can monetize with this. This platform with Airbus gives us a very good and reliable case in the real world. So we are still working through it, and we will report back as we mature this business case.

Speaker #1: For our process. So as we look forward and look at the pipeline that we have you know in the previously we've talked about having going from a 30% contribution margin where we are today towards a 50% contribution margin and those are the unit economics and cost efficiencies that we need to realize.

Speaker #2: And you know this platform with Airbus gives us a very good very good and reliable case in the real world. So we're still working through it and we will report back as we mature this business case.

Speaker #3: Obviously, and we— and we start planning around that. So our main focus is going to be bringing on— bringing on the direct labor side of the business.

Speaker #1: So I hesitate to rank the opportunities because they vary right. In defense you know we're looking at some opportunities that are very profitable and high volume.

Speaker #2: Another question from Marcus Cavelli. Looking at the current scope of opportunities across sectors could you try to rank them in terms of gross margin?

[Company Representative] (Norsk Titanium): Another question from Marcus Gavelli. Looking at the current scope of opportunities across sectors, could you try to rank them in terms of gross margin?

Operator: Another question from Marcus Gavelli. Looking at the current scope of opportunities across sectors, could you try to rank them in terms of gross margin?

Speaker #3: And that direct labor side— side of the business will scale as we scale— scale production. There are several factors that go into that. You know, we've— we've talked about in the past having— right now, we're almost at 2 to 1 operators per machine.

Speaker #1: Just given the nature of those parts and Airbus and aerospace sorry rather there are also you know very profitable parts there too. It's basically just moving from where we are today and where we need to get to.

Ashar Ashary: I hesitate to provide a distinct answer on the rankings, because we want to provide grounded in the credibility as we transition these parts into production.

Speaker #1: Okay.

Ashar Ashary: Across sectors. At this point, obviously, these are opportunities that we are looking at. Clearly, the parts that we have in serial production today are not the best parts, other than a few of them, for our process. As we look forward and look at the pipeline that we have, and previously we talked about going from a 30% contribution margin where we are today, towards a 50% contribution margin, and those are the unit economics and cost efficiencies that we need to realize. I hesitate to rank the opportunities because they vary, right? In defense, we are looking at some opportunities that are very profitable and high volume, just given the nature of those parts. In aerospace, there are also very profitable parts there, too. It is basically just moving from where we are today and where we need to get to.

Speaker #2: Across sectors. You know it's at this point obviously these are opportunities that we're looking at. Clearly the serial production parts that we have in serial production today are not the best parts for other than a few of them.

Speaker #3: And now we're moving towards 4 to 1 operators per machine. So as we mature this technology, we— we— we grow into that— into that 2028 number.

Speaker #1: So I hesitate to provide you know a distinct answer on the rankings because we want to provide ground this in the credibility as we transition these parts into production.

Speaker #3: And within that number, when— when I talk about the contribution margin and the unit— unit economics improving, it's due to these types of efficiencies that we're trying to realize.

Nicholas Mayer: Okay. We have time for two more questions. The base case targets a ramp up towards $75 million in sales by 2028. What full-time employee count do you need to be able to deliver on your base case, and when do you need begin scaling the organization to be ready?

Operator: Okay. We have time for two more questions. The base case targets a ramp up towards $75 million in sales by 2028. What full-time employee count do you need to be able to deliver on your base case, and when do you need begin scaling the organization to be ready?

Speaker #2: For our process. So as we look forward and look at the pipeline that we have you know in the previously we've talked about having going from a 30% contribution margin where we are today towards a 50% contribution margin and those are the unit economics and cost efficiencies that we need to realize.

Speaker #3: So I would say majority of the 2028 staff is in place. And then we're just going to have incremental direct labor input or increases as we ramp into 2028.

Speaker #1: Okay. We have time for two more questions. The base case targets a ramp up towards 75 million in sales by 2028. What full-time employee count do you need to be able to deliver on your base case and when do you need begins scaling the organization to be ready?

Speaker #2: Thank you. This will then be our final question before we wrap up today's Q&A. Are you financed through cash break even?

Fabrizio Ponte: Ashar, do you want to answer that one?

Speaker #2: So I hesitate to rank the opportunities because they vary right. In defense you know we're looking at some opportunities that are very profitable and high volume.

Ashar Ashary: Yeah. As we have said in the past, where we are today in terms of the operating leverage of the business, that can service us to break even for the most part. Obviously, there will be some incremental increases required from here, so not significant from where we are today. From a variable perspective, obviously, that's where we're going to focus a lot of our hiring is as we scale up into 2028, and we internally like to think of towards 2028 as a break even, obviously. And we start planning around that. Our main focus is going to be bringing on the direct labor side of the business. And that direct labor side of the business will scale as we scale production. There are several factors that go into that.

Ashar Ashary: In defense, we are looking at some opportunities that are very profitable and high volume, just given the nature of those parts. In aerospace, there are also very profitable parts there, too. It is basically just moving from where we are today and where we need to get to. I hesitate to provide a distinct answer on the rankings because we want to provide grounded in the credibility as we transition these parts into production.

Speaker #3: Yeah. And I think we've been clear in— in— in— in— in June and— and our May discussions as well. You know, the capital we raised is— gives— puts us in a very strong balance sheet position.

Speaker #2: Asher you want to answer that one?

Speaker #1: Yeah. So you know as we have said in the past where we are today in terms of the operating leverage of the business that's that can serve that can service us to break even for the most part.

Speaker #2: Just given the nature of those parts and Airbus and aerospace sorry rather there are also you know very profitable parts there too. It's basically just moving from where we are today and where we need to get to.

Speaker #3: We haven't— you know, we— we continue to look at multiple sources of— of capital. To— in terms of, you know, getting debt financing and— and— and— and other financing.

Speaker #2: So I hesitate to provide you know a distinct answer on the rankings because we want to provide ground this in the credibility as we transition these parts into production.

Ashar Ashary: I hesitate to provide a distinct answer on the rankings because we want to provide grounded in the credibility as we transition these parts into production.

Speaker #1: Obviously there will be some incremental increases required from here. So not significant from where we are today. From a variable perspective obviously that's where we're going to focus a lot of our hiring is as we scale up into 2028 and we internally like to think of 20 towards 2028 as a break even.

Speaker #3: It— it— it all depends on the upside, right? I— I will not— I will today not say that we're fully funded to break even.

Speaker #2: Okay. We have time for two more questions. The base case targets a ramp up towards 75 million in sales by 2028. What full-time employee count do you need to be able to deliver on your base case and when do you need begins scaling the organization to be ready?

[Company Representative] (Norsk Titanium): Okay. We have time for 2 more questions. The base case targets a ramp-up towards $75 million in sales by 2028. What full-time employee count do you need to be able to deliver on your base case, and when do you need to begin scaling the organization to be ready?

Operator: Okay. We have time for 2 more questions. The base case targets a ramp-up towards $75 million in sales by 2028. What full-time employee count do you need to be able to deliver on your base case, and when do you need to begin scaling the organization to be ready?

Speaker #3: But if the upsides come— come through, then we are. So there is— there is room— maneuverability room for us. And obviously, we will— we will look at non-dilutive resource— sources of capital as we ramp into 2028.

Speaker #1: Obviously and we start planning around that. So our main focus is going to be bringing on the direct labor side of the business and that direct labor side of the business will scale as we scale production.

Speaker #3: And, you know, those— those orders will give us the ability to diversify our financing resources.

Ashar Ashary: We have talked about in the past having, right now, we are almost at 2 to 1 operators per machine, and now we are moving towards 4 to 1 operators per machine. As we mature this technology, we grow into that 2028 number. Within that number, when I talk about the contribution margin and the unit economics improving, it is due to these types of efficiencies that we are trying to realize. I would say majority of the 2028 staff is in place, and then we are just going to have incremental direct labor input or increases as we ramp into 2028.

Speaker #2: Thank you. So with that, we conclude today's presentation of Norsk Titanium's first half 2026 results. And if we did not get your question, please feel free to— to send it to Ashar by— by email.

Fabrizio Ponte: Ashar, you want to answer that one?

Speaker #1: Asher you want to answer that one?

Speaker #1: There are several factors that go into that. You know we've talked about in the past having right now we're almost at two to one operators per machine and now we're moving towards four to one operators per machine.

Speaker #2: Yeah. So you know as we have said in the past where we are today in terms of the operating leverage of the business that's that can service us to break even.

Ashar Ashary: Yeah. As we have said in the past, where we are today in terms of the operating leverage of the business, that can service us to break even for the most part. Obviously, there will be some incremental increases required from here, so not significant from where we are today. From a variable perspective, obviously, that is where we are going to focus a lot of our hiring as we scale up into 2028, and we internally like to think of towards 2028 as a break-even, obviously. We start planning around that. Our main focus is going to be bringing on the direct labor side of the business, and that direct labor side of the business will scale as we scale production. There are several factors that go into that.

Speaker #1: So as we mature this technology we grow into that 2028 number. And within that number when I talk about the contribution margin and the unit economics improving it's due to these types of efficiencies that we're trying to realize.

Speaker #2: So thank you all for joining. And have a good day.

Speaker #2: For the most part obviously there will be some incremental increases required from here. So not significant from where we are today. From a variable perspective obviously that's where we're going to focus a lot of our hiring is as we scale up into 2028 and we internally like to think of 2028 as a break even.

Speaker #1: Thank you.

Speaker #1: So I would say majority of the 2028 staff is in place and then we're just going to have incremental direct labor input or increases as we ramp into 2028.

Nicholas Mayer: Thank you. This will then be our final question before we wrap up today's Q&A. Are you financed till cash break even?

Operator: Thank you. This will then be our final question before we wrap up today's Q&A. Are you financed till cash break even?

Speaker #2: Obviously and we start planning around that. So our main focus is going to be bringing on the direct labor side of the business and that direct labor side of the business will scale as we scale production.

Speaker #1: Thank you. This will then be our final question before we wrap up today's Q&A. Are you financed through cash break even?

Ashar Ashary: Yeah, I think we have been clear in June and our May discussions as well. The capital we raised puts us in a very strong balance sheet position. We continue to look at multiple sources of capital in terms of getting debt financing and other financing. It all depends on the upside. I will today not say that we are fully funded to break even, but if the upsides come through, then we are. There is maneuverability room for us, and obviously, we will look at non-dilutive sources of capital as we ramp into 2028. Those orders would give us the ability to diversify our financing resources.

Speaker #2: Yeah. And I think we've been clear in June and our May discussions as well. You know the capital we raised is puts us in a very strong balance sheet position.

Speaker #2: There are several factors that go into that. You know we've talked about in the past having right now we're almost at two to one operators per machine and now we're moving towards four to one operators per machine.

Ashar Ashary: We have talked about in the past having, right now, we are almost at two to one operators per machine, and now we are moving towards four to one operators per machine. As we mature this technology, we grow into that 2028 number. Within that number, when I talk about the contribution margin and the unit economics improving, it is due to these types of efficiencies that we are trying to realize. I would say majority of the 2028 staff is in place, and then we are just going to have incremental direct labor input or increases as we ramp into 2028.

Speaker #2: We haven't you know we continue to look at multiple sources of capital to in terms of you know getting debt financing and other financing.

Speaker #2: So as we mature this technology we grow into that 2028 number. And within that number when I talk about the contribution margin and the unit economics improving it's due to these types of efficiencies that we're trying to realize.

Speaker #2: It all depends on the upside right. I will not I will today not say that we're fully funded to break even but if the upside come through then we are.

Speaker #2: So I would say majority of the 2028 staff is in place and then we're just going to have incremental direct labor input or increases.

Speaker #2: So there is maneuverability room for us. And obviously we will look at non-dilutive sources of capital as we ramp into 2028. And you know those orders will give us the ability to diversify our financing resources.

Speaker #2: As we ramp into 2028. Thank you. This will then be our final question before we wrap up today's Q&A. Are you financed through cash break even?

Nicholas Mayer: Thank you. With that, we conclude today's presentation of Norsk Titanium H1 2026 results. If we did not get your question, please feel free to send it to Ashar by email. Thank you all for joining and have a good day.

Operator: Thank you. With that, we conclude today's presentation of Norsk Titanium H1 2026 results. If we did not get your question, please feel free to send it to Ashar by email. Thank you all for joining and have a good day.

[Company Representative] (Norsk Titanium): Thank you. This will then be our final question before we wrap up today's Q&A. Are you financed till cash break-even?

Operator: Thank you. This will then be our final question before we wrap up today's Q&A. Are you financed till cash break-even?

Speaker #1: Thank you. So with that we conclude today's presentation of North Titanium's first half 2026 results. And if we did not get your question please feel free to send it to Ashar by email.

Speaker #1: Yeah. And I think we've been clear in June and our May discussions as well. You know the capital we raised is puts us in a very strong balance sheet position.

Ashar Ashary: Yeah, and I think we have been clear in June and our May discussions as well. The capital we raised puts us in a very strong balance sheet position. We continue to look at multiple sources of capital in terms of getting debt financing and other financing. It all depends on the upside, right? I will today not say that we are fully funded to break even, but if the upsides come through, then we are. There is maneuverability room for us, and obviously we will look at non-dilutive sources of capital as we ramp into 2028. Those orders would give us the ability to diversify our financing resources.

Ashar Ashary: Thank you.

Fabrizio Ponte: Thank you.

Nicholas Mayer: Thank you.

Ashar Ashary: Thank you.

Speaker #1: We haven't you know we continue to look at multiple sources of capital to in terms of you know getting debt financing and other financing.

Speaker #1: It all depends on the upside right. I will not I will today not say that we're fully funded to break even but if the upsides come through then we are.

Speaker #1: So there is maneuverability room for us. And obviously we will look at non-dilutive sources of capital as we ramp into 2028. And you know those orders will give us the ability to diversify our financing resources.

Speaker #2: Thank you. So with that we conclude today's presentation of Norsk Titanium's first half 2026 results. And if we did not get your question please feel free to send it to Ashar by email.

[Company Representative] (Norsk Titanium): Thank you. With that, we conclude today's presentation of Norsk Titanium H1 2026 results. If we did not get your question, please feel free to send it to Ashar by email. Thank you all for joining, and have a good day.

Ashar Ashary: Thank you.

[Company Representative] (Norsk Titanium): Thank you.

Operator: Thank you.

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Q2 2026 Norsk Titanium AS Earnings Call

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