Asetek A/S

Skjoldet 209230 Svenstrup J

Denmark

Financial Reporting for the period

January 1 to September 30, 2025

Published December 19, 2025

Company Registration (CVR) Number 34 88 05 22

Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

Highlights

?Nine months year-to-date revenue of $30.9 million, and adjusted EBITDA of ($0.7) millioncompared to $37.1 million and ($0.3) million in 2024, respectively? Signed major agreement with global customer for high-end liquid cooling solutions withestimated minimum commitment of $35 million over the first two-year term

? Year-to-date SimSports revenue at $3.8 million, in line with expectations as U.S. importtariffs continue to impact demand ($5.4 million in first nine months of 2024)? Group revenue expectation for 2025 adjusted to around $41 million (previously $45 to $53million) with adjusted EBITDA margin at negative 3-5% (0% to 3%)? Raised mid-term Liquid Cooling segment revenue-ambition

Key figures

Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

Summary

results

with $37.1 million in the same period of 2024. The change in revenue mainly reflects fewershipments of liquid cooling products.? Gross margin was 44% for the first nine months, compared with 42% in the respectiveperiod of 2024. The gross margin increase is principally due to a

recognized in September 2024.? Adjusted EBITDA was ($0.7) million in the first nine months of 2025, compared with ($0.3)million in the same period of 2024.? During the first nine months of 2025, the Company invested $1.8 million in property and

equipment and $2.0 million in capitalized costs for the development of new products. In

January, Asetek completed an equity rights offering, raising net proceeds of $10.3 million

through the issuance of 219.9 million new common shares. At September 30, 2025, Asetek

had working capital of $8.7 million, including $2.8 million of cash and cash equivalents. The

lower cash balance reflects increased use of working capital in preparation for Black Friday

and year-end holiday sales period.

component supplier and long-time Asetek customer to provide high-end liquid cooling

solutions, including a minimum volume commitment by the customer estimated at $35

million over the first two-year term. The agreement covers two products based on the

Company’s new high-

product are scheduled to start in the second quarter of 2026 with deliveries for the second

product scheduled to begin in the fourth quarter of next year.? In August, at the Gamescom event in Germany, the Company announced the launch of

Initium, a new mass-market SimSports product portfolio designed for the aspiring sim racer,

providing high-quality sim racing at an affordable price point. Initium sim racing products

are offered separately or as a complete bundle that includes compact race seat, steering

wheel, wheelbase and brake & throttle pedal set.

adjusted EBITDA margin at negative 3% to 5%. The previous Group revenue expectation

was for $45 to $53 million in 2025 and adjusted EBITDA of 0% to 3% of revenue. The revised

outlook reflects two major Liquid Cooling customers reducing purchasing during the year,

and the impact on SimSports revenue from the import tariffs implemented by the U.S.

government, most significantly related to products made in China.? Based on the above-mentioned long-term liquid cooling agreement, the Company has

revised its medium-

Cooling segment, the Company now aims to reach revenue of above $65 million (previously

$50 million) towards the end of the medium term. The Company expects revenue growth

from 2026 and onwards aligned with previous expectations. Further, the Company aims to

consistently achieve an Adjusted EBITDA margin of above 25% (previously +25%) in the

medium term for the Liquid Cooling segment.

Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

2020

Financial reviewThe figures below relate to the consolidated accounts for the first nine months of 2025. The nine month periodending September 30, 2024, is unaudited.

Income Statement

Asetek reported total revenue of $30.9 million inthe first nine months of 2025, compared with $37.1million in the same period of 2024.Sales unit volumes of sealed loop coolers for thefirst nine months of 2025 were 535,000 comparedwith 564,000 in the same period of 2024. Asexpected, average selling price (ASP) per unit in thefirst nine months of 2025 decreased from the prioryear period ($50.09 and $56.28, respectively), dueto a recent shift in demand toward lower costcooling solutions.Gross margin was 43.7% for the first nine months of2025 compared with 41.8% in the same period of2024. The gross margin increase is principally due toa supply chain issue recognized in September 2024.Total operating expense excluding special itemsdecreased 7% in the first nine months, whencompared with the prior period, due to theCompany’s cost reduction program initiated in thethird quarter of 2024. In the first nine months of2025, operating expense excluding special itemswas $18.6 million compared with $19.9 million inthe same period of 2024.

Personnel costs decreased to $10.0 million in thefirst nine months of 2025 ($10.7 million in sameperiod of 2025), principally due to lower averageheadcount in 2025.During the first nine months of 2025, the U.S. Dollarweakened by 11% versus the Danish krone. Financeincome included net foreign exchange loss of $0.4million in the first nine months of 2025 (net foreignexchange loss of $0.5 million in the same period of2024).Asetek reported a loss before tax of $6.3 million inthe first nine months of 2025, compared with lossbefore tax of $18.7 million in the same period of2024.Income tax benefit was $12 thousand in the firstnine months of 2025 compared with income taxexpense of $6.7 million in the same period of 2024.Income tax expense in the 2024 period was a resultof estimated lower realization of deferred taxassets.Currency translation adjustment (CTA) of positive$5.1 million is included in other comprehensiveincome for the first nine months of 2025 (positive$0.3 million in the first nine months of 2024). Thepositive CTA adjustments in 2025 result from the11% weakening of the U.S. dollar versus the Danishkrone in the first nine months of 2025.

Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

Balance Sheet and Working Capital

At September 30, 2025, Asetek’s total assets were$86.3 million, compared with $79.4 million at theend of 2024.In the first nine months of 2025, Property, plant andequipment increased by $5.0 million principally dueto weakening of the U.S. dollar, partly offset bydepreciation. Inventory increased by $2.7 million inthe first nine months due to investment in workingcapital and fewer shipments than anticipated.Total liabilities decreased by $2.6 million in the firstnine months of 2025. Trade payables decreased by$2.4 million due to lower manufacturing volumesand accrued liabilities decreased by $0.7 million dueto reduced personnel and other costs. Debt

associated with the Company’s recently constructedheadquarters building increased due to weakeningof the U.S. dollar, partly offset by principalpayments of net $2.3 million.Working capital (current assets minus currentliabilities) was $8.7 million at September 30, 2025,compared with $4.4 million at 2024 year-end. InJanuary 2025, Asetek raised $10.3 million of netcapital from a rights offering of new commonshares. A significant portion of the capital raise wasutilized to pay down liabilities and invest in newproducts. Total cash and cash equivalents were $2.8million at September 30, 2025.Cash Flow

Net cash used by operating activities was $6.7million in the first nine months of 2025 comparedwith $0.9 million used in the same period of 2024.The decrease was principally due to the year-to-date net loss and the paydown of trade payablesand accrued liabilities in the first nine months of2025.Cash used by investing activities was $2.9 million inthe first nine months of 2025 compared with $9.0million used in same period of 2024. The reductionin usage in 2025 compared with 2024 is due tocompletion of construction of a new headquartersand R&D facility in the third quarter of 2024.

Cash provided by financing activities was $7.5million in the first nine months of 2025 comparedwith $4.1 million provided in the same period of2024. In January 2025, Asetek raised $10.3 millionof net capital from a rights offering of new commonshares.Net change in cash and cash equivalents was adecrease in cash of $0.5 million in the first ninemonths of 2025, compared with a decrease of $5.7million in 2024. The Company’s cash conversioncycle increased to 72 days in the first nine monthsof 2025 from 30 days in the same period of 2024,principally from an increase in days inventory onhand due to lower sales.Income Tax

Asetek moved from USA to Denmark in 2013.However, USA – in a unilateral tax treaty override -still considers Asetek A/S a U.S. tax subject, resultingin double taxation of Parent earnings. Asetek hasapproached both countries’ tax authorities with theaim of resolving the situation per an existing doubletaxation treaty. However, a determination may takeseveral years, and the authorities are not obligatedto resolve the problem. The Company continues towork with the tax authorities of Denmark and U.S.to possibly resolve this issue.In June 2019, the U.S. released regulation for itsGlobal Intangible Low-Taxed Income (GILTI)inclusion for U.S. taxation, effective beginning with

tax year 2018. The GILTI regulation requires U.S.companies to report foreign corporation intangibleincome that exceeds 10% return on foreign investedassets. Under prior law, U.S. owners of foreigncorporations were able to defer recognizing taxableincome until there was a distribution of earningsback to U.S. owners. In 2024, The GILTI regulationcaused incremental tax liability of approximately$0.9 million. Because of Asetek’s U.S. tax status asdescribed above, management believes that theimpact of the GILTI regulation as it applies to theCompany could be reformed in the future; however,such reform is not certain. The Company continuesto work with its tax advisors to clarify and addressthese matters.

Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

Market UpdateLiquid Cooling. In October, Asetek announced asignificant long-term agreement with a globalgaming component supplier and long-time Asetekcustomer to provide high-end liquid coolingsolutions, including a minimum volumecommitment by the customer estimated at $35million over the first two-year term. The agreementcovers two products based on the Company’s newhigh-performance Ingrid technology platform.Deliveries of the first product are scheduled to startin the second quarter of 2026 with deliveries for thesecond product scheduled to begin in the fourthquarter of next year.

Asetek’s highest performance offerings now includeGen8 liquid cooling technology, which powers theASUS RYUJIN III WB and TRYX Panorama coolers.This technology is the Company’s newest and mostadvanced liquid cooling technology to date. Gen8features a performance-engineered cold plate witha square design for maximum coverage, widelyrequested by PC enthusiasts. The new design isoptimized for the latest AMD and Intel CPUs, andsystem enhancements enable even quieteroperation compared with prior generations.In addition to the continued development of thehigh-end offerings, Asetek is expanding its LiquidCooling product range to include products for the

mid-range market, aiming to capture a broaderconsumer base. This shift positions Asetek to meetthe evolving needs of both premium and mid-market consumers.A limited volume of mid-market coolers wassuccessfully deployed in China as part of a localoffering by a leading international OEM. In June,Asetek signed a new customer agreement withAntec, a global leader in high-performancecomputer components for the gaming, PC upgrade,and Do-It-Yourself markets. Antec is a previouscustomer returning to Asetek with deliveries of mid-market liquid cooling products in 2026.SimSports. In August, at the Gamescom event inGermany, the Company announced the launch ofInitium, a new mass-market SimSports productportfolio designed for the aspiring sim racer,providing high-quality sim racing at an affordableprice point. Initium sim racing products are offeredseparately or as a complete bundle that includescompact race seat, steering wheel, wheelbase andbrake & throttle pedal set. The Initium productsoffer an upgradable and flexible eco-systemallowing for end-user customization. The Initiumline is also the basis for the upcoming console-supported product.In April, Asetek signed an agreement with a leadingelectronics retail chain in the Nordics making thenew mass-market sim racing products available instores in Sweden, Denmark, Norway, and Finland, aswell as online.SimSports revenue was $3.8 million in the first ninemonths of 2025 ($5.4 million in the same period of2024), consistent with management expectationsgiven the significant U.S. import tariffs announcedearly in the year.

Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

Group Outlook

SimSports segment. The Company continues todevelop its SimSports sales channels anddistribution network, including offering its productson Amazon.com, while building the Asetek brand.The Company is planning to release its initialconsole-supported products in early 2026, withplanned launches in U.S. and Europe.Earlier in the year, Asetek updated its revenueoutlook for the SimSports segment for the full year2025. Revenue for the SimSports business isexpected to be in the range of $5 to $10 million,with gross margin expected to be in the range of 28-33%.The tempered outlook mainly reflects the impact oftariffs announced by the U.S. government onimports from other countries, most significantlyrelated to products made in China and Malaysia. In2024, approximately 50% of total revenue in theSimSports segment was derived from sales to theU.S. market.In 2024, approximately two-thirds of the Company’sproduction was based in China and one-third inMalaysia. The sim racing products are currentlymade in China while manufacturing of liquid coolersis split between both countries. In response totariffs on Chinese goods, Asetek began expandingits production capacity in Malaysia late last year.While the U.S. has also recently announced tariffson goods imported from Malaysia, this geographicdiversification provides Asetek with a relativeadvantage over competitors with greater exposureto China-based manufacturing.Due to the tariffs, Asetek has curtailed SimSportsshipments to the U.S. as well as major U.S.-basedconsumer electronics retailers have ceasedpurchasing from China, which effectively means

that, at present, there are reduced levels of salesbeing made to the U.S. market. The full-yearrevenue guidance for the SimSports businesssegment also reflects the business unit’s soft start in2025.Liquid Cooling segment. In 2025, Asetek isexpanding its product range to include products forthe mid-range market, aiming to capture a broaderconsumer base. The Company anticipates fulllaunch of its first offerings of mid-range liquidcoolers in early 2026, via OEM partners such asAntec.The previously discussed newly signed long-termliquid cooling agreement has enabled the Companyto revise its medium-term ambitions communicatedin November 2024. For the Liquid Cooling segment,the Company now aims to reach revenue of above$65 million (previously $50 million) towards the endof the medium term. The Company expects revenuegrowth from 2026 and onwards aligned withprevious expectations. Further, the Company aimsto consistently achieve an Adjusted EBITDA marginof above 25% (previously +25%) in the medium termfor the Liquid Cooling segment.Group Summary. For 2025, the Group outlook hasbeen revised to revenue of around $41 million andadjusted EBITDA margin at negative 3% to 5%. Theprevious Group revenue expectation was for $45 to$53 million in 2025 and adjusted EBITDA of 0% to3% of revenue. The revised outlook reflects twomajor Liquid Cooling customers reducingpurchasing during the year, and the impact onSimSports revenue from the import tariffsimplemented by the U.S. government, mostsignificantly related to products made in China.

Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

Intellectual Property

Asetek holds a portfolio of intellectual property (IP)rights including patents providing competitiveadvantages and high barriers to entry forcompetitors. As part of efforts to build and maintainits market share, Asetek continues to review andassess all competitive offerings for infringement ofits patents. Asetek has strengthened its intellectualproperty platform and competitiveness via severalpositive lawsuit outcomes in prior years.In the ordinary course of business, the Company isinvolved in various ongoing legal disputes, includingthe following matter:

On September 30, 2024, Cooler Master Co., Ltd.filed an inter partes review petition with the PatentTrial and Appeal Board (PTAB) of the U.S. Patent andTrademark Office to challenge the validity ofAsetek’s U.S. Patent No. 9,733,681. Asetek filed anopposition (“Patent Owner Response”) to CoolerMaster’s petition, explaining flaws in the petitionand requesting that the PTAB deny the petition. ThePTAB agreed with Asetek and denied CoolerMaster’s petition. The PTAB’s decision is not subjectto appeal and thus is final.

Corporate Matters

The Company’s annual general meeting was held onApril 28, 2025, where the following mattersoccurred or were reported:

? The Annual Report 2024, as proposed by theBoard of Directors, was approved as published.? The proposed remuneration to be paid to themembers of the Board of Directors wasadopted.? The Board of Directors on April 28, 2025 was

comprised of Chairman S?ren Klarskov Vilby,Vice Chairman Jakob Have, Lars Kristensen,Lasse Dannulat and Dennis Nymann.

? Mr. Dennis Nymann is Chairman of the AuditCommittee and Mr. S?ren Klarskov Vilby isChairman of the Remuneration Committee.? The Nomination Committee is comprised ofChairman Jakob Have, S?ren Klarskov Vilby andLars Kristensen.? The Board of Directors was authorized to

acquire the Company’s own shares.? PricewaterhouseCoopers, State AuthorizedPublic Accountants, were re-elected asauditors.? Changes to the Articles of Association that were

proposed in the general meeting notification

were adopted.

Risk Factors

Asetek’s revenue is subject to fluctuations and isdependent on its ability to develop new, high-performance products that meet customerdemands; the popularity of offerings from Asetek’scustomers; timely releases and availability of newGPUs and CPUs; and recurring releases of high-profile computer games in the PC industry.In the first nine months of 2025, two customersaccounted for 23% and 10% of total revenue (39%and 18% in the first nine months of 2024). In theevent of a decline or loss of significant customers,replacement of the revenue stream would bedifficult for Asetek to achieve in the short term. TheCompany is actively working with several of its

customers to grow their respective market sharesand order volumes.The Company’s SimSports business segmentreleased its first products to the market in March2022 and has required significant investment inproduct development and marketing to fulfill itsoperating plan.The U.S. imposes tariffs on imports of goodsmanufactured in China and Malaysia. Asetek liquidcoolers produced in China have been subject to a25% tariff for the past several years and tariff ratesare increasing. Beginning in August 2025, goodsproduced in Malaysia imported to the U.S. are

Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

subject to a 19% tariff. The U.S. tariff situation isvolatile and subject to change. In 2024,approximately 50% of SimSports revenue wasderived from the U.S. market. Due to the tariffs,Asetek has curtailed SimSports shipments to theU.S. as well as major U.S.-based consumerelectronics retailers have ceased purchasing fromChina, which has reduced sales to the U.S. market.This has negatively impacted projected revenue.Asetek relies upon suppliers and partners to supplyproducts and services at competitive prices. Supplyconstraints, such as a global chip shortage ordisruptions in the global supply chain, can have amaterial adverse impact on the Company’s ability tofulfill customer demand. Asetek’s Liquid Coolingproducts have been historically assembled inXiamen, China by a single contract manufacturer. In2023, the Company began manufacturing at anadditional site in Malaysia, operated by the samecontract manufacturer. In the event of a disruptionwith this manufacturer, it would be difficult forAsetek to establish a replacement in the short term.Asetek has filed and defended lawsuits againstcompetitors for patent infringement. While some ofthe cases have been settled or dismissed, some maycontinue, and new cases may be initiated. Such

cases may proceed for an extended period andcould potentially lead to an unfavorable outcome toAsetek. In the past, Asetek has incurred significantlegal costs associated with litigation and may do soin the future to the extent management believes itis necessary to protect intellectual property.Asetek moved from USA to Denmark in 2013.However, USA still considers Asetek A/S a U.S. taxsubject, resulting in double taxation of Parentearnings. Asetek has approached both countries’tax authorities with the aim of resolving thesituation per the double taxation treaty. However,the authorities are not obligated to resolve it. Also,recent U.S. regulations on taxation of foreignearnings impact Asetek’s tax liability. Asetek isworking with its advisors to address these matters.Asetek operates internationally in Denmark, USA,China, Malaysia and Taiwan and is subject to foreignexchange risk. Asetek’s principal cash holdings aremaintained in U.S. Dollar and Danish Krone.For more information, refer to the Company’s 2024Prospectus and the Company’s Annual Report for2024, available at the Company’s website:

www.asetek.com

Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

Condensed Interim Financial StatementsConsolidated Statement of Comprehensive Income

These financial statements should be read in conjunction with the accompanying notes.

Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

Consolidated Balance Sheet

These financial statements should be read in conjunction with the accompanying notes.

Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

Consolidated Statement of Changes in Equity

These financial statements should be read in conjunction with the accompanying notes.

Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

Consolidated Cash Flow Statement

These financial statements should be read in conjunction with the accompanying notes.

Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

Notes to the interim financial statements

1. General information

Asetek A/S (‘the Company’), and its subsidiaries (together, ‘Asetek Group’, ‘the Group’ or ‘Asetek’) designs,develops and markets gaming hardware for computers. The Group’s core products utilize liquid coolingtechnology to provide improved performance, acoustics and energy efficiency. The Company is based in Aalborg,Denmark with personnel in USA, China and Taiwan. The Company’s shares trade on the Nasdaq Copenhagenunder the symbol ‘ASTK.These condensed consolidated financial statements for the nine months ended September 30, 2025 have beenprepared on a historical cost convention in accordance with International Accounting Standard 34 (IAS 34)‘Interim Financial Reporting’ as adopted by the European Union (EU) and do not include all of the informationand disclosure required in the annual consolidated financial statements. These statements should be read inconjunction with the Asetek A/S 2024 Annual Report.

2. Summary of significant accounting policies

The principal accounting policies applied in the preparation of these consolidated financial statements are setout below. These policies have been consistently applied to all the years presented, unless otherwise stated.

2.1. Basis of preparation. The consolidated financial statements have been prepared on a historical cost

convention, in accordance with International Accounting Standard 34 (IAS34) ‘Interim Financial Reporting’ asadopted by the European Union (EU). The accounting policies applied in the Financial Reporting for the periodJanuary 1 to September 30, 2025are unchanged from those applied in the Group’s Annual Report for 2024.

2.2. Consolidation. The consolidated financial statements comprise the Company and its consolidated

subsidiaries. Subsidiaries are all entities (including structured entities) over which the Group has control. TheGroup controls an entity when the Group is exposed to, or has rights to, variable returns from its involvementwith the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fullyconsolidated from the date on which control is transferred to the Group. They are deconsolidated from the datethat control ceases. Intercompany transactions, balances, income and expenses on transactions between Groupcompanies are eliminated. Profits and losses resulting from the intercompany transactions that are recognizedin assets are also eliminated. Accounting policies of subsidiaries are consistent with the policies adopted by theGroup.

2.3. Foreign currency. Items included in the financial statements of each of the Group’s entities are measured

using the currency of the primary economic environment in which the entity operates (‘the functional currency’).The functional currency of the Company’s operations in the United States of America, Denmark and China arethe U.S. dollar, Danish kroner, and Chinese Yuan Renminbi, respectively. The consolidated financial statementsare presented in U.S. dollars, which is the Group’s presentation currency. Foreign currency transactions aretranslated into the functional currency using the exchange rates prevailing at the dates of the transactions.Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation atyear-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized asoperating expense in the income statement in foreign exchange (loss)/gain. Group companies that have afunctional currency different from the presentation currency are translated into the presentation currency asfollows:

// Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of thatbalance sheet;// Income and expenses for each income statement are translated at average exchange rates;// All resulting exchange differences are recognized in other comprehensive income

Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

2.4. Property and equipment. Property and equipment are stated at historical cost less accumulated

depreciation. For assets constructed, borrowing costs that are directly attributable to the acquisition,construction or production of a qualifying asset are capitalized as part of the historical cost (Note 2.16).Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate,only when it is probable that future economic benefits associated with the item will flow to the Group and thecost of the item can be measured reliably. The carrying amount of any replaced part is derecognized. All otherrepairs and maintenance are charged to the income statement during the financial period in which they areincurred. Depreciation is provided over the estimated useful lives of the depreciable assets, generally three tofive years, using the straight-line method. The assets’ useful lives and residual values are reviewed, and adjustedif appropriate, at the end of each reporting period. Gains and losses on disposals are determined by comparingthe proceeds with the carrying amount and are recognized as other income or expense in the consolidatedincome statement.

2.5. Research and development. Research costs are expensed as incurred. Costs directly attributable to the

design and testing of new or improved products to be held for sale by the Group are recognized as intangibleassets within development projects when all of the following criteria are met:

// it is technically feasible to complete the product so that it will be available for sale;// management intends to complete the product and use or sell it;// there is an ability to use or sell the product;// it can be demonstrated how the product will generate probable future economic benefits;// adequate technical, financial and other resources to complete the development and to use or sell the productare available; and// the expenditures attributable to the product during its development can be reliably measured.Directly attributable costs that are capitalized as part of the product include the employee costs associated withdevelopment. Other development expenditures that do not meet these criteria are recognized as expense whenincurred. Development costs previously recognized as expense are not recognized as an asset in a subsequentperiod. Development costs recognized as assets are amortized on a straight-line basis over their estimated usefullives, which generally range between three and sixty months. Amortization expense related to capitalizeddevelopment costs is included in research and development expense.

2.6. Impairment of non-financial assets. Assets that are subject to amortization are reviewed for impairment

annually, and whenever events or changes in circumstances indicate that the carrying amount may not berecoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds itsrecoverable amount. The recoverable amount is the higher of 1) an asset’s fair value less costs to sell or 2) itsvalue in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which thereare separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill thatpreviously suffered an impairment are reviewed for possible reversal of the impairment at each reporting date.Goodwill is tested for impairment annually and whenever there is indication that the goodwill may be impaired.If an impairment loss on goodwill is identified, it is recognized as an expense and is not reversed in a subsequentperiod.

2.7. Financial assets recognition and measurement The Group determines the classification of its financial assets

at initial recognition. Financial assets within the scope of IFRS 9 Financial Instruments are classified as follows:

// ‘Amortized cost’ are financial assets representing contractual cash flows held for collection, where such cashflows solely represent payment of principal and interest.// ‘Fair value’. All other financial assets, representing other debt and equity instruments that do not meet the‘amortized cost’ criteria, are recognized at fair value. All fair value movements on financial assets are taken

Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

through the income statement, or for certain debt instruments that qualify, through other comprehensiveincome.For all years presented, the Group’s financial assets are all classified as ‘amortized cost’.Impairment of financial assets. For financial assets carried at amortized cost, the Group measures at the end ofeach reporting period the expected credit losses to be incurred for a financial asset or group of financial assets.The Company utilizes historical experience, evaluation of possible outcomes, current conditions and forecasts offuture economic conditions to determine expected credit losses. Evidence may include indications that thedebtors or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest orprincipal payments, the probability that they will enter bankruptcy or other financial reorganization, and whereobservable data indicate that there is a measurable decrease in the estimated future cash flows, such as changesin arrears or economic conditions that correlate with defaults.

2.8. Financial liabilities. Recognition and measurement. Financial liabilities within the scope of IFRS 9 are

classified as financial liabilities at fair value through profit or loss, or other liabilities. The Group determines theclassification of its financial liabilities at initial recognition. Financial liabilities are recognized initially at fair valueless, in the case of other liabilities, directly attributable transaction costs. The measurement of financial liabilitiesdepends on their classification as follows:

// ‘Financial liabilities at fair value through profit or loss’ are derivatives entered into that do not meet the hedgeaccounting criteria as defined by IFRS 9. Gains or losses on liabilities held for trading are recognized in profit andloss. At September 30, 2025, the Company has no liabilities measured at fair value through profit and loss.// ‘Other liabilities’ – After initial recognition, interest bearing debt is subsequently measured at amortized costusing the effective interest rate method. Gains and losses are recognized in the income statement when theliabilities are derecognized as well as through the amortization process. The calculation takes into account anypremium or discount on acquisition and includes transaction costs and fees that are an integral part of theeffective interest rate.Offsetting of financial instruments. Financial assets and financial liabilities are offset, and the net amountreported in the consolidated balance sheet if, and only if, there is a currently enforceable legal right to offset therecognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle theliabilities simultaneously.

2.9. Inventories. Inventories are stated at the lower of actual cost or net realizable value. Cost is determined

using the first-in, first-out (FIFO) method. Net realizable value is the estimated selling price in the ordinary courseof business less estimated costs necessary to make the sale. Adjustments to reduce the cost of inventory to itsnet realizable value, if required, are made for estimated excess, obsolescence, or impaired balances.

2.10. Trade receivables. Trade receivables are amounts due from customers for product sold in the ordinary

course of business. Trade receivables are recognized initially at fair value and subsequently measured atamortized cost using the effective interest method, less any provision for expected credit losses. If collection isexpected in one year or less, trade receivables are classified as current assets. Expected credit losses aredetermined utilizing the simplified approach allowed under IFRS 9 Financial Instruments.

2.11. Cash and cash equivalents. Cash and cash equivalents includes cash on hand, deposits with banks,

overdrafts and other short-term highly liquid investments with original maturities of three months or less.

2.12. Share capital. Ordinary shares are classified as equity. Incremental costs directly attributable to the issue

of new ordinary shares or options are recorded against equity in the period the equity transaction closes, as adeduction net of tax, from the proceeds.

2.13. Share-based payments. The Company issues options (or warrants) that allow management and key

personnel to acquire shares in the Company. Through equity-settled, share-based compensation plans, theCompany receives services from employees as consideration for the granting of equity

Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

options to purchase shares in the Company at a fixed exercise price. The fair value of the employee servicesreceived in exchange for the grant of the options is recognized as an expense. The total amount to be expensedis determined by reference to the fair value of the options granted, excluding the impact of any non-marketservice and performance vesting conditions. The grant date fair value of options granted is recognized as anemployee expense with a corresponding increase in equity, over the period that the employees becomeunconditionally entitled to the options (vesting period). The fair value of the options granted is measured usingthe Black-Scholes model, taking into account the terms and conditions as set forth in the share option program.Measurement inputs include share price on measurement date, exercise price of the instrument, expectedvolatility, weighted average expected life of the instruments (based on historical experience and general optionholder behavior), expected dividends, and the risk- free interest rate. Service and non-market performanceconditions attached to the transactions are not taken into account in determining fair value. At each reportingdate, the Company revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions. The impact of the revision to original estimates, if any, is recognized in the Statementof Comprehensive Income, with a corresponding adjustment to equity.

2.14. Current and deferred income tax. The tax expense for the period comprises current and deferred tax. Tax

is recognized in the income statement, except to the extent that it relates to items recognized in othercomprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensiveincome or directly in equity, respectively. The current income tax expense is calculated on the basis of the taxlaws enacted or substantively enacted at the balance sheet date in the countries where the Company and itssubsidiaries operate and generate taxable income. Management periodically evaluates positions taken in taxreturns with respect to situations in which applicable tax regulation is subject to interpretation. Managementestablishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.Deferred income tax is recognized, using the liability method, on temporary differences arising between the taxbases of assets and liabilities and their carrying amounts in the consolidated financial statements. However,deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill; deferred incometax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than abusiness combination that at the time of the transaction affects neither accounting nor taxable profit or loss anddoes not give rise to equal taxable and deductible temporary differences. Deferred income tax is determinedusing tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and areexpected to apply when the related deferred income tax asset is realized or the deferred income tax liability issettled.Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will beavailable against which the temporary differences can be utilized.Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current taxassets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxeslevied by the same taxation authority on either the same taxable entity or different taxable entities where thereis an intention to settle the balances on a net basis.

2.15. Revenue recognition and other income. Revenue represents sale of the Group’s products to customers

which are principally resellers and original equipment manufacturers. Revenue is measured at the fair value ofthe consideration received or receivable, and represents amounts receivable for goods supplied, stated net ofdiscounts, sales tax, returns and after eliminating sales within the Group. The Group’s revenue is predominantlycomprised of shipment of Asetek products in fulfillment of customer purchase orders. As such, the Companyrecognizes revenue when a valid contract is in place and control of the goods have transferred to the customer.Customer purchase orders and/or contracts are used as evidence of an arrangement. Delivery occurs and controlof the goods is deemed to transfer when products are shipped to the specified location and the risks ofobsolescence and loss have been transferred to the customer. For certain customers with vendor-managedinventory, delivery does not occur until product is acquired by the customer from the vendor-managed inventory

Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

location. The Company assesses collectability based primarily on the creditworthiness of the customer asdetermined by credit checks and customer payment history. Customers do not generally have a right of return.Income received as a result of patent litigation settlement is recorded as other income as an offset to operatingexpense in the period the award is granted. Estimated costs for future product returns under warranty arecharged to cost of sales and included in accrued liabilities.

2.16. Borrowings and related costs. Borrowings are initially recognized at fair value, net of transaction costs

incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (netof transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowingsusing the effective interest method. Fees paid on the establishment of loan facilities are recognized as transactioncosts of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case,the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that someor all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortizedover the period of the facility to which it relates.Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged,cancelled or expired. The difference between the carrying amount of a financial liability that has beenextinguished or transferred to another party and the consideration paid, including any non-cash assetstransferred or liabilities assumed, is recognized in profit or loss as other income or finance costs.General and specific borrowing costs that are directly attributable to the acquisition, construction or productionof a qualifying asset are capitalized during the period of time that is required to complete and prepare the assetfor its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to getready for their intended use or sale. Investment income earned on the temporary investment of specificborrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible forcapitalization. Other borrowing costs are expensed in the period in which they are incurred.

2.17. Leases. Lease liabilities are accounted for under IFRS 16 Leases and measured at the present value of the

remaining lease payments, discounted using the lessee’s incremental borrowing rate. Lease liabilities include thenet present value of: fixed lease payments, amounts expected to be payable under residual value guarantees,any purchase options that are reasonably expected to be exercised, and any penalties for termination reflectedin the lease term. The corresponding rental obligations, net of finance charges, are included in other long-termdebt. Amounts due within one year are included in short-term debt.Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit orloss over the lease period to reflect a constant periodic rate of interest on the remaining balance of the liabilityfor each period.Leased assets are recognized as a right-of-use asset at the date at which the leased asset is available for use bythe Group, initially measured at the present value of the lease liability and included in Property and equipmenton the balance sheet.

2.18. Provisions. A provision is recognized when the Company has a present legal or constructive obligation as a

result of past events, it is probable that an outflow of resources will be required to settle the obligation, and theamount has been reliably estimated. If the impact of time value is significant, the provision is calculated bydiscounting anticipated future cash flow using a discount rate before tax that reflects the market’s pricing of thepresent value of money and, if relevant, risks specifically associated with the obligation. Provisions are reviewedat each balance sheet date and adjusted to reflect the current best estimate.

2.19. Contingent liabilities. Contingent liabilities are not recognized in the financial statements. Significant

contingent liabilities are disclosed, with the exception of contingent liabilities where the probability of the liabilityoccurring is remote.

Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

2.20. Segment reporting. Business segmentation. The Group is reporting on three segments, Liquid cooling,

SimSports and Data center. The three segments are identified by their specific sets of products and specific setsof customers. The splitting of operating expenses between segments is based on the Company’s best judgmentand done by using the Company’s employee/project time tracking system to capture total hours charged byproject code. Operating expenses that are not divisible by nature (rent, telecommunication expenses, etc.) havebeen split according to actual time spent on the three businesses, and the Company’s best estimate forattribution. Costs incurred for intellectual property defense and headquarters administration have beenclassified separately as headquarters costs and excluded from segment operating expenses. The CEO is theGroup’s chief operating decision maker. The CEO assesses the performance of the Group principally on measuresof revenue and adjusted EBITDA.Geographical segmentation. Each of the Group’s offices in its three principal geographies fulfills a particularfunction that serves the Asetek Group as a whole. The majority of costs incurred in each of the geographies aregenerally incurred for the benefit of the entire Group and not to generate revenue in the respective geography.As a result, the financial results of the Group are not divided between multiple geographical segments for keyoperating decision-making.

2.21. Cash flow statement. The cash flow statement is prepared using the indirect method.

2.22. Critical accounting estimates and judgments. The preparation of financial statements in conformity with

IFRS requires management to make estimates and assumptions that affect the amounts reported in the financialstatements and accompanying notes. Actual results could differ from those estimates. Areas where significantjudgment has been applied are:

// Impairment of non-current assets: In October 2024, management identified external indicators of impairmentto the Company’s net asset book value, including a significant decrease in the Group’s market capitalization asreflected on Nasdaq Copenhagen compared with the equity value as of mid-2024. In performing an impairmenttest, management measured the net book value of equity for the Group against the net present value of futureprospective cash flows. As a result of the test, management estimated impairment to the Group’s equity valueof approximately $18 million to be applied to long-term assets in 2024. Current assets were not impaired becausethey are stated at net realizable value. Deferred tax assets were determined to be impaired as specified in thefollowing paragraph. In property, plant and equipment, the Group’s headquarters building had shown signs ofimpairment during a recent assessment of its alternative uses. As a result, management used judgment to apply$13.8 million impairment to the headquarters building. This impairment charge is classified as a special itemwithin operating expense in 2024 consolidated income. At September 30, 2025, management did not identifyfurther impairment indicators. However, if circumstances change indicating revised assumptions are required inthe projection of future cash flows, additional impairment charges may be recognized in the future.// Valuation of deferred tax assets: Deferred income tax assets are recognized to the extent that the realizationof the tax benefit to offset future tax liabilities is considered to be probable. In prior years, the Company hasrecorded deferred tax assets representing the estimated amount of net operating losses that will be utilized tooffset future taxable income for the next five years. In 2024, management determined that it is not probable thatthe tax assets available to the Company would be utilized within five years, and therefore recorded impairmentof $4.2 million in the third quarter of 2024 and valued the assets at zero on the balance sheet at December 31,2024. The deferred tax asset impairment charge is included in income tax expense in the consolidated incomestatement in 2024. Refer to the previous paragraph regarding the impairment of other non-current assets. Infuture periods, management will continue to assess the probability of realization of the assets’ value and adjustthe valuation in accordance with IAS 12. As of September 30, 2025, the Company’s determination of the usabilityof deferred tax assets has not changed from the assessment in 2024 and thus continues to value deferred taxassets at zero on the balance sheet.// Capitalization of development costs: the Group’s business includes a significant element of research anddevelopment activity. Under IAS 38, there is a requirement to capitalize and amortize

Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

development spend to match costs to expected benefits from projects deemed to be commercially viable. Theapplication of this policy involves the ongoing consideration by management of the forecasted economic benefitfrom such projects compared to the level of capitalized costs, together with the selection of amortization periodsappropriate to the life of the associated revenue from the product. If customer demand for products or the usefullives of products vary from estimates, impairment charges on intangibles could occur.

2.23. Defined contribution plan. In 2008, the Company established a defined contribution savings plan (the

“Plan”) in the U.S. that meets the requirements under Section 401(k) of the U.S. Internal Revenue Code. This Plancovers U.S. employees who meet the minimum age and service requirements and allows participants to defer aportion of their annual compensation on a pre-tax basis. Company contributions to the Plan may be made at thediscretion of the Board of Directors.

2.24. Special items. The Company may identify special items that are significant non-recurring items that

management does not consider to be part of the Group’s ordinary activities. Such special items may include one-time impairment costs, restructuring, and strategic considerations regarding the future of the business, and arepresented separately in the Consolidated Statement of Comprehensive Income to provide a more comparablebasis for the Company’s operations. Management assesses which items are to be identified as special items andshown separately, in order to give a correct presentation of the statement of profit or loss and othercomprehensive income.

2.ImpairmentIn October 2024, management identified external indicators of impairment to the Company’s net asset book

3. Segment information

The Company reports on two segments: Liquid cooling and SimSports. Data center results were not material forall periods presented. The Group’s chief operating decision-maker, the CEO, assesses the performance of eachsegment principally on measures of revenue and adjusted EBITDA. The following tables present results byoperating segment and disaggregation of revenue:

Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

4. Earnings (losses) per share

IAS 33 requires disclosure of basic and diluted earnings per share for entities whose shares are publicly traded.Basic earnings per share is calculated by dividing the profit or loss attributable to equity holders of the Companyby the weighted average number of common shares outstanding during the period. Diluted earnings per share iscalculated by adjusting the number of common shares outstanding used in the Basic calculation for the effect ofdilutive equity instruments, which include options and warrants to the extent their inclusion in the calculationwould be dilutive.

5. Property, plant and equipment

Property plant and equipment, net (PP&E) totaled $50.0 million at September 30, 2025 compared with $45.0million at December 31, 2024. Additions to PP&E in the first nine months of 2025 totaled $1.8 million. Theincrease in PP&E resulted principally from the 11% weakening of the U.S. dollar versus the Danish krone in thefirst nine months of 2025.

Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

6. Intangible assets

The Group’s business includes a significant element of research and development activity. Under IAS 38, there isa requirement to capitalize and amortize development spend to match costs to expected benefits from projectsdeemed to be commercially viable. Costs capitalized are recorded on the balance sheet as intangible assets, netof amortization. A summary of intangible assets at the balance sheet date is as follows:

7. Trade receivables and other

The aging of trade receivables as of the reporting date is as follows:

Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

8. Inventories

9. Share capital

On January 6, 2025, the Company issued 219,925,366 new shares in a rights offering, raising net proceeds of$10.3 million after deduction of total issuance costs of $2.0 million. The shares were issued through an offeringto then-existing shareholders to purchase three common shares for each share held at a price of DKK 0.40 pershare. The transaction meets the requirements for exemption from accounting for derivative financialinstruments per IAS 32 Financial Instruments Presentation. At September 30, 2025, there were 318,239,258common shares issued including 1,256,115 shares held in treasury. Treasury shares may be used to fulfillemployee options as they are exercised.On January 27, 2025, the Company granted to senior management 15.5 million options with an exercise price ofDKK 0.43 per share and estimated fair value of $0.7 million. Also on January 27, 2025, the Company reduced theexercise prices by 51% on all then-outstanding options (4.1 million) to compensate for dilution.On April 28, 2025, the Company granted to members of management 3.1 million options with an exercise priceof DKK 0.77 per share and estimated fair value of $0.3 million. Also on April 28, 2025, the Company granted173,533 restricted stock units (RSU’s) to senior management employees having an estimated fair value of$20,000. The RSU’s will mature three years following the grant date. At September 30, 2025, there were a totalof 22.9 million options and RSU’s outstanding.

Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

10. Net debt

A summary of the Company’s net debt as of the balance sheet date is as follows:

11. Related parties

The Company’s CEO serves as Chairman of the Board for a vendor that supplies information technology servicesto the Company. In the first nine months of 2025, the Company purchased services totaling $0.6 million ($0.7million in the first nine months of 2024) from this vendor. At September 30, 2025 and December 31, 2024, theCompany had outstanding payables to this vendor of $70,000 and $56,000.

12. Post balance sheet events

The Company has evaluated the period after September 30, 2025 up through the date of the ManagementStatement and determined that there were no transactions that required recognition in the Company’s financialstatements, except for the following:

On November 25, 2025, the Company entered into a binding agreement with CQXA Holdings Pte. Ltd. (the“Offeror”) pursuant to which the Offeror will make an all-cash voluntary recommended public takeover offer tothe shareholders of Asetek to acquire all shares in Asetek for an offer price of DKK 1.72 per share. For full detailsrefer to the Nasdaq Copenhagen stock exchange release issued by Asetek on November 25, 2025.

Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

Statement by the Board of Directors and Management

The Board of Directors and the Management haveconsidered and adopted the Asetek A/S FinancialReporting for the period 1 January – 30 September2025 (“the Report”). The Report is presented inaccordance with the International AccountingStandard IAS 34 on Interim Financial Reporting. Theaccounting policies applied in the Report areunchanged from those applied in the Group’sAnnual Report for 2024.We consider the accounting policies appropriate,the accounting estimates reasonable and the

overall presentation of the Report adequate.Accordingly, we believe that the Report gives a trueand fair view of Asetek’s consolidated financialposition, results of operations and cash flows for theperiod.In our opinion, the Report includes a true and fairaccount of the matters addressed and describes themost significant risks and elements of uncertaintyfacing Asetek, which are described in further detailin the Company’s Annual Report for 2024.

Aalborg, 19 December 2025

CEO

CFO

Chairman

Vice chairman

Member

Member

Member

Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

Independent Auditor’s Report on Consolidated FinancialStatements for the period 1 January – 30 September 2025To the Management of Asetek A/SOpinionIn our opinion, the Consolidated Financial Statements for the period 1 January – 30 September 2025 are, in allmaterial respects, prepared in accordance with IAS 34, Interim Financial Reporting, as adopted by the EU. Wehave audited the Consolidated Financial Statements for the period 1 January – 30 September 2025 of AsetekA/S (pages 10 – 24), which comprise statement of comprehensive income, condensed balance sheet, statementof changes in equity, cashflow statement and selected explanatory notes, including material accounting policyinformation (“the Financial Statements”).

Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additionalrequirements applicable in Denmark. Our responsibilities under those standards and requirements are furtherdescribed in the “Auditor’s responsibilities for the audit of the Financial Statements” section of our report. Weare independent of the Group in accordance with the International Ethics Standards Board for Accountants’International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirementsapplicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with theserequirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our opinion.

Other MatterIn accordance with the entered binding agreement with CQXA Holdings Pte. Ltd. dated 25 November 2025,Asetek A/S has included certain comparative figures in the Financial Statements for the period 1 January – 30September 2024. Please note that these comparative figures have not been audited, which also appears fromthe Financial Statements.

Management’s responsibilities for the Financial StatementsManagement is responsible for the preparation of financial statements in accordance with IAS 34, InterimFinancial Reporting, as adopted by the EU and for such internal control as Management determines isnecessary to enable the preparation of financial statements that are free from material misstatement, whetherdue to fraud or error. In preparing the Financial Statements, Management is responsible for assessing theGroup’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern andusing the going concern basis of accounting in preparing the Financial Statements unless Management eitherintends to liquidate the Group or to cease operations or has no realistic alternative but to do so.Auditor’s responsibilities for the audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are freefrom material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes ouropinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted inaccordance with ISAs and the additional requirements applicable in Denmark will always detect a materialmisstatement when it exists. Misstatements can arise from fraud or error and are considered material if,individually or in the aggregate, they could reasonably be expected to influence the economic decisions ofusers taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAsand the additional requirements applicable in Denmark, we exercise professional judgement and maintainprofessional scepticism throughout the audit. We also:

Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

? Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud orerror, design and perform audit procedures responsive to those risks, and obtain audit evidence that issufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery,intentional omissions, misrepresentations, or the override of internal control.? Obtain an understanding of internal control relevant to the audit in order to design audit procedures that areappropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of theGroup’s internal control.? Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates andrelated disclosures made by Management.? Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparingthe Financial Statements and, based on the audit evidence obtained, whether a material uncertainty existsrelated to events or conditions that may cast significant doubt on the Group’s ability to continue as a goingconcern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’sreport to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modifyour opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report.However, future events or conditions may cause the Group to cease to continue as a going concern.? Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financialinformation of the entities or business units within the group as a basis for forming an opinion on the FinancialStatements. We are responsible for the direction, supervision and review of the audit work performed forpurposes of the group audit. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope andtiming of the audit and significant audit findings, including any significant deficiencies in internal control thatwe identify during our audit.

Aalborg, 19 December 2025

PricewaterhouseCoopersStatsautoriseret RevisionspartnerselskabCVR No 33 77 12 31

Mads Melgaard Line BorregaardState Authorised Public Accountant State Authorised Public Accountantmne34354 mne34353

Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

Asetek A/S Contact:

André S. Eriksen, CEO: +45 2125 7076Peter Dam Madsen, CFO: +45 2080 7200

Company Information:

Asetek A/SSkjoldet 20DK9230 Svenstrup JDenmark

Phone: +45 9645 0047Fax: +45 9645 0048Web site: www.asetek.comEmail: investor.relations@asetek.com

Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044