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Half Year Report Second Quarter and Six Months Ended June 30, 2021

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Half Year Report Second Quarter and Six Months Ended June 30, 2021 Asetek A/S – Third Quarter Report 2020 2020 Asetek A/S Assensvej 2 DK9220 Aalborg East Denmark Half Year Report Second Quarter and Six Months Ended June 30, 2021 Published August 12, 2021 Company Registration (CVR) Number 34 88 05 22 Asetek A/S – Half Year Report 2021 Highlights • Record Q2 revenue of $23.2 million reflecting growth of 64% over Q2 2020 • Q2 EBITDA adjusted of $3.2 million, compared with $3.1 million in Q2 2020 • First-half 2021 revenue grew 107% to $48.2 million, and EBITDA adjusted increased 140% to $7.9 million • SimSports R&D investment of $0.7 million in Q2, with launch of first products expected later this year • G&E investments increased to support future revenue growth • 2021 Group revenue expectation maintained at increase of 20% to 30% over 2020 revenue of $72.8 million • Gross margin is expected to normalize to between 40% and 45% in 2021 and operating income expectation is revised to the range of $8 to $12 million (previously $11-$16 million), compared with $10.9 million in 2020 Key figures Figures in USD (000's) Q2 2021 Q2 2020 1H 2021 1H 2020 2020 Summary P&L: Unaudited Unaudited Unaudited Unaudited Revenue 23,185 14,147 48,200 23,271 72,750 Gross profit 9,841 7,275 20,572 11,773 34,194 Gross margin 42.4% 51.4% 42.7% 50.6% 47.0% Operating income 1,911 2,000 5,445 1,079 10,928 Reconciliation from IFRS to EBITDA adjusted: Operating income 1,911 2,000 5,445 1,079 10,928 Add: Depreciation and amortization 951 848 1,933 1,721 3,754 Add: Share based compensation 370 280 542 501 918 EBITDA adjusted (unaudited) 3,232 3,128 7,920 3,301 15,600 Liquidity at period end: Working capital 28,190 28,107 28,190 28,107 32,837 Cash and equivalents 24,731 24,780 24,731 24,780 27,099 Long-term debt 2,141 2,380 2,141 2,380 2,604 2 Asetek A/S – Half Year Report 2021 Summary Financial • Asetek reported second-quarter revenue of $23.2 million, an increase of 64% from the same results period of 2020. First-half 2021 revenue was $48.2 million, an increase of 107% from first- half 2020. The growth in both periods mainly reflects increased shipments of Gaming and Enthusiast products. • Gross margin was 42% for the second quarter and 43% in the first half of 2021 compared with a record level 51% in the each of the same periods of 2020. The decline reflects a change in the mix of product shipments, increases in certain component costs due to the ongoing global component shortage, and a weaker U.S. dollar. • Operating income was $1.9 million and adjusted EBITDA was $3.2 million in the second quarter of 2021, compared with operating income of $2.0 million and adjusted EBITDA of $3.1 million in the second quarter of 2020. First-half 2021 operating income was $5.4 million and adjusted EBITDA was $7.9 million, compared with operating income of $1.1 million and adjusted EBITDA of $3.3 million in the same period of 2020. • Operating expense included R&D investment in the new SimSports line of business of $0.7 million and $1.2 million in the second quarter and first half of 2021, respectively, compared with zero in the same periods of 2020. • In April, to offset an approved employee option grant, the Board of Directors authorized the repurchase of 237 thousand shares for up to $3.0 million over a three-month period. During the second quarter, the Company repurchased 124 thousand common shares for a total of $1.5 million. • At June 30, 2021, Asetek had working capital of $28.2 million, of which $24.7 million was cash and cash equivalents. Long-term debt totaled $2.1 million. Operations • During the quarter, the Company announced that Asetek technology is powering several new all-in-one coolers offered by ASUS, including its second-generation ROG Ryujin line of CPU coolers, its new family of ROG Strix LC II ARGB high performance CPU coolers, and its new liquid cooled NVIDIA GeForce RTX 3080 Ti graphics card. These offerings provide extreme performance and overclocking capability, silent operation and next-generation aesthetics. • In the first quarter, Asetek announced its entrance into the fast-growing SimSports gaming market. Asetek has invested over $10 million to advance the development of its SimSports offerings, including software, hardware, mechanical designs and operational proficiency from asset acquisitions in January 2021 and November 2020. Asetek anticipates the launch of new SimSports products in late 2021. Outlook • In 2021, various factors including production constraints and the accelerated digital transformation brought upon by the COVID-19 pandemic has led to a shortage of semiconductor chips. This shortage has constrained the ability of both the Company’s suppliers and customers to fulfill demand, thereby limiting Asetek’s revenue growth in the short term. The time and manner in which the chip shortage may ease is currently unclear. • Asetek maintains its 2021 revenue expectation of an increase of 20% to 30% from 2020. The gross margin is anticipated to normalize within the range of 40% to 45% in 2021, compared with 47% in 2020. Management revises the operating income expectation to between $8 and $12 million in 2021, reflecting increased overhead costs to facilitate growth, FX effects, component shortage mitigation as well as U.S. tariff mitigation. This compares to the previous expectation of operating income in the range of $11 to $16 million. • The Company recognizes uncertainty related to potential impact from COVID-19 and the global semiconductor chip shortage. Any such uncertainty is not included in the expectations for 2021. 3 Asetek A/S – Third Quarter Report 2020 2020 Financial review The figures below relate to the consolidated accounts for the second quarter and first half of 2021, which comprise activities within the two segments Gaming and Enthusiast (including SimSports) and Data Center. The figures are unaudited. Income Statement (Consolidated) Asetek reported total revenue of $23.2 million in same period of 2020, reflecting personnel growth to the second quarter of 2021, a 64% increase from support increased operating volumes. $14.1 million in the second quarter of 2020. Total Costs incurred for defense of existing intellectual revenue in the first half of 2021 increased to $48.2 property (IP) and securing new IP increased to $1.0 million from $23.3 million in the same period of million and $1.7 million in the second quarter and 2020. Sales unit volumes of sealed loop coolers for first half of 2021 ($0.4 million and $1.2 million in the the second quarter of 2021 were 435,000, an respective periods of 2020). increase of 98% from the same period of 2020 (220,000). Unit shipments for the first half were A 9% weaker U.S. Dollar, on average, against the 847,000, an increase of 133% from the first half of Danish krone (DKK) unfavorably impacted operating 2020. Revenue and unit growth reflects increased expense by $0.7 million during the first half of 2021 shipments of Gaming and Enthusiast products. compared with the first half of 2020. Average selling price (ASP) per unit in both the Finance expenses included net foreign exchange second quarter and first half of 2021 decreased loss of $0.2 million in the second quarter and a gain from the prior year periods, reflecting the of $0.3 million in the first half of 2021, compared Company’s transition to core product shipments with losses of $0.3 million and $0.1 million for the which include fewer ancillary components. respective periods of 2020. Gross margin was 42.4% for the second quarter of Asetek reported income before tax of $1.6 million 2021, compared with a record level of 51.4% in the and $5.6 million in the second quarter and first half same period of 2020. Gross margin for the first half of 2021, compared with income before tax of $1.6 of 2021 was 42.7% compared with a record high million and $0.9 million for the respective periods of 50.6% in the first half of 2020. The change from 2020. prior year periods reflects component price increases, a change in the mix of product shipments, Income tax expense was $0.3 million and $1.2 and an 8% weaker U.S. dollar against the Chinese million in the second quarter and first half of 2021 yuan renminbi (CNY). Component costs increased compared with $0.3 million in both of the respective by approximately 2% to 4% in both October and periods of the prior year. The increase in income tax December 2020. reflects the growth in pre-tax income. Total operating expense increased to $7.9 million in During the second quarter 2021, the U.S. Dollar, on the second quarter of 2021 from $5.3 million in the average, weakened versus the Danish krone. same period of 2020. For the first half of 2021, Currency translation adjustment of positive $0.4 operating expense increased to $15.1 million from million and negative $0.8 million is included in other $10.7 million in the first half of 2020. The increases comprehensive income for the second quarter and in both periods reflect investments in the new first half of 2021 (positive $0.5 million and positive SimSports line of business, and expenditures to $58,000 in the second quarter and first half of support the Company’s revenue growth.
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