Annual Report 2024 January 1—December 31 Tekna Holding ASA one particle at a time...

CONTENTS Contents | 2 ANNUAL REPORT 2024 Sustainability Report Appendix Contact Information Corporate Governance Report Introduction Financial Statements Auditors Report Board of Directors’ Report 2024 vision Advancing the world with sustainable material solutions, one particle at a time… The magic of Tekna originates in the strong drive of its employees to do better. Better for an earth that is in need of a green transition. At Tekna we make tiny particles of advanced materials that enable this transition. It is through the transformation of the metal supply chain in additive manufacturing, and enabling electrification through the miniaturization of microelectronic compo- nents that these tiny particles become magical. And so does the plasma technology that produces them. mission To be the ultimate partner We achieve this by leveraging our talented people, our innovations and manufacturing excellence to provide our business partners with plasma technology and material solutions that drive their success, today and tomorrow. Photo credit: Microsoft

CONTENTS Contents | 3 ANNUAL REPORT 2024 Sustainability Report Appendix Contact Information Corporate Governance Report Introduction Financial Statements Auditors Report Board of Directors’ Report 2024 Contents About Tekna ....................................... 5 A message from the Group CEO ................................. 6 Key figures at a glance ......................7 Highlights and important milestones in 2024 ............................ 8 Sustainability indicators .................... 9 Shareholder Information ................ 10 Business and Location .................... 12 Analysis of the development and performance of the under- taking’s business and its position Market sectors .................................. 13 Important events in 2024 ............... 14 Financial review ................................ 15 Research and development........... 15 The undertakings likely future developments Subsequent events, Going concern and Outlook ...................... 16 Description of the principal risks and uncertainties Risk factors and risk management .................................... 18 Sustainability Environmental information ............ 19 Social information ............................ 19 Governance information ................20 Statement from the Board of Directors ...........................22 Introduction Board of Directors’ Report 2024 Appendix Website www.tekna.com | Presentation of the groups profile and activities. www.tekna.com/investors Presentation of (non-)financial information (share, financial reports, regulated information, analysts and investors, Annual General Meeting) Other reporting The following report can be downloaded at www.tekna.com/ investors/finreports • Remuneration report Tip If you want to return to this index page, press this icon on the top left corner. I. Organization chart, shareholders, entities ............... 105 II. Indicators supporting SFDR Principal Adverse Impacts disclosure.................................... 106 III. Abbreviations ESG .................... 107 IV. Alternative Performance Measures ................................... 108 V. Carbon Accounting Report................................... 110 VI. EU Taxonomy Report ....... 125 VII. Human Rights and Transparency Report ........ 135 Corporate Governance Report Index ................................................... 24 Consolidated Income statement............................ 25 Other comprehensive Income ......... 25 Balance sheet ................................... 26 Changes in equity............................ 27 Cash flow ........................................... 28 Notes ............................................29-50 Parent company Income statement.............................51 Other comprehensive Income ..........51 Balance sheet ................................... 52 Changes in equity............................ 53 Cash flow ........................................... 53 Notes .......................................... 54-60 ... 61 Governance and Risk management............................. 65 Board of Directors and Executive Leadership Team.....67 Implementation and reporting on corporate governance .................... 70 The business ..................................... 70 Equity and dividends....................... 70 Equal treatment of shareholders and transactions with close associates ......................................... 71 Shares and negotiability ................. 71 General meetings ............................ 71 The nomination committee ........... 71 Board of Directors: composition and independence .......................... 72 Work of the Board of Directors .... 72 Risk Management and Internal Control ............................................... 73 Board remuneration ........................ 73 Remuneration for executive personnel ........................................... 73 Information and communication.. 73 Take-over situations ........................ 74 Auditor ............................................... 74 General disclosures ...................76 Basis for preparation ................. 76 Sustainability governance ........ 77 Strategy, business model and value chain .................................. 78 Material impacts, risks and opportunities .............................. 79 Environment ...............................82 Carbon Accounting ................... 83 Climate Change ......................... 85 Resource use and circular economy ...................................... 86 EU taxonomy ............................. 88 Social ...........................................90 Own workforce ............................ 91 Workers in the value chain ...... 97 Human Rights and Transparency ............................. 98 Governance ............................... 101 Business conduct .....................102 Cyber security ...........................103 Financial Statements Auditors Report Sustainability Report

INTRODUCTION | 4 ANNUAL REPORT 2024 Sustainability Report Appendix Contact Information Corporate Governance Report Introduction Financial Statements Auditors Report Board of Directors’ Report 2024 Contents About Tekna .................................. 5 A message from the Group CEO ................................... 6 Key figures at a glance ............... 7 Highlights and important milestones in 2024 ....................... 8 Sustainability indicators .............. 9 Shareholder Information .......... 10 | 4 Introducing Tekna Introduction

Sustainability Report Appendix Contact Information Corporate Governance Report Introduction Financial Statements Auditors Report Board of Directors’ Report 2024 Contents About Tekna Tekna is a global leader in the development, manufacturing and sales of advanced micron- sized and nano-sized powders as well as plas- ma processing solutions. Since we started in 1990, Tekna has developed a unique and pro- prietary plasma technology platform for manufacturing micron- sized and nano-sized powders for a range of industries. Our busi- ness model relies on two revenue streams, both with synergistic effects: • Development and sale of systems: We develop and sell sys- tems customized for the purpose of research and develop- ment. • Development and sale of materials: We develop and operate our own proprietary plasma processes to produce and sell micron-sized spherical powders and nano powders. Tekna is developing in major market verticals thriving on global mega trends such as Space Exploration and Space Tourism, Deglobalization and Climate Change, Digitalisation & Connectivity as well as Demography & Health Care. Tekna is headquartered in Québec, Canada, and has additional offices in France, China, Korea, USA, and seven distributors oper- ating globally (Europe, Asia and North America). Systems The Systems business line acts as the technol- ogy hub of the corporation and has generat- ed derivative opportunities, such as the Mate- rials business, and the newly launched Plas- maSonic product line. The flagship product line, PlasmaSonic, is a wind tunnel engineered to replicate the extreme heat, pressure, and speed conditions of hypersonic flight, enabling our customers to develop innovative materials for use in space vehicles. The opportunity pipeline and order intake for these devices have steadily grown. We are targeting at least one new PlasmaSonic sys- tem order in 2025 maintaining the momentum observed over the past five years. Materials for additive manufacturing: Tekna produces high quality micron-sized, spherical, high-purity metal powders. Its port- folio includes titanium, aluminum, tungsten and tantalum. Currently our fastest growing segment, this global market is on track to outperform, in terms of growth, traditional machining due to improved environmental efficiency, for instance through resource effi- ciency and speed of availability of parts. We guide to grow in line with the market. Mat Materials for microelectronics: In close cooperation with selected customers, Tekna is in the final development stage of nano nickel powders for the microelectronics industry. Nano powders below 100 nm are expected to become the new industry stand- ard for high-end MLCC devices, and Tekna is one of only three producers that can deliver this. We aim to secure an industrial scale order to a global tier 1 customer. Founded in 1990 Tekna Holding ASA listed in OSLO 2022 Headquartered in Sherbrooke, QC, Canada 185 employees 69 active and 38 pending patents 2 manufacturing and research centers Global reach Commitment 2030 50% reduction Note: In India and Japan, Tekna has distri- bution / sales representative agreements

CONTENTS Contents | 6 ANNUAL REPORT 2024 Sustainability Report Appendix Contact Information Corporate Governance Report Introduction Financial Statements Auditors Report Board of Directors’ Report 2024 As we close out 2024, I am pleased to share the significant strides Tekna has made in a year marked by a challenging market environment. Our resilience and adaptability have been key to navigate through these conditions. Notably, our efforts to strengthen our financial position have resulted in a meaningful improvement in cash flow from operations. This achievement is a direct result of our proactive man- agement of net working capital and a favorable outcome in a litigation settlement. Throughout the year, we remained focused on continuous improvement, driving cost-reduction initia- tives and restructuring our management team to enhance transparency and performance across the organization. Our Plasma Systems product line demonstrated strong operational efficiency and main- tained solid contribution margins, despite a decrease in revenue. Additionally, our Advanced Material segment experienced strong growth in key sectors such as Medical, Aerospace, and Consumer Elec- tronics, while we saw a decline in sales to 3D printer manufacturers. As I reflect on my 11 years at the helm of Tekna, I am immensely proud of the progress we have made. From a company with a magnificent potential, Tekna has developed into one of the world’s leading players in the manufacturing of plasma systems and advanced materials for 3D printing, with a global presence serving customers across all five continents. This success is a testament to the dedication of the many individuals who have contributed to Tekna’s growth and helped shape its remarkable jour- ney. Today, as I transition leadership to Mr. Claude Jean, I am confident that Tekna is well-positioned for continued success. With a strong foundation in place, I know that under Mr. Jean’s leadership, Tekna will continue to create value for our customers and stakeholders for years to come. Our focus on profitability and positive cash flow, our dedicated workforce, strategic priorities, and confidence in our long- term ambitions are driving the company’s performance today and tomorrow. Luc Dionne Chief Executive Officer A message from the Group CEO I would like to thank you for your trust and hope you enjoy reading this report. INTRODUCTION

INTRODUCTION | 7 ANNUAL REPORT 2024 Sustainability Report Appendix Contact Information Corporate Governance Report Introduction Financial Statements Auditors Report Board of Directors’ Report 2024 Contents Revenues 37.2 M CAD vs 40.9 M CAD in 2023. Systems (-30%) and Materials (+3%) 1 ; Adjusted for service revenues to the JV in 2023, the actual growth in materials revenues was 7%. Key figures at a glance Revenue distribution Business segments Key financial figures in CAD million 2024 2023 2022 Revenues 37.2 40.9 26.9 Adjusted EBITDA -6.9 -4.1 -12.8 EBITDA -4.0 -8.2 -16.7 Net profit / loss -11.1 -15.0 -22.5 Cash balance 12.8 10.1 11.4 Employees 185 222 216 Additive Manufacturing: Micron-sized powder mate- rials including titanium-, aluminum-, nickel alloys, tungsten and tantalum. Microelectronics: Nano-sized nickel (sample sales) Global revenues 37.2 MCAD 28% 72% Materials Geography Asia / Rest of world Europe 46% 27% 27% North America Systems 2 Plasma systems, PlasmaSonic wind tunnel After service and spare parts Customer segments 13% 50% Aerospace 3D Machine OEM 3 9% 20% 1: Adjusted by CAD 1 million charged by Tekna to the joint venture in 2023. 2: Includes after service and spare parts. 3: OEM stands for Original Equipment Manufacturer. Order backlog 16.7 M CAD vs 24.0 M CAD in 2023. Systems (-49%) and Materials (-18%) Adj. EBITDA -6.9 M CAD vs –4.1 M CAD in 2023. The effect of lower systems revenue was –2.9 M CAD 9% Consumer Electronics Medical Implants Other: Academic, Industrial Research and Distributors

INTRODUCTION | 8 ANNUAL REPORT 2024 Sustainability Report Appendix Contact Information Corporate Governance Report Introduction Financial Statements Auditors Report Board of Directors’ Report 2024 Contents Highlights and important milestones in 2024 1 Focus on cash, NWC $–5.1M OpEx reduced by >$2M Defending our right to operate Improvement Net Working Capital In the past two years, much effort has gone into improving the Net Working Capital (“NWC”) of Tekna with the aim to enhance our financial position. NWC at year-end amounted to CAD 14.5 million (CAD 19.6 million), an improvement of CAD 5.1 million as depicted in the graph on the left. With consistent efforts over time, we have improved the net working capital through better payment terms with suppliers, strong discipline on aging receivables and convert- ing inventory to cash. Cost reduction Tekna continued to execute on its comprehen- sive profitability improvement program which started in 2022. Efforts focused on simplifying the organization, creating a leaner operation, reducing operating cost and further improving cash flow. Many of the cost reductions execut- ed in 2024 will have recurring effect. In 2024 headcount was reduced from 222 to 185, more than CAD 2 million was taken out of the operating costs. The dissolution of a loss-making joint venture will have a positive effect on cash flow going forward. Revenue development On a like-for-like basis 2 and under challenging market circumstances Tekna grew its Materials business by 7% in 2024 from CAD 24.6 M to CAD 26.4M. Aerospace, med- ical and consumer electronics were the strongest drivers. Revenues from 3D machine manufacturers were signifi- cantly reduced from 2023. Revenue for Systems was affected by slower demand. Materials growth +7% Intellectual Property Litigation case won In a decisive judgement released in June, the Federal Court of Canada ruled strongly in favor of Tekna in an Intellectual Proper- ty case concerning competing patent rights to produce titanium powder in Can- ada. The ruling confirmed that Tekna does not infringe any of Advanced Powders & Coatings Inc. 3 (“AP&C”)'s patents at issue. In December, AP&C paid Tekna CAD 2.9 million as compensation for litigation cost. First revenue- generating order for nano nickel particles In April, Tekna received the first order for nano nickel material samples for devel- oping metal paste suitable for the manufacturing of multi-layer ceramic capaci- tors (MLCC). Tekna continues to develop its nanomaterials in close cooperation with its potential customers. Business Development 1: Read more on all of these highlights in the Board of Directors’ report . 2: Adjusted for service revenues of CAD 1 million charged by Tekna to the joint venture in 2023, the actual growth in revenues was 7%. 3: AP&C is a Colibrium Additive company and Colibrium Additive is a GE Aerospace company Operating cash flow In 2024, we achieved a sig- nificant enhancement in cash flow from operations, im- proving from CAD -11.6 mil- lion in 2023 to CAD -0.1 mil- lion. This turnaround was driven by a CAD 5.1 million reduction in net working capital and a CAD 2.9 million litigation settlement, with an additional CAD 3.6 million improvement attributed to other operational enhance- ments, underscoring a trans- formative year. Cash flow up by $11.5 M

INTRODUCTION | 9 ANNUAL REPORT 2024 Sustainability Report Appendix Contact Information Corporate Governance Report Introduction Financial Statements Auditors Report Board of Directors’ Report 2024 Contents Environment 1 Historical data should not change, but we always revise historical figures if data quality or science has improved. 2: Tekna increased its produc- tion output by 68% compared to 2021 baseline, while only increasing scope 1 emissions by 3%, and even reducing scope 2 emissions by 67%. 3: Reduce in absolute terms compared to baseline year. 4: This excludes employees on long-term absence. Sustainability indicators 1 -50 % vs 66% (+11 pp) in 2021 (Location based). Renewable energy share 77 % vs 577 (+3%) in 2021. Tekna has added a third facility in Canada in 2022 increasing natural gas consumption for heating com- pared to baseline 2021. vs 42 (-67%) in 2021. Tekna continues to im- prove energy efficiency in its powder produc- tion 2 . By discontinuing production in France the consumption of nuclear electricity is re- ducing. This is the first year that we have a complete estimation of the value-chain footprint. This creates a solid basis from which to focus our reduction effort. Energy Intensity per kg metal powder produced Performance vs baseline FY19 Direct electricity of plasma systems within Tekna | Ti64 and AlSiMg | in kWh per kg Our capacity improvement program increases the productivity of the plasma atomization systems, ie higher output for the same energy. The Production output for Ti64 and AlSiMg powder has more than doubled since 2019. Scope 1 596 tCO2e Scope 2 14 tCO2e Scope 3 27 730 tCO2e FY19: 16.3 kWh/kg FY24: 12.1 kWh/kg baseline -26% (vs FY19) FY23: 12.4 kWh/kg -24% (vs FY19) Target 2030 3 -50 % Not defined yet Lost time injuries | LTIFR 2 | 5.8 Successful cyber attacks 0 67% 33% 20% 80% 43% 57% Board of Directors Management excl ELT Executive Leadership Team All employees 74% 26% Gender diversity Our people 16% 58% 26% under 30 30-50 years over 50 Age distribution all employees excl Board of Directors Nationalities 23 Total employees 185(222) Employees sick leave rate 3% Health & Safety Code of Conduct signed (per 31.3.2024 4 ) 100% Ethics & compliance Fatalities 0 Compliance incidents detected 0 Unadjusted Gender Pay Gap 3.9% Social Governance Not defined yet Voluntary turnover rate 16.3% Greenhouse gas emissions

INTRODUCTION | 10 ANNUAL REPORT 2024 Sustainability Report Appendix Contact Information Corporate Governance Report Introduction Financial Statements Auditors Report Board of Directors’ Report 2024 Contents Tekna Holding ("Company") aims to be an attrac- tive investment for shareholders, delivering a competitive return on investment through devel- oping strong positions in high growth verticals representing opportunities for high profitability going forward. The Company's share capital as of 31 December 2024 was NOK 254 924 466 divided into 127 462 233 shares, each with a nominal value of NOK 2.00. In March 2024, the Board of Directors of Tekna Holding ASA (the "Company") has resolved to increase the Company's share capital by NOK 4 469 774 by issuing 2 234 887 new shares as part the settle- ment of the Company's employee share purchase plan (the "ESPP"). Under the ESPP, which was established on 18 February 2021, certain qualified employees purchased Class B Common shares in Tekna Holding Canada Inc ("Tekna Holding Canada"). Pursuant to the terms of the ESPP, there was a three-year lock-up period on these shares. The three-year lock-up period expired on 18 February 2024 and the ESPP has been settled by way of the employees transferring the Class B Common shares in Tekna Holding Canada to Tekna Holding ASA in exchange for the issuance of new shares in Tekna Holding ASA. Fol- lowing this transaction, Tekna Holding Canada is a wholly owned sub- sidiary of Tekna Holding ASA. The Company's shares are registered in book-entry form with the Norwegian Central Securities Depository under ISIN NO 001 0951577. The account operator of the Company's share register is DNB Bank ASA. The Tekna share was listed on Oslo Børs, the main list at the Oslo Stock Exchange, on 1 July 2022. Shareholder structure As of 31 December 2024, Tekna had 4 211 shareholders, down from 4 584 at the end of 2023. Arendals Fossekompani ASA remained the Company’s largest shareholder, owning 69.5 percent of the shares. No other shareholder held more than five percent while four share- holders held more than two percent. Share price and market valuation On 31 December 2024, the closing share price was NOK 3.25 per share, corresponding to a market capitalization of NOK 0.4 billion. The closing share price on 31 December 2023 was NOK 8.30. Option schemes The board of directors of Tekna Holding ASA (the "Company") has resolved to implement an employee share option plan (the "Plan"). The Plan is available to eligible individuals as determined by the board of directors. The Plan enables the eligible person to acquire a proprietary interest in the growth and performance of the Company and to enhance the ability of the Company to attract, retain and re- ward qualified individuals. Options can be granted on an annual or ad hoc basis, with annual grants projected for 2024, 2025, and 2026, all subject to the board's discretion. Upon exercising their options, op- tion holders can choose between acquiring shares after paying the strike price or opting for a cashless transaction. The latter involves the transfer of a number of treasury shares equivalent to the NOK amount of the number of exercised options, multiplied by the differ- ence between the Company's shares' market price and the strike price. On 23 October 2024, the board of directors has granted a total of 2,124,000 options in the 2024 allocation round. These options have a strike price of NOK 4.88. Issued options vest 33% after one year, 33% after two years, and 33% after three years. The expiry date for any option granted is the date falling 24 months following the vesting date. Link to the 2024 Remuneration Report. Current Authorizations During the 2024 Annual General Meeting (“AGM”) the Board of Di- rectors of the Company received the authorization to increase the share capital and to acquire shares of the company. The authoriza- tions remain in force until the AGM of 2025, but in no event later than 30 June 2025. Link to AGM minutes: www.tekna.com/investors Investor Relations Tekna wishes to maintain open communications with its sharehold- ers and other stakeholders. Shareholders and stakeholders are kept informed by announcements to the Oslo stock exchange and press releases. Please refer to the investor relations section of the Tekna website for further information, including contact details: www.tekna.com/ investors or contact [email protected]. See appendix for Indicators supporting Investor’s SFDR Principal Ad- verse Impacts (PAI) disclosure Shareholder information Upcoming events 8 May 2025 Annual General Meeting 8 May 2025 Interim Report for Q1 2025 link Tekna.com/investors link AGM minutes

Sustainability Report Appendix Contact Information Corporate Governance Report Introduction Financial Statements Auditors Report Board of Directors’ Report 2024 Contents Business and Location .............. 12 Analysis of the development and performance of the under- taking’s business and its position Market sectors ............................. 13 Important events in 2024......... 14 Financial review ........................... 15 Research and development .... 15 The undertakings likely future developments Subsequent events, Going concern and Outlook ................ 16 Description of the principal risks and uncertainties Risk factors and risk management ............................... 18 Sustainability Environmental information ...... 19 Social information ...................... 19 Governance information ..........20 Statement from the Board of Directors ........................................22 | 11 Board of Directors’ report 2024 Board of Directors’ report 2024

| 12 BOARD OF DIRECTORS’ REPORT 2024 ANNUAL REPORT 2024 Sustainability Report Appendix Contact Information Corporate Governance Report Introduction Financial Statements Auditors Report Board of Directors’ Report 2024 Contents Board of Directors’ Report 2024 The macro-economic circumstances were challenging in 2024, with generally weak growth, inflationary pressures and high interest rates. This had a negative impact on both demand for materials for the Additive Manufacturing industry and for plasma systems. Navi- gating these challenging market conditions, Tekna Group (“Tekna” or “company”) in 2024 mainly focused on enhancing profitability and improving cash flow. In the period, revenues decreased to CAD 37.2 million (40.9) mainly due to delays in new Systems orders. Total order backlog stood at CAD 16.7 million (24.0) at the end of 2024. Adjusted EBITDA declined to negative CAD 6.9 million (negative 4.1) due to lower sales and effects from the discontinuation of a joint venture. The net working capital improved to CAD 14.5 million (19.6). Introduction Business and location The Group currently engages in two main business- es: Materials and Systems (incl. PlasmaSonic). The growth of these businesses is driven by megatrends having significant impact on consumer behavior globally: Space Exploration and Space Tourism, De- globalization and Climate Change, Digitalization & Connectivity, as well as Demography & Health Care. Tekna is a world-leading provider of advanced ma- terials to industry. Tekna produces high purity, mi- cron-sized and nano-sized metal powders as well as optimized induction plasma systems for industrial research and hypersonic test facilities. Micron-sized powders are used for applications such as 3D print- ing in the aerospace, medical and consumer elec- tronics sectors. The advanced nano-sized materials are currently developed in close cooperation with potential customers and are to be applied in the manufacturing of microelectronic devices (MLCCs) used in consumer electronics, autonomous vehicles, and 5G and Internet-of-Things (IoT) communications equipment. The Group develops and operates its own plasma systems and sells customized plasma systems for research applications. The PlasmaSonic product line, a part of Systems, consists of plasma wind tunnel solutions for the simulation of hypersonic and orbital flight conditions. Building on 30 years of delivering excellence, Tekna is a global player recognized for its quality products and commitment to its large base of multinational blue-chip customers. Tekna’s low carbon technology and high-quality materials increase productivity and enable more efficient use of materials, reducing the climate footprint of the downstream value chain. Tekna Holding ASA, a Norwegian public limited lia- bility company, is listed on Oslo Stock Exchange. The Group is headquartered in Sherbrooke, Canada, with subsidiaries and teams based across six offices in Canada (2), France, USA, China and South Korea. All amounts in this document refer to the consolidated financial statements for the Group, unless otherwise stated. The financial statements cover the period from January 1, 2023 to December 31, 2024.

| 13 BOARD OF DIRECTORS’ REPORT 2024 ANNUAL REPORT 2024 Sustainability Report Appendix Contact Information Corporate Governance Report Introduction Financial Statements Auditors Report Board of Directors’ Report 2024 Contents Market sectors Tekna currently has two reporting lines: • Materials - manufacturing and sales of powders for additive manufacturing industry as well as the business development area nano nickel particles for MLCC. • Systems - development, manufacturing and sales of sophisticated plasma systems for research and development, including the PlasmaSonic systems for hypersonic test facilities. Materials In 2024, revenues in Materials increased by 3.2% to CAD 26.5 million (25.5). This represented 72% of consolidated revenues. Adjusted for service revenues of CAD 1 million charged by Tekna to the discontin- ued joint venture in 2023, the actual growth in Mate- rials revenues was 7%. Throughout 2024, Tekna con- tinued to experience rising demand for its materials for Additive Manufacturing in customer segments such as Aerospace and Medical, further confirming the company’s position in this market. Growth was supported by demand for both small and large par- ticle-sized material, valorizing a greater portion of the production yield. In addition to the material for additive manufactur- ing, Tekna is developing nano nickel for Microelec- tronics. These businesses follow global megatrends and represent major growth opportunities. Systems After a record year in 2023, Systems has seen a sig- nificant slow-down in order intake in 2024. The year ended at CAD 10.7 million in revenues, compared to CAD 15.2 million in 2023. Contribution margin for Systems for the year was stable at 63%. Opportunities continued to develop in 2024, particu- larly for PlasmaSonic systems. Steady progress was made throughout the year, with one opportunity that is advanced in the sales cycle. In addition, busi- ness development efforts are directed towards four other similar opportunities that could materialize within the next two-year period, with an average selling price of over CAD 10 million per unit. Space tourism and hypersonic flight ambitions are in rapid development globally and continue to stimulate the demand for PlasmaSonic solutions developed by Tekna. The Systems business is of importance to Tekna as it supports the continued development of the core technology applicable in the inhouse mate- rials production. Board of Directors’ report (continued) Analysis of the development and performance of the undertaking’s business and its position We produce advanced materials that act as enablers for rapidly growing industries that are driving the green transition.

| 14 BOARD OF DIRECTORS’ REPORT 2024 ANNUAL REPORT 2024 Sustainability Report Appendix Contact Information Corporate Governance Report Introduction Financial Statements Auditors Report Board of Directors’ Report 2024 Contents Important events in 2024 Intellectual Property Litigation case won In a decisive judgement released in June, the Federal Court of Canada has ruled strongly in favor of Tekna in an Intellectual Property case concerning compet- ing patent rights to produce titanium powder in Canada. The ruling confirmed that Tekna does not infringe any of Advanced Powders & Coatings Inc. 1 (“AP&C”)'s patents at issue. Furthermore, it was ruled that AP&C’s Canadian patent no. 3,003,502 is, and has always been, invalid and void, and that AP&C’s Canadian patent no. 3,051,236 is also invalid except for a few select claims that are not infringed by Tekna in any event. A Notice of appeal was submitted in September by AP&C. It is Tekna’s opinion that the risk resulting from the appeal is low. In December, AP&C paid Tekna CAD 2.9 million as compensation for litigation cost. Cost reduction Tekna continued to execute on its comprehensive profitability improvement program which started in 2022. Efforts focused on simplifying the organiza- tion, creating a leaner operation, reducing operating cost and further improving cash flow. Key contributors are: • Discontinuing production of lower margin nickel alloy powders in favour of higher margin products of titanium and aluminum, • Optimizing sales mix including particle size, and exploring opportunities to valorize a broader specter of powder qualities, • Reducing overhead and other indirect costs. In 2024 headcount was reduced from 222 to 185, more than CAD 2 million was taken out of the operating costs, • Dissolution of loss-making joint venture, which will have a positive effect on cash flow going forward. Many of the cost reductions executed in 2024 will have recurring effect. Improvement Net Working Capital Over the past two years much effort has gone into improving cash conversion including optimizing Net Working Capital (“NWC”). NWC at year-end amounted to CAD 14.5 million (CAD 19.6 million), an improvement of CAD 5.1 million as depicted in the graph below. With con- sistent efforts over time, cash conversion has im- proved through better payment terms with sup- pliers, strong discipline on aging receivables and converting inventory to cash. For details see Financial Review in this report. Execution of Employee Share Purchase Plan In March 2024, the Board of Directors of Tekna Holding ASA (the "Company") resolved to increase the Company's share capital by NOK 4 469 774 by issuing 2 234 887 new shares as part the settlement of the Company's employee share purchase plan (the "ESPP"). Under the ESPP, which was established on 18 February 2021, certain qualified employees purchased Class B Common shares in Tekna Holding Canada Inc ("Tekna Holding Canada"). Pursuant to the terms of the ESPP, there was a three-year lock- up period on these shares. The three-year lock-up period expired on 18 February 2024 and the ESPP was settled by way of the employees transferring the Class B Common shares in Tekna Holding Canada to Tekna Holding ASA in exchange for the issuance of new shares in Tekna Holding ASA. Following this transaction, Tekna Holding Canada is a wholly owned subsidiary of Tekna Holding ASA. Completion Granting of share options The Board of Directors has resolved to implement an employee share option plan (the "Plan"). The Plan is available to eligible individuals as determined by the Board of Directors. The Plan enables the eligible per- son to acquire a proprietary interest in the growth and performance of the company and to enhance the ability of the company to attract, retain and re- ward qualified individuals. For details see Sharehold- er Information in the annual report and the Remu- neration report on the website. Board of Directors’ report (continued) First revenue-generating order for nano nickel material In April, Tekna has received the first order for nano nickel material samples for developing metal paste suitable for the manufacturing of multi-layer ceramic capacitors (MLCC). The customer is a leading pro- ducer of MLCC devices, which are critical compo- nents in most of the fast-growing consumer elec- tronic applications. Tekna continues to develop its nanomaterials in close cooperation with its potential customers. Re- cent validation tests conducted on samples delivered have yielded promising outcomes. Increased sales of small and large size particles Metal powder production processes naturally yield a wide distribution of particle sizes. For Tekna, the small and large sizes are byproducts, but with the same high quality as the mean size. However, until recently there was a limited demand for the small and large cut sizes. In 2024, Tekna had a break- through in having a wider distribution of these parti- cles qualified by customers, thus maximizing the utilization of the production yield. This is expected to have a positive impact on revenue and cash flow going forward. 1: AP&C is a Colibrium Additive company and Colibrium Additive is a GE Aerospace company

| 15 BOARD OF DIRECTORS’ REPORT 2024 ANNUAL REPORT 2024 Sustainability Report Appendix Contact Information Corporate Governance Report Introduction Financial Statements Auditors Report Board of Directors’ Report 2024 Contents Financial review The Board of Directors believes that the annual fi- nancial statements provide a true and fair view of the net assets, financial position and result of Tekna Holding ASA and the Group for the year. The Group’s consolidated financial statements are pre- sented in compliance with International Financial Reporting Standards (IFRS) as adopted by the EU, and the reporting currency is Canadian dollars (CAD). Profit and loss Revenue was CAD 37.2 million, a 9% decrease from CAD 40.9 million in 2023. EBITDA was negative CAD 4.0 million compared to negative CAD 8.2 million in 2023. Adjusted EBITDA net of non-recurring charges was negative CAD 6.9 million compared to negative CAD 4.1 million in 2023. Tekna had a loss for the period of CAD 11.1 million, compared to a loss of CAD 15.0 million in 2023. Earnings per share were negative CAD 0.09, compared to negative CAD 0.12 in 2023. Cash flow Net cash from operating activities was negative CAD 0.1 million, compared to negative CAD 11.6 million in 2023, with improved results and net working capital being the main contributors. Net cash used for in- vesting activities was CAD 2.6 million, compared to CAD 7.8 million in 2023. Net cash from financing activities was CAD 4.8 million and is mainly related to changes in debts and loans, in particular new CAD 5 million loan, compared to negative CAD 18.4 million of net cash from financing activities in 2023. Cash and cash equivalents at year-end were CAD 12.4 million, compared to CAD 10.1 at the end of 2023. Financial position Tekna’s financial position at the end of the year showed a long-term debt/equity ratio of 1.31, com- pared to 0.69 at the end of 2023. Interest-bearing debt was CAD 28.6 million and total debt was CAD 31.9 million at year-end, while the cash position was CAD 12.4 million and total assets were CAD 73.0 million. Total equity as of 31 December 2024 amounted to CAD 26.5 million. The credit risk is re- garded as low, given that most customers are large multinational companies. Tekna Holding ASA The parent company Tekna Holding ASA is a hold- ing company, with limited activity and a few corpo- rate functions. Profit for the year was CAD 2.9 mil- lion, compared to CAD 2.0 million in 2023. The posi- tive result of the year was due to interest income on intragroup loans. Research and development Investments in research and development (R&D) have been an important part of Tekna’s strategy to develop new and innovative solutions and is ex- pected to remain an important part of the compa- ny’s strategy going forward. Tekna has a long-term ambition to invest significantly in R&D. The compa- ny’s investments in R&D are critical to its near- and long-term goals and in 2024 it represented 7.1% of its total revenue. The company continued to benefit from the Canadian government's Strategic Innova- tion Fund, which supports its research and develop- ment efforts. This program, running until March 2027, offers Tekna up to CAD 20 million in financial assistance through grants and reimbursable loans. Board of Directors’ report (continued) In 2024, Tekna continued its focus on improving margins, cash flow and fur- ther enhancing of organizational productivity.

| 16 BOARD OF DIRECTORS’ REPORT 2024 ANNUAL REPORT 2024 Sustainability Report Appendix Contact Information Corporate Governance Report Introduction Financial Statements Auditors Report Board of Directors’ Report 2024 Contents Subsequent events New CEO On March 18, 2025, Tekna Holding ASA announced the appointment of Mr. Claude Jean as the new Chief Executive Officer (CEO) of the Tekna Group, effective April 28, 2025. Mr. Jean, a seasoned tech- nology executive with over 30 years of experience in the semiconductor and digital imaging sectors, suc- ceeds Mr. Luc Dionne, who has led the company since 2014. This leadership transition follows a period of strategic growth for Tekna, and is not expected to have a material financial impact on the company’s operations or financial position as of the balance sheet date. Link to Introduction of the new CEO Going concern Based on the situation at the end of 2024 as well as the forecast going forward the company is well- positioned to meet its obligations and continue its business for the foreseeable future. There have been no events to date in 2025 which significantly affect the result for 2024 or valuation of the company’s assets and liabilities at the balance sheet date. According to section 3-3a of the Norwegian Ac- counting Act, the Board confirms that the consoli- dated financial statements and the financial state- ments of the parent company have been prepared based on the conditions of going concern and that the conditions are present. Board of Directors’ report (continued) The undertakings likely future developments

| 17 BOARD OF DIRECTORS’ REPORT 2024 ANNUAL REPORT 2024 Sustainability Report Appendix Contact Information Corporate Governance Report Introduction Financial Statements Auditors Report Board of Directors’ Report 2024 Contents Outlook The macroeconomic sentiment continues to be chal- lenging entering 2025. The global economy is being redefined and geopolitical tension, trade restrictions and tariffs will make lasting changes to supply chains. A series of tariffs have been introduced by the U.S. administration in 2025. These tariffs have created a lot of uncertainty in the market that had a negative impact on the business of Tekna at the beginning of the year. The situation is fluid, and it is difficult to assess the outcome of a trade war. However, both the materials and systems of Tekna are in compli- ance with the United States-Mexico-Canada- Agree- ment ("USMCA") and are therefore currently exempt from the recent tariffs introduced by the U.S. Admin- istration under the IEEPA. In this environment, maintaining a strong focus on profitability and capital discipline remains the priority moving forward. In 2025, Tekna will benefit from the profitability improvement program implemented - with a leaner organization and a lower cost base. Tekna remains focused on its core business in Mate- rials, which continues to demonstrate resilience and growth. Tekna’s position in the additive manufactur- ing industry remains strong. The long-term demand for materials to this industry is projected to grow by over 20% 1 annually. Growth opportunities are driven globally by transition towards more efficient manu- facturing technology and products as well as supply chain constraints and manufacturing reshoring across multiple industries. The company’s existing machine capacity is project- ed to adequately meet the anticipated growth in demand for AM materials through the end of 2027. This will be achieved by continuously enhancing ma- chine productivity and energy efficiency. This will shorten delivery lead times and, in turn, positively impact sales. As a result, the company will have a minimal need for capital expenditure for its current operations in the coming years, estimated at CAD 2- 3 million per year, excluding leases under IFRS 16. Tekna has a strong pipeline of potential orders for Systems, where it sees an acceleration of interest for PlasmaSonic wind tunnel solutions that are pivotal to the development of hypersonic flight and spacecraft. The company will continue its efforts in the develop- ment of nano nickel particles for MLCC applications in close cooperation with the industry leading cus- tomers. The current environment is characterized by eco- nomic uncertainty, geopolitical instability, and an increasing demand for sustainable solutions. The company’s strategy, technology, and products have gained significant relevance in this context, as its customers are increasingly transitioning towards new Board of Directors’ report (continued) The undertakings likely future developments technology, moving manufacturing closer to mar- kets, and considering more sustainable production processes. At the same time, economic uncertainty and high interest rates may have a dampening effect on the short-term industry growth rate. Tekna ex- pects any volatility in demand to be transitory and remains committed to addressing the market needs as it is well positioned for continued growth in the coming years. On this basis, the Board of Directors’ assessment is that there are reasons for cautious optimism as the fundamentals and long-term prospects for Tekna are positive. 1: Sources: AMPower Report 2024, Smartech 2024 and internal modelling. Employee preparing materials for laboratory testing

| 18 BOARD OF DIRECTORS’ REPORT 2024 ANNUAL REPORT 2024 Sustainability Report Appendix Contact Information Corporate Governance Report Introduction Financial Statements Auditors Report Board of Directors’ Report 2024 Contents Risk factors and risk management Tekna’s Enterprise Risk Management (“ERM”) aims to contribute to the creation, optimization, and protec- tion of enterprise value by managing Tekna’s busi- ness risks as it creates value in the marketplace. Tekna’s Board of Directors is ultimately responsible for the governance of risk management. Tekna's Executive Leadership Team is responsible for the ERM, i.e. implementing and overseeing the applica- tion of efficient risk management processes. The employees of the Company are expected to follow the requirements defined in the Company's policies. Tekna’s Board of Directors and Executive Leadership Team conduct risk assessments related to various dimensions and aspects of operations to verify that adequate risk management systems are in place. As a global operator, Tekna is exposed to risk sce- narios ranging from controllable risks, such as raw material price fluctuation, currency fluctuation, mar- ket changes, competition or fuel price volatility, to uncontrollable ones such as natural disasters. The tariffs recently imposed by the U.S. Administration increases geopolitical uncertainty and represent a risk of trade war that may have an impact on supply chains. Supply chain disruptions in terms of lead times and shortages can have a significant impact on the company’s business and financial performance. Qualified labor shortages in the markets where Tekna operates can lead to challenges in retaining and recruiting talent. This could lead to increased pressure on the remaining workforce translating into unfilled client orders, declining competitiveness, a deteriorating product/service quality and eventually a slower growth rate. Tekna is currently not able to sell the full production yield of metal powders for additive manufacturing at attractive prices, such that a provision of costs for the accumulation of inventory above sales levels is expensed at cost in the financial statements on an ongoing basis. This provision of costs thus limits the financial risk in the financial statements as presented, meanwhile there is a business risk given the uncer- tainty in timing of market development and higher sales volumes of the full production yield at attrac- tive prices. Tekna Plasma Systems Inc., the Group’s operating subsidiary, is currently involved in an appeal process with AP&C Advanced Powders & Coatings Inc. re- garding patent rights related to titanium powder production in Canada. The case concerns two AP&C patents that fall within the same category as one of the Group’s key patents. In 2024, the Court ruled decisively in Tekna’s favor, invalidating all claims of one of the two disputed AP&C patents and all but a few claims of the second patent. The Court also con- firmed that Tekna had not infringed any of the pa- tents in question. AP&C has since filed an appeal, and hearing dates have yet to be scheduled. If the appeal does not conclude in Tekna’s favor, the com- pany plans to implement alternative technological solutions to bypass any potential patent restrictions. The Group's business is subject to price and ex- change rate risks. There is no guarantee that the Group will be able to obtain the expected prices for its materials and systems, and any change in the market conditions, including in the global technolo- gy and powder markets or in a specific regional and/ or end markets in which the Group operates, could lead to lower sales prices or volumes of the Group's products and systems. The most material climate risks in the short and me- dium term are physical risks in the supply chain and in Tekna’s own operations. There is a risk of extreme weather events impacting Chinese suppliers and their ability to supply Tekna with titanium. Also, high- er temperatures put the health and safety of suppli- ers’ workers in China at risk. Physical climate risks might also impact goods transportation. In the me- dium and long term, physical risks might impact where the company considers establishing new pro- duction locations. A more detailed description is to be found in the Sustainability report included in that annual report and available on the company’s web- site from 10 April. Board of Directors’ report (continued) Description of the principal risks and uncertainties Tekna employees with a Powered Air Purifying Respirator Unit, personal protective equipment

| 19 BOARD OF DIRECTORS’ REPORT 2024 ANNUAL REPORT 2024 Sustainability Report Appendix Contact Information Corporate Governance Report Introduction Financial Statements Auditors Report Board of Directors’ Report 2024 Contents The following summarizes the results: • Tekna’s economic activities are eligible under Climate Change Mitigation and not under any of the other five environmental objectives. • Additive manufacturing and PlasmaSonic wind tunnels are activities assessed as aligned with the EU Taxonomy. However, the substantial contribution criteria are not considered met due to the lack of documentation verified by a third party demonstrating life-cycle GHG emission savings. • All Tekna revenues are eligible except for its R&D revenue (~1% in 2024). Total eligible revenue: CAD 36.8m. • 63% of Tekna’s CapEx is invested in eligible activ- ities, totaling CAD 2.9m. • Tekna does not yet have a CapEx plan aimed at increasing the percentage of aligned activities. • 100% of Tekna’s OpEx is spend on eligible activi- ties, totaling CAD 2.5m. The high percentage of eligible activities reflects the great potential of the company and the challenge for medium sized companies in niche, high-tech industries to comply with the screening criteria as per the current requirements. It is likely that Tekna will not be able to prioritize the third party research required to prove alignment. Tekna has prepared a separate Sustainability report in accordance with Section 3-3 of the Norwegian Accounting Act regarding corporate social responsi- bility and in line with the European Corporate Sus- tainability Reporting Directive. The report is included in this annual report and will be available on the company’s website from 10 April. The report describes Tekna’s material impacts, risks and opportunities. The materiality assessment identi- fied the following topics to report on: • Environment: Tekna reports on Climate Change (E1) and Resource use and circular economy (E5), • Social: Own workforce (S1) and Workers in the value chain (S2), • Governance: Business Conduct (G1) and Cyber Security (Gx—entity specific). For all these topics it describes the strategy, how it is operationalized through guidelines, targets and an action plan, followed by measurements consisting of 2024 compared to 2023 where available and a base- line if applicable. Tekna sets high ethical standards, and communica- tion with the outside world is to be open, clear and honest. The Company is responsible for ensuring safe and good workplaces in the local communities where it is present. Tekna seeks to create value for society, customers, employees and shareholders. Environment Tekna’s environmental impact is two-fold. Tekna has a positive environmental impact through developing products which enable a green transition. Tekna produces metal powders for Additive Manufacturing (“AM”) that significantly reduce the metal consump- tion in product manufacturing processes down- stream. In the application of AM parts in airplanes and vehicles parts are usually lighter and therefore more energy efficient (less weight, less fuel con- sumption). On the other hand, the company also has an environmental impact from internal business op- erations such as emissions from employee com- mutes, business travels, energy consumption at the company’s locations and waste generation. Tekna started climate accounting in 2019 and for the first time this year it has completed a full estimation of material emissions in scope 3, which are mostly up- and downstream GHG emissions. The carbon accounting was updated using CEMAsys’ digital so- lution, and a full overview can be found in the ap- pendix of the annual report. For scope 1 and 2 Tekna has already committed to an absolute reduction of 50% by 2030 over 2021. EU Taxonomy Tekna has prepared an EU Taxonomy report, which is part of the annual report and published on the website. Board of Directors’ report (continued) Sustainability Operations The activities covered by the environmental permit as delivered by the Quebec Ministry of Environment, are metallic powders manufacturing and induction plasma systems and auxiliary manufacturing. The manufacturing of both metallic powders and induc- tion plasma systems has relatively low environmental risks. Limited hazardous waste is generated, and mostly from R&D. It is stored and treated according to regulations, air emissions are purified when need- ed, and wastewater is treated before being disposed of. There are low CO2 emissions (GHG) in our pro- duction process. The production of nano nickel nano powder is in the industrialization phase, and risk analyses and miti- gating measures have been put in place as the team proceeds in this project.

| 20 BOARD OF DIRECTORS’ REPORT 2024 ANNUAL REPORT 2024 Sustainability Report Appendix Contact Information Corporate Governance Report Introduction Financial Statements Auditors Report Board of Directors’ Report 2024 Contents Activities on gender equality and non- discrimination Tekna is committed to ensuring that people with different backgrounds, irrespective of ethnicity, gen- der, religion, sexual orientation or age, have the same opportunities for work and career develop- ment at Tekna. Women represented 26 per cent of the Tekna work- force in 2024. Out of 43 managers (managers with employees reporting to them) 22 per cent were fe- male. Tekna aspires to substantially increase the share of female employees and is working through the employee life cycle to see where measures could be implemented to enhance diversity across the or- ganization. To date, Tekna’s workforce comprises 23 different nationalities, of which about 2/3 are Cana- dian. In 2022, Tekna has developed and transitioned its workers compensation system to ensure equality, based on an objective job evaluation method that positions employees on the relative value of their jobs. This system is compliant with the legal require- ments prescribed by the Commission for labor standards, pay equity and occupational health and safety (CNESST) of the Province of Quebec. There- fore, the average pay for men and women vary due to differences in job categories and years of service, not because of gender. No gender-based differ- ences exist with regard to working hour regulations or the design of workplaces. The unadjusted gender pay gap was 3.9% in 2024. Social Tekna Group is subject to the two following legal frameworks, both having the objective of improving respect for fundamental human rights in supply chains and increasing transparency on the topic. • 1 January 2024, the Canadian Fighting Against Forced Labour and Child Labour in Supply Chains Act came into effect. • 1 July 2022, the Norwegian Transparency Act came into effect. The Human Rights and Transparency report is part of the annual and will be published on the website of the company: www.tekna.com/esg. Tekna takes its social responsibility seriously and continues to embed human rights into company- wide governance and compliance programs. Both Employee and Business Partner Code of Con- duct have been updated recently and approved by this Board of Directors and are in place. Tekna is working to ensure compliance with fundamental human rights and acceptable working conditions in our supply chains and with their business partners. 80 per cent of Tekna’s global spend comes from suppliers based in the EU or North America, which we deem well-governed by legal standards. The remaining 20 per cent is spent on a key raw material, i.e. titanium, supplied by two regularly audited man- ufacturers in China. Both are well-established and qualified suppliers to major western industrial con- glomerates. We have addressed the issue of tantalum and tung- sten, sometimes conflict minerals, by asking our sup- pliers to certify the provenance of the material. In addition to ensuring Occupational health and safety Tekna respects the freedom of association and does not accept any form of forced labor, child labor or work-related discrimination. Reference is made to Sustainability and Governance documents available at www.tekna.com. People and organization The competence of our employees represents a ma- jor asset and competitive advantage for Tekna. At the end of 2024, the Group employed a total of 185 people. The number of employees were divided across loca- tions as follows: Canada: 161 (186) France: 18 (31) China: 4 (4) South Korea: 1 (1) USA: 1 (0) There were no serious work-related accidents and two lost time injuries in 2024. Sick leave was 2.9% per cent in 2024, compared to 3.3 per cent in 2023. Board of Directors’ report (continued) The Remuneration policy on determination of salary and other remuneration for leading persons was approved by the Extraordinary General Meeting in October 2022 and a full disclosure can be found in the separate Remuneration report. Guidelines for remuneration of leading persons are available in the Corporate Governance Policy on the company’s website. The province of Quebec (Canada) has strong legisla- tion on discriminatory harassment in the workplace. The Employee as well as the Business Partner Code of Conduct clearly reject any form of discrimination and emphasize the importance of respect and civili- ty. It also includes a clear process for reporting and dealing with inappropriate behavior. In 2024 the Executive Leadership Team had four male and two female members. The Board of Direc- tors has four female members and three male mem- bers. Refer to the CSRD report for further statistical map- ping on gender equality.

| 21 BOARD OF DIRECTORS’ REPORT 2024 ANNUAL REPORT 2024 Sustainability Report Appendix Contact Information Corporate Governance Report Introduction Financial Statements Auditors Report Board of Directors’ Report 2024 Contents Cyber security Information and Communications Technology (ICT) security relates to the internal policies and protocols specific to the Group that help ensure that infor- mation and data are protected and secure from un- wanted breaches or incidents, and handled in such a manner that protect company-specific data and in- dividual rights, and adhere to applicable external regulations. Executives and Finance positions are at risk for their access to sensitive data and presumed ability to au- thorize or move money (17 employees in 2024). Tekna does not store personal data of a sensitive Governance The Company is subject to corporate governance reporting requirements as defined in the Norwegian Accounting Act, section 3-3b and the Norwegian Code of Practice for Corporate Governance (the “Code”) available at www.nues.no. Reference is made to the Corporate Governance Report , which is included in the annual report and will be published on the company’s website on 10 April. Tekna launched a new online independent whistle- blowing system. Further compliance policies were approved by the board and are in implementation, namely the Human Rights policy and the updated Business Partner Code of Conduct in line with princi- ple 10 of the UN Global Compact 2 . The Ethics and Compliance Committee, which reports to the Audit Committee, is operational. Tekna’s Board of Directors has the overall responsi- bility for ensuring that the company has a high standard of corporate governance. The Company’s corporate governance model is designed to provide a foundation for long-term value creation and to ensure good control. The Board has adopted a cor- porate governance policy to safeguard the interests of the company’s shareholders, employees and oth- er stakeholders. The policy describes the company’s main principles for corporate governance and ad- dresses the framework of guidelines and principles regulating the interaction between the company’s shareholders, the Board of Directors and the Execu- tive Leadership Team. These principles and associat- ed rules and practices are intended to increase pre- dictability and transparency, and thus reduce uncer- tainties related to the business. The company follows the Norwegian Code of Practice for Corporate Gov- ernance. The company’s practice is largely in ac- cordance with these recommendations. Tekna Holding ASA is a public limited company and is organized under Norwegian law with a govern- ance structure based on Norwegian corporate law and other regulatory requirements. The company’s shares are freely transferable and are not subject to ownership restrictions pursuant to law, licensing con- ditions, articles of association or similar restrictions. Currently, Tekna has seven Board members, none of whom are members of the company’s management. Three Board members are independent of company management and significant business partners. Four Board members, including its Chair Dag Teigland elected in 2023, have an affiliation with Arendals Fossekompani ASA, Tekna’s main shareholder. The Audit Committee consists of one dependent and one independent Board member. Tekna’s Board of Directors met for a total of nine board meetings with 97% participation. The Board members and the Executive Leadership Team are covered by liability insurance. The policy has worldwide coverage, and in addition to financial loss, it provides cover for aggravated, punitive and exemplary damages imposed on the insured, where these are insurable by law. Board of Directors’ report (continued) 2: Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery. nature, except of its own employees. Tekna keeps a log of (attempted) cyber attacks. No successful cyberattacks have taken place in 2024. Tekna is implementing a cyber security roadmap based on conclusions of a third party vulnerability test performed in 2023. All employees pass compul- sory security awareness training on an annual basis and simulated phishing attacks throughout the year. Additional training is imposed to employees failing security training, simulated fishing attacks or as de- termined by management.

| 22 BOARD OF DIRECTORS’ REPORT 2024 ANNUAL REPORT 2024 Sustainability Report Appendix Contact Information Corporate Governance Report Introduction Financial Statements Auditors Report Board of Directors’ Report 2024 Contents Anne Lise Meyer Member of the Board Kristin Skau Åbyholm Member of the Board Ann-Kari Amundsen Heier Member of the Board Luc Dionne CEO We hereby confirm that, to the best of our knowledge, the consolidated annual financial statements for 1 January to 31 December 2024 have been prepared in accordance with applicable accounting standards and that the information in the financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the company. We confirm that the financial statements give an accurate and fair view of the development, profit and position of the company, as well as a description of the principal risks and uncertainties it is facing. Arendal, 9 April 2025 The Board of Directors and CEO Tekna Holding ASA This document was electronically signed. Declaration by the Board of Directors and CEO “We would like to express our gratitude to all of Tekna's employees for their dedication and contributions to the company's growth and success.” Board of Directors’ report (continued) Dag Teigland Chair of the Board Torkil Sigurd Mogstad Member of the Board Barbara Thierart-Perrin Member of the Board Lars Magnus Eldrup Fagernes Member of the Board From left to right: Ann-Kari Amundsen Heier, Dag Teigland (Chair), Lars Magnus Eldrup Fagernes, Barbara Thierart-Perrin, Anne Lise Meyer, Kristin Skau Åbyholm and Torkil Sigurd Mogstad.

Sustainability Report Appendix Contact Information Corporate Governance Report Introduction Financial Statements Auditors Report Board of Directors’ Report 2024 | 23 Contents Index...............................................24 Consolidated Income statement ......................25 Other comprehensive Income...25 Balance sheet ..............................26 Changes in equity ...................... 27 Cash flow ......................................28 Notes....................................... 29-50 Parent company Income statement ...................... 51 Other comprehensive Income... 51 Balance sheet ..............................52 Changes in equity ......................53 Cash flow ......................................53 Notes ..................................... 54-60 ... 61 | 23 Financial Statements Financial Statements Consolidated & Parent Independent Auditor’s report

FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR’S REPORT Sustainability Report Appendix Contact Information Corporate Governance Report Introduction Financial Statements Auditors Report Board of Directors’ Report 2024 | 24 ANNUAL REPORT 2024 Contents Consolidated Financial Statements Income statement ......................................................................................... 25 Other comprehensive income .................................................................. 25 Balance sheet ................................................................................................. 26 Changes in equity ......................................................................................... 27 Cash flow ......................................................................................................... 28 Notes to the Consolidated Financial Statements Organization and accounting principles ................................................ 29 Note 1 Research and Development ......................................................... 32 Note 2 Revenue from contracts with customers ................................. 32 Note 3 Other income ................................................................................. 33 Note 4 Remuneration and employee benefits ..................................... 33 Note 5 Other operating expenses ........................................................... 34 Note 6 Income tax ........................................................................................ 35 Note 7 Inventories ........................................................................................ 37 Note 8 Trade and other receivables ....................................................... 37 Note 9 Cash and cash equivalents .......................................................... 38 Note 10 Property, plant and equipment ................................................ 38 Note 11 Intangible assets............................................................................. 39 Note 12 Non-current receivables ............................................................. 39 Note 13 Leases ............................................................................................... 40 Note 14 Trade payables and other current liabilities ......................... 40 Note 15 Financial risk and financial instruments ................................... 41 Note 16 Borrowings ...................................................................................... 44 Note 17 Finance items ................................................................................. 46 Note 18 Share information ......................................................................... 46 Note 19 Earnings per share........................................................................ 47 Note 20 Investment in joint ventures ..................................................... 47 Note 21 Subsidiaries ..................................................................................... 48 Note 22 Related parties .............................................................................. 49 Note 23 Contingent liabilities .................................................................... 50 Note 24 Subsequent events ..................................................................... 50 *Appendix Alternative Performance Measures ................................... 108 Index Parent Financial Statements Income statement .......................................................................................... 51 Other comprehensive income ................................................................... 51 Balance sheet ..................................................................................................52 Changes in equity ..........................................................................................53 Cash flow ..........................................................................................................53 Notes to the Parent Financial Statements Accounting principles ...................................................................................54 Note 1 Remuneration and employee benefits ......................................55 Note 2 Other expenses ..............................................................................55 Note 3 Tax .......................................................................................................56 Note 4 Investments in subsidiaries ...........................................................57 Note 5 Cash and cash equivalents ...........................................................57 Note 6 Intercompany balances and transactions ................................57 Note 7 Financial items ..................................................................................58 Note 8 Financial risk ......................................................................................58 Note 9 Share capital and shareholder information .............................59 Note 10 Subsequent events ........................................................................60 Index Tip If you want to return to this financial index page, press this icon at the cen- ter bottom of a financial page. Independent Auditor’s report.......................................... 61

Consolidated Financial Statements Board of Directors’ Financial Statements Corporate Governance Sustainability Appendix Contents Introduction Report 2024 Auditors Report Report Report Contact Information Income Statement Other Comprehensive Income Note FY2024 FY2023 Note FY2024 FY2023 Amounts in CAD 1000 Amounts in CAD 1000 Revenues 2 37 166 40 888 Items that may be reclassified to statement of income Other income 3 3 914 991 Exchange differences on translation of foreign operations 35 -49 Items that may be reclassified to statement of Materials and consumables used 21 165 22 658 income 35 -49 Employee benefit expenses 4 16 392 17 143 Other operating expenses 5 7 515 10 248 Items that will not be reclassified to statement of income Exchange differences on translation of foreign operations - - EBITDA -3 993 -8 170 Items that will not be reclassified to statement of income Depreciation and amortisation 10, 11 4 021 4 222 - - Net operating income/(loss) -8 014 -12 391 Other comprehensive income/(loss) for the period, net of tax 35 -49 Share of net income (loss) from associated companies and 20 joint ventures 1 -608 Total comprehensive income/(loss) for the period -11 115 -15 058 Finance income 17 334 575 Attributable to equity holders of the company -10 999 -14 470 Attributable to non-controlling interests Finance costs 17 2 620 1 119 -116 -589 Profit/(loss) before income tax -10 299 -13 543 Income tax expense 6 851 1 467 Profit/(loss) for the period -11 150 -15 009 Attributable to equity holders of the company -11 036 -14 422 Attributable to non-controlling interests -114 -587 Basic earnings per share 19 -0.09 -0.12 Diluted earnings per share 19 -0.09 -0.12 FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR’S REPORT ANNUAL REPORT 2024 | 25

FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR’S REPORT Sustainability Report Appendix Contact Information Corporate Governance Report Introduction Financial Statements Auditors Report Board of Directors’ Report 2024 | 26 ANNUAL REPORT 2024 Contents Consolidated Financial Statements (continued) Balance sheet Arendal, 9 April 2025 The Board of Directors and CEO of Tekna Holding ASA This document was electronically signed. Note 31.12.2024 31.12.2023 Amounts in CAD 1000 Non-current assets Property, plant and equipment 10 24 446 23 894 Intangible assets 11 6 962 7 785 Associated companies and joint ventures 20 - - Non-current receivables 12 4 085 4 531 Deferred tax assets 6 - - Total non-current assets 35 493 36 210 Current assets Inventories 7 17 261 17 607 Contract assets 2 1 502 3 905 Trade and other receivables 8 6 421 8 394 Cash and cash equivalents 9 12 352 10 148 Total current assets 37 536 40 054 Total assets 73 029 76 264 Anne Lise Meyer Member of the Board Kristin Skau Åbyholm Member of the Board Luc Dionne CEO Dag Teigland Chair of the Board Torkil Sigurd Mogstad Member of the Board Barbara Thierart-Perrin Member of the Board Ann-Kari Amundsen Heier Member of the Board Lars Magnus Eldrup Fagernes Member of the Board Note 31.12.2024 31.12.2023 Amounts in CAD 1000 Equity Share capital and share premium 18 497 260 494 956 Other reserves -470 723 -455 405 Capital and reserves attributable to holders of the company 26 537 39 552 Non-controlling interests - -1 197 Total equity 26 537 38 354 Non-current liabilities Borrowings 16 31 486 24 662 Lease liabilities 13 1 637 773 Deferred tax liabilities 6 1 649 1 163 Total non-current liabilities 34 771 26 598 Current liabilities Bank loan 16 - - Lease liabilities 13 647 595 Trade and other payables 14 3 741 4 875 Provision for warranties 182 137 Contract liabilities 2 1 513 2 442 Other current liabilities 14 5 217 2 860 Borrowings short-term portion 16 420 402 Total current liabilities 11 721 11 311 Total liabilities and equity 73 029 76 264                       

Consolidated Financial Statements (continued) Board of Directors’ Financial Statements Corporate Governance Sustainability Appendix Contents Introduction Report 2024 Auditors Report Report Report Contact Information Changes in Equity Attributable to equity holders of Amounts in CAD 1000 Note Share capital and share premium Other reserves Total Non- controlling interests Total equity Balance at 1 January 2023 494 956 -440 934 54 022 -609 53 412 Profit/(loss) for the period - -14 422 -14 422 -587 -15 009 Other comprehensive income/(loss) - -47 -47 -2 -49 Balance at 31 December 2023 494 956 -455 405 39 552 -1 197 38 354 Balance at 1 January 2024 494 956 -455 405 39 552 -1 197 38 354 Profit/(loss) for the period - -11 036 -11 036 -114 -11 150 Other comprehensive income/(loss) - 37 37 -2 35 Settlement/conversion share based payment 18 2 304 -4 338 -2 034 1 312 -722 Share-Based Compensation - 20 20 - 20 Balance at 31 December 2024 497 260 -470 723 26 537 - 26 537 FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR’S REPORT ANNUAL REPORT 2024 | 27

FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR’S REPORT Sustainability Report Appendix Contact Information Corporate Governance Report Introduction Financial Statements Auditors Report Board of Directors’ Report 2024 | 28 ANNUAL REPORT 2024 Contents Cash flow Consolidated Financial Statements (continued) Note FY2024 FY2023 Amounts in CAD 1000 Cash flow from operating activities Net profit/(loss) -11 150 -15 009 Depreciation, amortization and impairment 10, 11 4 021 4 222 Variation in deferred taxes 6 486 1 163 Accretion of discounted loan 16 402 345 Loan discount recognition 10, 11, 16 -354 -775 Share-Based Compensation 20 - Write-off of license liability 16 -116 - Write-off of capitalized license costs 11 116 - (Gain)/Loss from sales of assets - 9 Net gain from settlement in subsidiary via equity instruments 18 -722 - Capitalized interests on loan 16 1 946 981 Investing interest received -334 -364 Financing interest paid 108 138 Share of results from associated companies and joint ventures -1 608 Total after adjustments to profit before income tax -5 579 -8 682 Change in Inventories 7 345 2 985 Change in other assets 4 823 -3 443 Change in other liabilities 339 -2 504 Total after adjustments to net assets -72 -11 644 Net cash from operating activities -72 -11 644 Note FY2024 FY2023 Amounts in CAD 1000 Cash flow from investing activities Proceeds from the sales of PPE 10 4 - Purchase of PPE and intangible assets, net of grants 10, 11 -2 891 -8 205 Interest received 334 364 Net cash flow from investing activities -2 552 -7 841 Cash flow from financing activities Increase (decrease) of bank loan 16 - -1 197 New loans 16 6 873 21 159 Repayment of loans 16 -1 263 -839 Repayment of lease liabilities 16 -661 -565 Interest paid -108 -138 Net cash flow from financing activities 4 840 18 420 Change in cash and cash equivalents 2 216 -1 065 Cash and cash equivalents at the beginning of the period 10 148 11 364 Effects of exchange rate changes on cash and cash equivalents -13 -150 Cash and cash equivalents at end of the period 12 352 10 148               

FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR’S REPORT Sustainability Report Appendix Contact Information Corporate Governance Report Introduction Financial Statements Auditors Report Board of Directors’ Report 2024 | 29 ANNUAL REPORT 2024 Contents Notes to the Consolidated Financial Statements Organization and accounting principles Information about the company Tekna Holding ASA is domiciled in Norway, and with headquarters in Sherbrooke, Canada. The consolidated financial statements for financial year 2024 include the company and its subsidiaries (as a whole, referred to as "the Group"). Information about the companies included in the scope of consolidation is disclosed in Note 21, together with information about Group investments in associates. Basis for preparation The consolidated financial statements have been prepared in accordance with International IFRS® Account- ing Standards as adopted by the EU and associated interpretations, as well as Norwegian disclosure require- ments pursuant to the Norwegian Accounting Act applicable as of 31 December 2024. The annual and con- solidated financial statements were approved by the board of directors on 9 April 2025. The financial statements are presented in Canadian dollar (CAD), which is the functional currency of the par- ent company. All amounts disclosed in the financial statements and notes have been rounded off to the nearest thousand CAD units unless otherwise stated. The financial statements have been prepared using the historical cost principle, with the exception of the fol- lowing assets, which are presented at fair value: Financial instruments at fair value through profit or loss and financial instruments at fair value through other comprehensive income. The Group recognizes changes in equity arising from transactions with owners in the statement of changes in equity. Other changes in equity are presented in the statement of comprehensive income (total return). Preparation of financial statements in accordance with IFRS requires the use of assessments, estimates and assumptions that influence which accounting policies shall be applied, and also influence recognized amounts for assets and liabilities, revenues and costs. Actual amounts can deviate from estimated amounts. Estimates and underlying assumptions are reviewed on an ongoing basis. Changes in accounting estimates are recognized in the period in which they arise if they only apply to that period. If the changes also apply to subsequent periods, the effect is allocated over the current and subsequent periods. Areas with significant estimation uncertainties, and where assumptions and assessments made have signifi- cantly influenced the application of the accounting policies, are disclosed in each relevant note. Accounting policies The accounting policies applied in the preparation of the annual and consolidated financial statements are described below. With the exception of effects described in the section on changes in accounting policies below, the policies are applied consistently for all periods. In case that subsidiaries have used other principles to prepare their separate annual financial statements, adjustments have been made so the consolidated fi- nancial statements are prepared according to common policies. Changes in accounting policies for 2024 No new standards have been adopted by the Company and the Group with effect from 1 January 2024. Principles of consolidation Foreign currency translation Functional and presentation 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’). All amounts disclosed in the consolidated financial statements have been rounded off to the nearest thousand CAD units unless otherwise stated. From the date of incorporation, the functional currency of the parent company has been determined to be Norwegian kroner (NOK) due to its ties to Aren- dals Fossekompani ASA and predominantly NOK financing. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transac- tions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are generally recognized in profit or loss. They are deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net in- vestment in a foreign operation. Foreign exchange gains and losses that relate to borrowings are presented

FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR’S REPORT Sustainability Report Appendix Contact Information Corporate Governance Report Introduction Financial Statements Auditors Report Board of Directors’ Report 2024 | 30 ANNUAL REPORT 2024 Contents in the statement of profit or loss, within finance costs. All other foreign exchange gains and losses are pre- sented in the statement of profit or loss on a net basis within other gains/(losses). Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non- monetary assets and liabilities such as equities held at fair value through profit or loss are recognized in profit or loss as part of the fair value gain or loss, and translation differences on non-monetary assets such as equi- ties classified as at fair value through other comprehensive income are recognized in other comprehensive income. Revenue recognition Revenues from contracts with customers Under IFRS 15, Revenue from Contracts with Customers, the Group recognizes revenue at the agreed trans- action price when control of promised goods or services transfers to the customer, reflecting the considera- tion the Group expects to be entitled to in exchange for those goods or services. Revenue is recognized ei- ther at a point in time or over time, depending on when control transfers, as determined at the inception of each contract. The timing of revenue recognition varies based on the nature of the goods or services provid- ed and the specific terms agreed with the customer. The Group’s primary revenue sources are the sale of Materials and the delivery of Systems. Contracts differ based on customer needs, ranging from straightforward material sales to complex system projects involving design, manufacturing, and testing. Customers include universities, research laboratories, niche companies, domain experts, small to large industrial firms, and government research centers across industries such as aerospace, defense, medical, consumer electronics, and 3D printing. Transaction price - Sale of Materials The Group determines the transaction price for Materials sales as the amount of consideration it expects to be entitled to in exchange for transferring the promised goods to the customer, net of discounts and sales- related taxes, which are collected on behalf of tax authorities. Revenue is typically recognized at a point in time, upon shipment under EXW (Ex Works) or similar terms, when control transfers to the customer. Howev- er, this timing may shift depending on shipping methods, customer location, export/import regulations, or local trade customs. Materials are sold on standardized or custom specifications, serving a wide range of applications. Pricing is based on market conditions, with discounts periodically offered or applied to high-volume purchases. Pay- ment terms generally align with standard commercial practices (e.g., net 30 days) and may vary depending on customer relationships or order specifics. Customers include small to large industrial companies and gov- ernment research centers, reflecting a diverse base with needs spanning bulk standardized orders to high- precision custom materials. Fixed price contracts - Sale of Systems Revenue from the sale of Systems is recognized in accordance with IFRS 15, with control transferring over time due to the custom-designed nature of the systems, which have no alternative use, and the Group’s en- forceable right to payment for work completed to date. These fixed-price contracts typically span 6 to 18 months, depending on complexity and standardization, and involve activities such as design, manufacturing, testing, and delivery. Revenue is recognized progressively using the percentage-of-completion method, where income and profits are recorded based on the degree of work completed. The cost-to-cost method is applied, comparing actual costs incurred to total expected costs, provided the sales price is fixed or determi- nable and collection is reasonably assured. Payment terms are structured around project milestones, typically including a significant prepayment upon placement of the Purchase Order, a downpayment at design approval, a downpayment at Site Acceptance Test (SAT), and a final payment at Factory Acceptance Test (FAT). Customers, such as universities, research labs, niche companies, and domain experts, collaborate closely with the Group to meet tailored specifica- tions, influencing project timelines and the revenue recognition process. Contract balances Contract balances consist of client-related assets and liabilities. Contract assets relate to consideration for work completed, but not yet invoiced at the reporting date. The contract assets are transferred to trade receivables when the right to payment has become unconditional, which usually occurs when invoices are issued to the customers. When a client pays consideration in advance, or an amount of consideration is due contractually before transferring of the license or service, then the amount received in advance is presented as a liability. Notes to the Consolidated Financial Statements (- Note Organization and accounting principles—continued)

FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR’S REPORT Sustainability Report Appendix Contact Information Corporate Governance Report Introduction Financial Statements Auditors Report Board of Directors’ Report 2024 | 31 ANNUAL REPORT 2024 Contents Contract liabilities represent mainly prepayments from clients for unsatisfied or partially satisfied performance obligations in relation to licenses and services. Contract assets are within the scope of impairment require- ments in IFRS 9. For contract assets the simplified approach is applied, and the expected loss provision is measured at the estimate of the lifetime expected credit losses. Share-based compensation For share-based compensation by equity instruments granted that do not vest until the employee completes a specified period of service, it is assumed that the services to be rendered as consideration for the equity instruments will be received in the future, during the vesting period. Such services are accounted for as they are rendered by the employee during the vesting period, with a corresponding increase in equity. Government Grants Government grants are recognized when there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. The grants related to an expense are presented as other reve- nues, not against the expense. The grants related to fixed assets or intangible assets are recorded against the cost on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is presented in the statement of financial position by deduct- ing the grant in arriving at the carrying amount of the asset. The grant is recognized in the income statement over the useful life of a depreciable asset as a reduced depreciation. Financial Liabilities: Interest-Free Loans The Group recognizes interest-free loans initially at fair value, determined by discounting the future cash flows using a market-related interest rate that reflects the time value of money, and the credit risk associated with the loan. The difference between the nominal amount of the loan and its fair value at initial recognition is recorded as a loan discount in the statement of financial position. Subsequently, the loan is measured at amortized cost using the effective interest method in accordance with IFRS 9 Financial Instruments. The loan discount is amortized over the term of the loan, with the amortization recognized under “Loan discount recognition” as a reduction of purchase in PPE and intangible assets in the balance sheet (note 10 and 11), reduction of non-current debt (note 16) and as an increase of grant as other income in the income statement. Additionally, the unwinding of the discount, representing the theoretical or imputed interest, is presented as “Accretion of discounted loan” within finance costs (note 17) in income statement and an increase of non-current debt (note 16). This approach ensures that the interest-free loans are presented in a manner consistent with the economic substance of the transactions, as required by IFRS. Segment information The Chief Operating Decision Maker (CODM) assesses the financial performance and position of the Group and makes strategic decisions. The internal financial reporting to the CODM is on a consolidated basis. As a result, the Group has only one reportable segment. The CODM is identified as the Board of Directors. Climate Risk Considerations The company has assessed climate-related risks and their potential impact on the financial statements. In the short and medium term, key physical risks include extreme weather and higher temperatures, which may dis- rupt the supply of materials like titanium or pose health and safety risks to workers, such as in regions like China, potentially raising costs or delaying production. These risks may also increase transportation costs. In the medium to long term, physical risks could affect decisions on new production locations, impacting future capital expenditures. As of 31 December 2024, no material financial impacts from climate risks have been identified. Management continues to monitor these risks for effects on inventory valuation, cost of sales, and asset impairments, as part of its accounting estimates and judgments. Key Accounting Estimates and Judgments The preparation of these financial statements in accordance with International Financial Reporting Standards (IFRS) requires management to make judgments, estimates, and assumptions. These are based on historical experience, current conditions, and expectations of future events that are considered reasonable under the circumstances. However, actual results may differ from these estimates due to their inherent uncertainty. A key area of estimation uncertainty is: • Provision for slow-moving inventory (Note 7 – Inventories): The provision reflects inventory that may not be sold due to fluctuating demand and market penetration levels, assessed using historical sales, growth rates and order intake. Movements in the provision are also considered material and are driv- en by changes in inventory levels and historical sales performance. This is deemed a key accounting estimate under IAS 1.125, as it is material and depends on future market conditions (demand) and op- erational outcomes (production). The provision is sensitive to production (inventory buildup) and de- mand (sales and orders): Scenario one: If production increases inventory by 10% (adding ~CAD 866 thousand to finished goods of CAD 8 664 thousand in 2024) and demand drops by 10%, the provision could rise by ~CAD 600 thousand, reducing profit before tax. Scenario two: If production stops (no new inventory) and demand drops by 10%, the provision could fall by ~CAD 500 thousand, increasing profit before tax. Estimates are regularly reviewed and updated as new information becomes available. Notes to the Consolidated Financial Statements (- Note Organization and accounting principles—continued)

Board of Directors’ Financial Statements Contents Introduction Report 2024 Auditors Report Notes to the Consolidated Financial Statements (continued) (- Note 2 continued) Note 1 Research and development

Amounts in CAD 1000	2024	2023
Salaries	1 814	1 711
Materials and other costs	902	836
R & D Tax credits	-87	-161
Research and Development costs	2 629	2 386
Less: development capitalized	-508	-428
Research expensed	2 121	1 958

Note 2 Revenue from contracts with customers Accounting principles and information related to external customers are described in the Organization and accounting principles. There are no customers that represent ten per cent or more of the Group's total reve- nues on an annual basis in 2024. Disaggregation of revenue from contracts with customers

2024 Amounts in CAD 1000	Systems & Equipment	Materials	Spare parts	Other	Total
Revenue recognized at a point in time	-	26 504	915	380	27 799
Revenue recognized over time	9 367	-	-	-	9 367
Revenue from external customers	9 367	26 504	915	380	37 166
Contribution margin	5 931	9 083	607	380	16 001
Contribution margin %	63.3%	34.3%	66.4%	100.0%	43.1%
Revenue from external customers specified per geographical area:
North America	3 606	12 608	544	238	16 997
Europe	496	9 331	219	142	10 188
Asia	5 265	4 564	152	-	9 981
Total	9 367	26 504	915	380	37 166
Order backlog	4 781	11 921	-	-	16 702

FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR’S REPORT Corporate Governance Sustainability Appendix Report Report Contact Information The backlog is expected to be recognised as revenue within 12 months.

2023 Amounts in CAD 1000	Systems & Equipment	Materials	Spare parts	Other	Total
Revenue recognized at a point in time	-	25 692	1 031	489	27 212
Revenue recognized over time	13 677	-	-	-	13 677
Revenue from external customers	13 677	25 692	1 031	489	40 888
Contribution margin	8 572	8 493	675	489	18 230
Contribution margin %	62.7%	33.1%	65.5%	100.0%	44.6%
Revenue from external customers specified per geographical area:
North America	8 914	10 118	515	244	19 791
Europe	2 599	11 873	515	245	15 233
Asia	2 164	3 700	-	-	5 864
Total	13 677	25 692	1 030	489	40 888
Order backlog	9 442	14 596	-	-	24 038

Overview of non-current asset per geography

Amounts in CAD 1000	2024	2023
Canada	31 884	32 639
France	3 486	3 551
China	17	15
South Korea	3	4
USA	103	-
Total non-current assets	35 493	36 210

Customer concentration

Amounts in CAD 1000	2024	2023
Top 1 customer	6.7%	17.3%
Top 10 customers	38.3%	42.0%
Top 20 customers	55.5%	57.7%

ANNUAL REPORT 2024 | 32

Board of Directors’ Financial Statements Contents Introduction Report 2024 Auditors Report Notes to the Consolidated Financial Statements (continued) (- Note 4 continued) Note 3 Other income Accounting principles and information related to grants and other income are described in the Accounting Principles. Disaggregation of other income

Amounts in CAD 1000	2024	2023
Grant	973	1 001
Gain/loss disposals	3	-9
Other (Litigation payment)	2 938	-
Other Income	3 914	991

In 2024, the recognised grant includes CAD 815 thousand from the Canadian Federal Government's Strategic Innovation Fund (SIF), as part of an amended contribution agreement originally announced on June 28, 2018. The SIF program supports research and development initiatives aimed at advancing technology transfer, commercialization, and the growth of innovative firms. The agreement, extended to March 31, 2027, main- tains a maximum disbursement of CAD 20 million, with an accumulated CAD 11.2 million disbursed as of 2024. Other income derived from litigation payments pertains to the settlement received from AP&C as reimburse- ment for a portion of the legal expenses incurred by Tekna. Refer to Note 23 for additional details. Under the Investissement Québec government assistance program that ended in 2024, Tekna received fund- ing tied to the creation of 75 new jobs in addition to the 105 existing jobs in Quebec as of 2017. These 75 jobs must be maintained through at least March 31, 2028. The assistance has been recognized in the financial statements based on cash received to date. As of the reporting date, there are no related accruals recorded in the balance sheet, as the company has met the job creation and maintenance conditions thus far. Howev- er, a contingency exists: non-compliance with the job maintenance commitment could require repayment of the contribution at a rate of CAD 10 700 per year for each of the 75 jobs not sustained. Management contin- ues to monitor compliance with these conditions. FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR’S REPORT Corporate Governance Sustainability Appendix Report Report Contact Information Note 4 Remuneration and employee benefits

Amounts in CAD 1000	2024	2023
Salaries	15 884	16 853
Social security contributions	2 770	2 857
Pension costs	476	504
Other benefits	802	641
Share-Based Compensation	20	-
Capitalized as development, inventories etc.	-3 559	-3 712
Total employee benefit expenses	16 392	17 143
Average number of full time employees	201	218

Share option plan—Tekna Group The guidelines for remuneration of leading persons in the Tekna group was approved by the shareholders at the annual general assembly dated 3 May 2023. The establishment of the share option plan was approved by the shareholders at the annual general assem- bly dated 15 May 2024. The board of directors of Tekna Holding ASA (the "Company") has resolved to implement an employee share option plan (the "Plan"). The Plan is available to eligible individuals as determined by the board of directors. The Plan enables the eligible person to acquire a proprietary interest in the growth and performance of the Company and to enhance the ability of the Company to attract, retain and reward qualified individuals. Op- tions can be granted on an annual or ad hoc basis, with annual grants projected for 2024, 2025, and 2026, all subject to the board's discretion. Upon exercising their options, option holders can choose between acquir- ing shares after paying the strike price or opting for a cashless transaction. The latter involves the transfer of a number of treasury shares equivalent to the NOK amount of the number of exercised options, multiplied by the difference between the Company's shares' market price and the strike price. On 23 October 2024, the board of directors has granted a total of 2 124 000 options in the 2024 allocation round. These options have a strike price of NOK 4.88. Issued options vest 33% after one year, 33% after two years, and 33% after three years. The expiry date for any option granted is the date falling 24 months follow- ing the vesting date and will lapse if not exercised. ANNUAL REPORT 2024 | 33

Board of Directors’ Financial Statements Contents Introduction Report 2024 Auditors Report Notes to the Consolidated Financial Statements (- Note 4 continued) The share options plan have been treated as an equity-settled plan under IFRS. The strike price of the share options will be based on the volume weighted average share price over the last five last trading days preced- ing the grant date. The total profit each option holder may achieve shall be limited to 400% of the fair market value of the share at grant, or limited to 400% of annual fixed salary of the option holder in the year of grant. Set out below are summaries of options granted under the plan:

	2024		2023
	Average exercise price per share option	Number of options	Average exercise price per share option	Number of options
As at 1 January	-	-	-	-
Granted during the year	4.88	2 124 000	-	-
Exercised during the year	-	-
Forfeited during the year	-	-	-	-
As at 31 December	4.88	2 124 000	-	-

Vested and exercisable at 31 December No options expired during the periods covered by the tables above. Share options outstanding at the end of the year have the following expiry dates and exercise prices:

Grant Date	End of period	Contractual days remaining	Expiry date	Exercise price	Share options 2024	Share options 2023
23 Oct 24	31 Dec 24	1 026	23 Oct 27	4.88	708 000	-
23 Oct 24	31 Dec 24	1 392	23 Oct 28	4.88	708 000	-
23 Oct 24	31 Dec 24	1 757	23 Oct 29	4.88	708 000	-
Total					2 124 000	-

Weighted average remaining contractual life (years) of options outstanding at end of period: 3.87 FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR’S REPORT Corporate Governance Sustainability Appendix Report Report Contact Information

Name	Title	Share options 2024	Share options 2023
Luc Dionne	CEO	319 000	-
Espen Schie	CFO	140 000	-
Other executive management		560 000	-
Other key employees		1 105 000	-
Total share options		2 124 000	-

Fair value of options granted The assessed fair value at grant date of options granted during the year ended 31 December 2024 was NOK 1.2, 1.5 and 1.7 for the different vesting periods. The fair value at grant date is independently determined us- ing an adjusted form of the Black-Scholes model that considers the exercise price, the term of the option, the share price at grand date and expected price volatility of the risk-free interest rate for the term of the option, and the volatilities of the peer group companies. The model inputs for options granted during the year ended 31 December 2024 included:

Vesting Year	2025	2026	2027
a) Options are granted for no consideration and vest after one, two and three years (service condition).
Vested options are exerciseable for a period of 24 months years after vesting.
b) Share price	4.6	4.6	4.6
c) Exercise price	4.88	4.88	4.88
d) Risk free-rate (3, 4 and 5 year)	3.53%	3.53%	3.53%
e) Volatility	35%	38%	39%
f) Maturity	3	4	5
g) Days (360 per year)	1 080	1 440	1 800
h) Date of exercise	23 Oct 27	23 Oct 28	23 Oct 29
i) Valuation date	23 Oct 24	23 Oct 24	23 Oct 24

The estimated expected price volatility is based on the median of volatilities of the peer group companies over an historical period of 3-5 years since Tekna has a short historical period only. The estimated expected lifetime of the options is set at 3,4 and 5 years. ANNUAL REPORT 2024 | 34

Board of Directors’ Financial Statements Contents Introduction Report 2024 Auditors Report Notes to the Consolidated Financial Statements (- Note 4 continued) Total expenses arising from share options are recognized during the period as part of employee benefit ex- penses and based on vesting of 84% regarding service condition, representing the actual churn, and adjusted for the profit cap of 400% of the fair market value of the share at grant. Expenses arising from share-based payment transactions Total expenses arising from share-based payment transactions recognized during the period as part of employee benefit expense were as follows: For this share-based incentive program no new shares have been issued during 2024. The share incentive program was only applicable in 2024 and no new shares have been purchased. For further information see the Remuneration Report.

Amounts in CAD 1000	2024	2023
Expense of options issued under employee share option plan	20	-
Total share options expenses	20	-

Amounts in CAD 1000	2024	2023
Share price 31 Dec 2024	3.25	-
Intrinsic value (out-of-the money @ 4.88 exercise price)	-1.63	-
Number of subscription rights	2 124 000	-
Accrual payroll tax	-	-

FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR’S REPORT Corporate Governance Sustainability Appendix Report Report Contact Information Note 5 Other operating expenses

Amounts in CAD 1000	2024	2023
Maintenance equipment & buildings	792	807
Marketing, travel and representation costs	1020	1 439
Consultants and professional fees	1348	1 071
IT costs	1291	1 217
Bad debts	-513	4 033
Manufacturing overhead costs	3577	1 680
Total operating expenses	7 515	10 248

For additional details regarding bad debt, please refer to Note 8 and note 15. Remuneration to auditor

Amounts in CAD 1000	2024	2023
Statutory audit	500	356
Other assurance services	28	38
Tax advisory	52	20
Other non-audit services	-	5
Total remuneration to auditor	581	420

ANNUAL REPORT 2024 | 35

Board of Directors’ Financial Statements Contents Introduction Report 2024 Auditors Report Notes to the Consolidated Financial Statements (continued) Note 6 Income tax

Amounts in CAD 1000	2024	2023
Tax payable on ordinary income	366	303
Adjustment for previous years	-	-
Current tax expense	366	303
Deferred tax expense	486	1 163
Total tax expense in the income statement	851	1 467
Reconciliation of effective tax rate
Profit / (loss) before income tax	-10 299	-13 543
Tax based on current ordinary tax rate	-2 729	-3 589
Effect of non-deductible expenses	524	357
Effect of unrecognised tax loss carryforward	3 026	4 725
Effect of changed tax assessments for previous years	30	-26
Total tax expense	851	1 467
Effective tax rate	-8.26%	-10.83%

Amounts in CAD 1000	2024	Assets	Liabilities	Net assets
Property, plant and equipment		767	-	767
Intangible assets		-	-1 179	-1 179
Other items		113	-	113
Restricted interest - EIFEL		1 241	-	1 241
Tax loss carryforward		21 225	-	21 225
Unrecognised tax assets		-22 167	-	-22 167
Recognised tax loss carryforward		-	-	-
Deferred tax asset/liability		1 179	-1 179	-
Offsetting of assets and liabilities		-	-1 649	-1 649
Net deferred tax asset/liability		1 179	-2 828	-1 649

FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR’S REPORT Corporate Governance Sustainability Appendix Report Report Contact Information

Amounts in CAD 1000	2023	Assets	Liabilities	Net assets
Property, plant and equipment		236	-	236
Intangible assets		-	-1 207	-1 207
Other items		29	-	29
Tax loss carryforward		20 192	-	20 192
Unrecognised tax assets		-20 192	-	-20 192
Recognised tax loss carryforward		942	-	942
Deferred tax asset/liability		1 207	-1 207	-0
Offsetting of assets and liabilities		-	-1 163	-1 163
Net deferred tax asset/liability		1 207	-2 370	-1 163

The amount of losses carried forward subject to expiration represent $ 60,4 m for federal income tax purposes and $ 66,4 m for pro- vincial tax purposes and $ 9,2 m from France that do not expire. The federal income tax rate is 15% and the provincial in- come tax rate is 11%. Some of the losses are expiring according to the following tables:

Amounts in CAD 1000	Canada
Losses carried forward, Expiry by Year	Federal	Provincial	France
2043	7 545	8 093	-
2042	17 416	21 213	-
2041	11 919	11 990	-
2040	3 258	3 171	-
2039	4 929	5 052	-
2038	3 297	3 300	-
2037	4 457	4 644	-
2036	2 288	2 288	-
2035	1 864	1 897	-
2034	1 890	3 151	-
2033	115	115	-
2032	292	291	-
2031	585	585	-
2030	260	260	-
2029	326	328	-
No expiry	-	-	9 297
	60 441	66 377	9 297

ANNUAL REPORT 2024 | 36

Board of Directors’ Financial Statements Contents Introduction Report 2024 Auditors Report Notes to the Consolidated Financial Statements (continued) Note 7 Inventories Inventory stock

Amounts in CAD 1000	2024	2023
Raw materials	8 104	10 336
Work in progress	493	386
Finished goods	8 664	6 886
Total inventories (net after provision for obsolescence)	17 261	17 607

Provision for obsolescence related to finished goods

Amounts in CAD 1000	2024	2023
Balance at 1 january	4 737	4 996
New provisions recognised during the year	2 156	3 055
Provisions reversed	-999	-3 313
Balance at 31 December	5 894	4 737

Provision slow moving When producing powder of a specific alloy, the process generates a distribution of size fractions, which are dedicated to various markets and applications. Some of the size fractions could accumulate in inventory, depending on the demand and on the level of market penetration. A provision for slow moving inventory is recorded by Tekna following a periodic review of historical sales data for each fraction as well as the growth rate of sales and order intake. The provision could fluctuate depending on the level of inventory and the historic performance of sales. Note 8 Trade and other receivables Trade receivables

Amounts in CAD 1000	2024	2023
Trade receivables from contracts with customers	4 823	9 930
Loss allowance	-136	-4 075
Total	4 687	5 855

FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR’S REPORT Corporate Governance Sustainability Appendix Report Report Contact Information (- Note 8 continued) Provision for losses *

Amounts in CAD 1000	2024	2023
Balance at 1 january	-4 075	-42
Change in expected losses and outstanding receivables	-121	-4 033
Provisions reversed	1 078	-
Realized bad debts	3 044	-
Exchange differences on translation of foreign operations	-61	-
Balance at 31 December	-136	-4 075

*For more information about credit risk and write-downs, see note 15. Other receivables

Amounts in CAD 1000	2024	2023
Indirect Tax Receivable	735	363
Refundable deposit on Raw material	308	489
Grant and Investment tax credit receivable	273	167
Loan to employees	-	934
Prepaid Expenses	418	585
Total	1 734	2 538
Total trade and other receivables	6 421	8 394

Tekna made a provision of CAD 4.0 million in the fourth quarter of 2023 related to one joint venture. This provision for bad debt on receivables is considered non-recurring. The expense is excluded from Tekna's Adjusted EBITDA and has no cash effect. The 50/50 joint venture was established with a business partner in 2020 to produce and market nickel alloy powders. The entry into this market has proven less profitable than anticipated due to the market conditions, and the joint venture has been loss making since the inception. The losses have been funded by the joint venture partners. In 2024, the joint venture shareholders, including Tekna, have voted to start a dissolution of the joint venture and it is expected to be completed in 2025. Please refer to Note 20 for more information about the joint venture. For additional details on credit risk, please refer to note 15. ANNUAL REPORT 2024 | 37