New Risk • May 28
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Finnish stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Announcement • Apr 17
Canatu Oyj Elects Anette Engelhardt as Member of the Board Canatu Plc at its Annual General Meeting held on April 16, 2026 announced the election of Anette Engelhardt as a new member of the Board of the Directors until the end of the next Annual General Meeting. Board Change • Apr 16
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 1 experienced director. No highly experienced directors. Director Tuomo Vahapassi is the most experienced director on the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Major Estimate Revision • Mar 10
Consensus revenue estimates fall by 19% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from €36.3m to €29.5m. Forecast losses increased from -€0.107 to -€0.232 per share. Semiconductor industry in Finland expected to see average net income growth of 18% next year. Consensus price target down from €10.70 to €10.05. Share price was steady at €7.68 over the past week. New Risk • Mar 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Finnish stocks, typically moving 4.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Mar 03
Now 29% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.6% to €7.76. The fair value is estimated to be €10.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 583% over the last year. Earnings per share has declined by 1,684%. Revenue is forecast to grow by 134% in a year. Earnings are forecast to grow by 24% in the next year. Announcement • Feb 11
Canatu plc Appoints Antti Härmänmaa as Vice President, Legal and General Counsel, and Member of the Leadership Team, Effective 9 February 2026 Canatu Plc has appointed Antti Härmänmaa as Vice President, Legal and General Counsel, and a member of the Leadership Team, effective 9 February 2026. The role is newly established and introduces Canatu's in-house legal function. In his role, Antti Härmänmaa is responsible for creating and leading Canatu's in-house legal function and providing legal counsel across the organization. His responsibilities cover legal, compliance, corporate governance, intellectual property rights, and contract matters. He will report to CEO Juha Kokkonen. Antti Härmänmaa (LL.M., Helsinki, New York University; eMBA, Aalto; b. 1979) brings extensive experience from senior legal leadership roles in international technology and media companies. He joins Canatu from Nokia Technologies, where he most recently served as Head of IP Legal and IP Business Services (2024-2026), following his role as Director, Legal & Compliance (2023-2024). Previously, Härmänmaa held senior legal leadership roles at Teosto (2017-2021) and at Sanoma (2008-2017). In addition, he serves as an Expert Member of the Market Court of Finland. Buy Or Sell Opportunity • Feb 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.3% to €8.86. The fair value is estimated to be €11.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 583% over the last year. Earnings per share has declined by 1,684%. Revenue is forecast to grow by 131% in a year. Earnings are forecast to grow by 21% in the next year. Major Estimate Revision • Jan 24
Consensus EPS estimates upgraded to €0.29 loss, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from €16.5m to €15.7m. 2025 losses expected to reduce from -€0.332 to -€0.287 per share. Semiconductor industry in Finland expected to see average net income growth of 26% next year. Consensus price target up from €10.45 to €10.70. Share price rose 2.3% to €9.72 over the past week. Buy Or Sell Opportunity • Jan 08
Now 20% undervalued Over the last 90 days, the stock has risen 5.7% to €8.86. The fair value is estimated to be €11.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 583% over the last year. Earnings per share has declined by 1,684%. Revenue is forecast to grow by 150% in a year. Earnings are forecast to grow by 22% in the next year. Announcement • Jan 07
Canatu Plc Announces Composition Of Shareholders' Nomination Board Canatu Plc announced the composition of its Shareholders’ Nomination Board. The members of Canatu Plc’s Shareholders’ Nomination Board have been appointed. The composition of the Shareholders’ Nomination Board is the following: Ari Ahola (appointed by eFruit International Inc.), Denis Cherkasov (appointed by Mymetics Holding (Cyprus) Limited), Shinichiro Nakamura (appointed by DENSO Corporation), Tuomo Vähäpassi (appointed by Inventure Fund Ky). The Nomination Board elected Ari Ahola as Chair from among its members. In accordance with the Charter of the Shareholders’ Nomination Board, the Shareholders’ Nomination Board consists of four members, representing Canatu’s four largest shareholders, who held the largest number of votes in Canatu based on the shareholders’ register as per the situation on the first banking day of October 2025, considering the nominee-registered shares, and exercised their right of appointment. As the fourth largest shareholder Varma Mutual Pension Insurance Company did not exercise its right of appointment, the right was transferred to the fifth largest shareholder in accordance with the Charter of the Shareholders’ Nomination Board, Inventure Fund Ky, which appointed the fourth member of the Shareholder’s Nomination Board. The Chair of Canatu’s Board of Directors participates in the Shareholders’ Nomination Board’s work as an expert without having a right to participate in the decision-making of the Shareholders’ Nomination Board. The Shareholders’ Nomination Board is a corporate body appointed by Canatu’s shareholders that is responsible for preparing proposals to the annual general meeting, and if necessary, to the extraordinary general meeting, on the number, election, and remuneration of the members of the Board of Directors. Board Change • Jan 01
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 1 experienced director. No highly experienced directors. Director Tuomo Vahapassi is the most experienced director on the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Major Estimate Revision • Aug 31
Consensus revenue estimates fall by 14% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €25.2m to €21.5m. Forecast losses increased from -€0.135 to -€0.263 per share. Semiconductor industry in Finland expected to see average net income growth of 24% next year. Consensus price target down from €12.30 to €11.07. Share price fell 14% to €8.00 over the past week. Price Target Changed • Aug 26
Price target decreased by 9.8% to €11.23 Down from €12.45, the current price target is an average from 3 analysts. New target price is 22% above last closing price of €9.18. Stock is down 31% over the past year. The company is forecast to post a net loss per share of €0.14 next year compared to a net loss per share of €0.20 last year. New Risk • Jul 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Finnish stocks, typically moving 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (178% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (6.2% average weekly change). Announcement • Jul 11
Canatu plc Receives Customer Approval for its CNT100 SEMI Receptor and Post-Processing Equipment, Enabling Mass Production of Advanced EUV Pellicles Canatu Plc has received Site Acceptance Test (SAT) approval for its first CNT100 SEMI reactor and for the related post-processing peripherals, shipped to a semiconductor customer in September 2024. The equipment successfully passed the extensive tests conducted on-site at the customer's premises and met the stringent technical requirements and specifications defined in the acceptance criteria. This confirms the CNT100 SEMI reactor's readiness for mass production of CNT pellicle membranes. The next step for the customer is to secure final approval for the ready CNT pellicle product and the complete manufacturing line, before pilot and risk mass production can begin. This phase would initiate the mass production of CNT peLLicle membranes, generating non-recurring revenue from technology licensing, as well as recurring revenue from royalties on CNT pellicle sales, and from reactor consumables. Site Acceptance Test (Sat) means that the equipment is tested on-site after Factory Acceptance Test (FAT) to ensure the reactor and peripherals operate as intended in real use conditions. The SAT process included several output and product quality tests. With the SAT approval, Canatu's CNT100 SEMI reactor & peripherals are now ready for mass production. Demand for advanced semiconductors is accelerating due to the rapid growth of artificial intelligence. EUV (Extreme Ultraviolet) lithography is gaining traction, especially for sub-7 nanometer chips--the fastest-growing segment. Canatu is well-positioned to support this shift with its advanced CNT pellicle membranes, which perform traditional composite pellicles. These membranes offer higher EUV transmission and greater thermal resistance, enabling them to withstand the extreme heat loads of 600W EUV lithography tools used to produce the most advanced chips. Board Change • Apr 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 8 non-independent directors. Director Tom Lantzsch was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 
