Innventure : Company CEO Call Presentation

Published: 2026-04-27 16:57:19 ET INV

Published on 04/27/2026 at 04:57 pm EDT

Operating Company CEO Call

April 27, 2026

Disclaimer (cont.)

operational risks related to the Company's subsidiaries that have limited or no operating history;

the implementation, market acceptance and success of the Company's and its subsidiaries' business models and growth strategies;

the Company's and its subsidiaries' future capital requirements and ability to obtain sufficient funding for operations and future growth and to continue as a going concern;

developments and projections relating to the Company's and its subsidiaries' competitors and industry;

the risk that the technology solutions that the Company's subsidiaries license or acquire from third parties or develop internally may not function as anticipated or provide the benefits anticipated;

the ability of the Company and its subsidiaries to successfully commercialize technology solutions in a timely and cost-effective manner or at all;

the ability of the Company's subsidiaries to scale their operations;

the ability of the Company and its subsidiaries to establish substantial commercial sales of its products;

the risk that the launch of new companies distracts the Company's management from its other subsidiaries and their operations;

the ability of the Company and its subsidiaries to compete against companies with greater capital and other resources or superior technology or products;

the ability of the Company and its subsidiaries to sufficiently protect their intellectual property rights, and to avoid or resolve in a timely and cost-effective manner any disputes that may arise from time to time relating to their use of intellectual property;

the risk of a cyber-attack or a failure of the Company's or its subsidiaries' information technology and data security infrastructure;

the risk that the Company may be deemed an investment company under the Investment Company Act, which would impose burdensome compliance requirements and restrictions on its activities, which may make it difficult to operate or to execute its growth plans;

limited liquidity and trading of the Company's securities;

the ability of the Company and its subsidiaries to meet, and continue to meet, applicable regulatory requirements related their businesses;

the outcome of any legal or regulatory proceedings to which the Company may become a party;

geopolitical risk and changes in applicable laws or regulations; and

the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors.

Disclaimer (cont.)

Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward- looking statements.

All subsequent written and oral forward-looking statements concerning the Company and the Innventure Companies or other matters addressed in this Presentation and attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this Presentation. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this Presentation or to reflect the occurrence of unanticipated events.

Risk Factors

The risks discussed and identified in the public filings made or to be made with the SEC by the Company and those outlined above are certain of the general risks related to the business of the Company and its subsidiaries, and such list is not exhaustive. The occurrence of one or more of the events or circumstances identified as risk factors, alone or in combination with other events or circumstances, may have a material adverse effect on the business, cash flow, financial condition and results of operations of the Company and its subsidiaries. The Company may face additional risks and uncertainties that are not currently known, or that are currently deemed immaterial, which may also impair the Company's and its subsidiaries business, prospects, financial condition or operating results. Potential investors are encouraged to perform their own investigation with respect to the business, prospects, financial condition and operating results of the Company and its subsidiaries.

Market and Industry Data

Certain market, industry and other data used herein have been obtained or derived from third-party sources and publications as well as from research reports prepared for other purposes. Although the information from these third-party sources is believed to be reliable, none of the Company or its management has independently verified the data obtained from these sources, and no assurances can be made regarding the accuracy or completeness of such data. Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and the additional uncertainties regarding the other forward-looking statements contained herein.

Trademarks

In addition to trademarks, service marks, trade names, copyrights and logos of Innventure and its subsidiaries contained herein, this presentation contains trademarks, service marks, trade names, copyrights and logos of other companies, which are the property of their respective owners. Unless otherwise stated, the use of these other trademarks, service marks, trade names, copyrights and logos herein does not imply an affiliation with, or endorsement of the information contained herein by, the owners of such trademarks, service marks, trade names, copyrights and logos.

Bill Haskell

Chief Executive Officer

Today

Andy Meyer, Chief Executive Officer

Josh Claman, Chief Executive Officer

Bill Grieco, Chief Executive Officer

Roland Austrup, Chief Growth Officer

Andy Meyer

Chief Executive Officer

FROM VALIDATION TO COMMERCIAL EXECUTION

From Market Validation to Commercial Execution

THEN

Introducing a novel packaging format that shifted the paradigm between rigids and flexibles

Performance expectations and consumer feedback were still being tested across use cases and categories

Sustainability needed to be demonstrated without sacrificing economics or consumer experience

WHY BRANDS ARE ADOPTING

TODAY

Seven consecutive quarters of revenue

Four anchor customers across distinct end markets of our $400B total addressable market (TAM)

Aveda partnership validating prestige beauty adoption and opening a path to broader commercialization

Manufacturing footprint established in US and EU with capacity expanding regionally

In packaging, the hardest step is commercial acceptance because brands switch when a new format solves multiple problems

AeroFlexx delivers multiple benefits in a single format - enhancing the consumer experience, reducing virgin plastic used, simplifying supply chains, and improving shipping economics within e-commerce

IMPACT TO ADDRESSABLE MARKET

AeroFlexx format delivers benefits across all market categories - personal care, household, pet, baby, food and industrial

One customer win can expand from a single SKU into multiple brands, categories and geographies

Commercial Momentum and Market Category Validation

ANCHOR CUSTOMER PROOF POINTS SALES PIPELINE

AVEDA,

PART OF ESTEE LAUDER

First prestige beauty brand to globally adopt AeroFlexx, with select best-selling products expected to debut early next year

INDUSTRIAL

Commercialization advancing for package and equipment adoption with U.S. manufacturer with a multi-brand portfolio and established multinational customers

HOUSEHOLD AND PERSONAL CARE

Signed multi-brand, multi-million unit agreement with a large EU CPG company

FOOD AND BEVERAGE

Entry into the largest portion of the addressable market

Near-term commercial sales pipeline is just under $30M, with approximately one-third in final negotiations

Commercial activity is broader and more diversified than at any point in our history

Mix of active reorders, launch preparation, and advanced commercial discussions

Early market validation is increasingly becoming commercial adoption

AeroFlexx is being validated across four anchor customers spanning the largest liquid packaging end markets

Positioned to Scale and Meet Market Demand

OPERATIONAL READINESS TO SCALE

Operational focus is on serving demand reliably, at scale, and at the highest quality

Capacity is expanding through installed assets, regional filling deployments, and a strong co-manufacturing footprint

BRCGS, GMP Ohio, and ISCC PLUS certifications strengthen confidence in compliant, scalable packaging programs

Patent protected technology and manufacturing know-how create a differentiated platform difficult to replicate

Capital formation is intended to accelerate growth while reducing future reliance on parent-level funding

Leadership team combines packaging commercialization, global manufacturing execution and scale-up experience

MARKET ENVIRONMENT DRIVES DEMAND

Brands are prioritizing lightweighting, circular packaging, mono-material formats, design-for-recyclability materials and traceability features

These trends align directly with the AeroFlexx value proposition and support broader commercial adoption

Execution readiness and market alignment underpin our ability to support broad commercial adoption

How to Measure Progress Towards Self-Funding

ANCHOR CUSTOMERS MOVE INTO FULL COMMERCIALIZATION

SALES PIPELINE PROGRESSION WITH CATEGORY EXPANSIONS

GLOBAL MANUFACTURING FOOTPRINT AND REGIONAL DEPLOYMENT

CAPITAL FORMATION STRATEGY REDUCING PARENT LEVEL FUNDING

Escape velocity for AeroFlexx means repeatable multi-category revenue that is cash flow positive with a capital structure to independently support scaling

Josh Claman

Chief Executive Officer

Address

1835-B Kramer Lane Suite 2-180

Austin, TX 78758

Website

https://www.accelsius.com

Data Center Builds & Liquid Cooling TAM

Data Centers Build (GW)

supply vs. announced vs. actual commissioned

Total Announced

Expected Delivered

2026

2027

2028

2029

2030

35000

30000

25000

20000

15000

10000

5000

Liquid Cooling Market ($M)

CDUs, server assemblies, and services

$18,900

$13,230

$7,280

$2,585 $3,000

$1,072

$30,240

Designed for the Mission Critical

2024 2025 2026 2027 2028 2029 2030

Sources: Chart data estimated by Accelsius based on review of industry reports: Cushman & Wakefield (https://www.cushmanwakefield.com/en/insights/americas-

data-center-update), JLL (https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers),UBS report

Designed for the Mission Critical

LC Market ($M)

2-Phase Market ($M)

$35,000

$30,000

$25,000

$20,000

$15,000

$10,000

$5,000

2024

2025

2026

2027

2028

2029

2030

Market Vs. Two-Phase Vs. Accelsius

$30.2B

$18.9B

$13.2B

$7.2B

$3B

$2.5

$1B

Liquid Cooling Market

$9.1B

$3.8B

$1.3B

$510M

$150M

$25.8M

2-Phase Market

Designed for the Mission Critical

Sources: Chart data estimated by Accelsius based on review of industry reports: Cushman & Wakefield (https://www.cushmanwakefield.com/en/insights/americas-

data-center-update), JLL (https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers),UBS report

Superior Heat Removal

Ability to handle higher heat fluxes, assuring protection for multiple future generations of processors

Seamless Serviceability

Superior redundancy and serviceability requires little to no changes in existing servicing protocols

Lowering Operating Cost

Increased loop efficiency enables higher primary water loop

temperatures and more free cooling

TCO

Advantage

Outperforms single-phase water and immersion technologies in cost efficiency

Non-Conductive

Fluid

Non-conductive fluid to prevent GPU damage, even in the event of a leak

Infrastructure

Compatibility

Designed for the Mission Critical

Connects to any DC chilled water primary loop, preserving investments in single-phase systems

The industry's highest capacity 2-phase CDU:

our multi-rack 250kW cooling solution.

In-row CDU; 48U 800mm

wide config.

250 kW cooling

capacity for 1-2

racks

Performance+

refrigerant

Scalable architecture with valves for easy commissioning

Designed for the Mission Critical

A brand-new approach to CDUs: our vertically

integrated in-rack 150kW cooling solution.

200 mm pocket inside of an 800 mm wide rack

48U Rack; 42U of

available IT space

Performance+ refrigerant

POCs available Q1 2026

Designed for the Mission Critical

Our Thermal Simulation Rack mimics advanced processors for scalable, cost-effective testing and validation.

Showcase on-prem data or validate tech for POCs

Compatible with all NeuCool CDUs; 30-250kW of generated load

5kW or 6kW sleds (1U); Sapphire Rapids form-factor TTVs

Laptop GUI with simple control and monitoring Labview software

Clear-Top Lid

Aluminum Lid

Designed for the Mission Critical

Disclaimer

Innventure Inc. published this content on April 27, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 27, 2026 at 20:56 UTC.