Velan Investor Presentation Q1 F2024

Sales Decrease in sales in Italy and France partially offset by increased volume in North America Q1 F2023 geographical sales* (in millions) Other 8,5 Q1 F2024 geographical sales* (in millions) Other 7,0 Italy 17,6 17,5 France North America 31,4 Italy 9,6 15,9 France 35,2 North America The decrease in sales for the quarter is primarily attributable to three main elements: 1) accelerated shipments in the fourth quarter of the prior fiscal year, 2) delays on certain shipments this quarter caused by customer readiness issues, and 3) a shortage of deliverable orders in the Company's Italian operations. *Geographical third-party sales are defined as the country where the sales was recorded. VELAN

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