Circus (CA1) investor relations material

Executive summary

• First year of commercial operations established deployments across 8 countries, 19 enterprise customers and a fleet of 33 systems; customer rating averaged 4.4/5.

• More than 230,000 meals served and 2 billion data points collected to support operational optimization, culinary development and supply-chain forecasting.

• Management described customer adoption across retail, Mercedes-Benz sites and the German Armed Forces as strong, and said deployment pace was accelerating QoQ.

Financial highlights

• Q2-to-Q3 cost-base optimization was nearly 25%, alongside nearly tripled deployment speed; management cited a path to mid-term profitability.

• Management said it was confident in the revised guidance for the current financial year after cutting prior guidance to prioritize operational improvements.

• Not yet profitable; production pre-financing and working capital remain important to improving unit economics and supporting growth.

Outlook and guidance

• Targeting 30 enterprise accounts by year-end, from 19 currently; account growth is expected to continue next year, with follow-on orders and international rollouts a priority.

• Year-end management target: 19 CA-1 systems and more than 40 CA-A systems; CA-A production could exceed plan.

• CA-A deployments are aimed at a three-digit range next year; management expects to provide more detailed 2027 plans during Q4.

• UAE is a focus beyond the European base; management sees it becoming a leading region within 2–3 years. U.S. expansion remains under consideration, with no timing set.