AstroNova : MTEX NS Acquisition Conference

MTEX NS Acquisition Conference Call

May 9, 2024

Forward-Looking Statements

Information included in this news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but rather reflect our current expectations concerning future events and results. These statements may include the use of the words "believes," "expects," "intends," "plans," "anticipates," "likely," "continues," "may," "will," and similar expressions to identify forward-looking statements. Such forward-looking statements, including those concerning the Company's anticipated performance, involve risks, uncertainties and other factors, some of which are beyond our control, which may cause our actual results, performance or achievements to be materially different from those expressed or implied by such forward- looking statements. These risks, uncertainties and factors include, but are not limited to, (i) the risk that we may not be able to realize the expected benefits from our acquisition of MTEX NS, (ii) the risk that the growth objectives for MTEX NS may not be achieved, and (iii) those factors set forth in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2024 and subsequent filings AstroNova makes with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The reader is cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this news release.

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AstroNova Acquires MTEX NS for Total Enterprise Value of €24.3 Million

Expands Product Identification segment into new market adjacencies

Acquisition Highlights

• Portugal-basedleader in label, packaging, and direct-to-film printing solutions
• Strong recurring revenue stream
• Fully integrated, state-of-the-art,81,000-square-foot engineering and manufacturing center
• 76 full-time employees
• Distributors in Europe, the Middle East, and North and South America
• Up to a €4 million earnout payable to seller over three years based on the achievement of specified revenue growth targets

AstroNova expects the transaction to generate revenue of $8MM to $10MM in this fiscal year

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Strategic Rationale

Innovative, disruptive and cost-efficient printing solutions in high-growth markets

1 Strong Product Portfolio and Compelling Pipeline of New Solutions

2 World-Class Customer Base With Significant Growth Opportunities

3 Exceptional Inkjet Printing Technology Expertise

1. State-of-the-Art,Vertically Integrated, Lower-Cost Manufacturing
2. Highly Experienced, Founder-Led Team

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Key MTEX NS Product Lines and Representative Applications

Packaging	Flexible	Color Labels	Textiles
	Packaging
Professional wide-format and dual-	Flexible package printing on a range of	High-speed, professional color label	Innovative printing solutions
sided printing on corrugated boxes	substrates including thermoplastic	printing and finishing that provide	developed for transfer film, that
and paper used in applications such	polymers, multilayer materials, and paper	all-in-one solutions for in-house or	can transfer images to a wide
as healthcare, logistics, and e-	for healthcare, food and beverage, and	commercial printing	range of materials
commerce	other applications

Proprietary Printhead and Ink Technologies Drive High Recurring Revenue

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AstroNova's Product ID Acquisition History

Strong track record of value-generating M&A

February 2017	August 2022	May 2024
Acquired TrojanLabel ApS, a	Acquired Astro Machine, a	Acquired MTEX NS, a leader in
European manufacturer of	leader in printing technology	industrial digital printers for
specialty printing systems	for mailing and labeling	packaging applications such as food
	applications	and beverage, healthcare, logistics,
		textiles and e-commerce

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Summary

A strategic and complementary acquisition

• Accelerates our growth potential through new market adjacencies
• Broadens the reach of our products in the label and direct-to-package markets
• Adds manufacturing versatility of MTEX NS' state-of-the-art factory outside Porto
• Expands channel and geographic coverage
• Augments our technical expertise with MTEX
  NS' broad inkjet and UV piezo technology experience

For more information:https://www.mtexns.com/

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