Einride to Go Public via Legato (NYSE: LEGT) with $333M PIPE

Rhea-AI Filing Summary

Einride is pursuing a proposed business combination with Legato Merger Corp. III to become a public company. The transaction is expected to deliver $333 million in gross proceeds, including a $113 million PIPE, and $220 million from Legato's cash-in-trust. The presentation cites $92 million of ARR in signed customer contracts and a $49 million run-rate operational ARR (data as of February 2026), and highlights $637 million of capital raised to date. The materials describe Einride's platform strategy—electric, autonomous and AI-driven freight—its FCaaS and licensing revenue models, and growth indicators such as 14.9M+ electric miles driven and expanding customer deployments.

Insights

Corporate Finance Analyst

Transaction provides near-term liquidity but depends on closing and redemptions.

Einride and Legato present a merger that is expected to provide $333 million in gross proceeds, including a $113 million PIPE and $220 million from Legato's trust. The disclosed proceeds figure is the clearest financing anchor in the presentation.

Key dependencies include shareholder redemptions, satisfaction of closing conditions, and the conversion profile of any subordinated convertible financings. Future filings will specify final cash available at closing and any conditional adjustments.

Commercial Strategy Expert

Growth narrative centers on recurring ARR from FCaaS and technology licensing.

Einride emphasizes sticky revenue via Freight-Capacity-as-a-Service and Saga AI licensing, citing $92 million ARR in signed customer contracts and potential ARR from Joint Business Plans. The presentation frames a diversified go-to-market with electric and autonomous deployments and license revenue.

Execution risks noted include supply constraints, scaling autonomous operations, and customer conversion of non-binding JBPs; subsequent SEC filings will show how much of the pipeline converts to binding contracts.

Filed by Einride AB
Pursuant to Rule 425 under the Securities Act of 1933,
as amended, and deemed filed under Rule 14a-12
under the Securities Exchange Act of 1934, as amended

Subject Company: Legato Merger Corp. III
Commission File No.: 001-41945

The following investor presentation was made available on March 19, 2026.

The n e xt s t ep in t he e v olution of r oad f r eight. EINRIDE 2026 AUSTIN, TX

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Disclaimer (1/3) Disclaimers and O t her Impo r tant In f ormation This p r esentation, including a n y accompa n ying o r al p r esentation ( this “P r esentation”), has been p r epa r ed solely f or in f ormational purposes in connection wi t h a po t ential business combination ( t he “P r oposed Business Combination”) bet ween Lega t o Me r ger Corp. III, a special purpose acquisition compa n y (“Lega t o”), and Einride AB ( t he “Compa n y ” or “Einride” and, t oge ther wi t h Lega t o, t he “P a r ties”). By accepting r eceipt of t his P r esentation, t he r ecipient will be deemed t o h a v e ag r eed t o t he obligations and r estrictions set out bel o w . This P r esentation should not be construed as a p r ospectus or of f ering document and y ou should not r ely upon it or use it t o f orm t he definiti v e basis f or a n y decision, cont r act, commitment or action wha t so e v e r , wi t h r espect t o a n y p r oposed t r ansaction or o t her wise. This P r esentation shall not constitu t e an of f er t o sell, or a solicitation of an of f er t o bu y , or a r ecommendation t o pu r chase, a n y securities in a n y jurisdiction, or t he solicitation of a n y p r o x y , v o t e, consent or app r o val in a n y jurisdiction in connection wi t h t he P r oposed Business Combination, nor shall the r e be a n y sale, issuance or t r ans f er of a n y securities in a n y jurisdiction whe r e, or t o a n y person t o whom, such of f e r , solicitation or sale m a y be unlawful under t he laws of such jurisdiction. This P r esentation does not constitu t e eit her advice or a r ecommendation r ega rding a n y securities. The communication of t his P r esentation is r estric t ed b y law; it is not in t ended f or distribution t o, or use b y a n y person in, a n y jurisdiction whe r e such distribution or use w ould be cont r ar y t o local law or r egulation. The r ecipient ackn o wledges that it is (a) awa r e that t he Uni t ed Sta t es securities laws p r ohibit a n y person who has ma t erial non - public in f ormation concerning a compa n y f r om pu r chasing or selling securities of such compa n y or f r om communicating such in f ormation t o a n y o t her person under ci r cumstances in which it is r easonably f o r eseeable that such person is li k ely t o pu r chase or sell such securities, and (b ) f amiliar wi t h t he Securities E x change A ct of 193 4 , as amended, and t he rules and r egulations p r omulga t ed the r eunder ( collecti v el y , t he “E x change A ct ”), and that t he r ecipient will neit her use, not cause a n y t hi r d par ty t o use, t his P r esentation or a n y in f ormation contained he rein in cont r a v ention of t he E x change A ct, including, wi t hout limitation, Rule 10b - 5 the r eunde r . No r ep r esentations or war r anties, e xp r ess or implied, a r e gi v en in, or in r espect o f , t his P r esentation. This P r esentation is subject t o updating, completion, r e vision, v erification and fu r t her amendment. None of t he P a r ties or t heir r especti v e affilia t es has au t hori z ed a n y one t o p r o vide in t e r es t ed par ties wi t h additional or dif f e r ent in f ormation. No securities r egula t or y au t hority has e xp r essed an opinion about t he securities discussed in t his P r esentation or de termined if t his P r esentation is trut hful, accu r a t e or comple t e, and it is an of f ense t o claim o t her wise. The P a r ties unde r ta k e no obligation t o r ecipien t s of t his P r esentation t o upda t e a n y in f ormation contained he r ein, or t o advise such r ecipien t s upon becoming awa r e that a n y in f ormation contained he rein is not accu r a t e. None of Einride, Lega t o or a n y of t heir r especti v e subsidiaries, equityholders, affilia t es, r ep r esentati v es, partners, members, di r ec tors, officers, empl o y ees, advisors or agen t s ( collecti v el y , “ R ep r esentati v es”) ma k es a n y r ep r esentation or war r ant y, e xp r ess or implied, as t o t he accu r a c y or comple t eness of t he in f ormation contained he rein or a n y o t her writ t en, o r al or o t her communications t r ansmit t ed or o t her wise made a v ailable t o t he r ecipient in t he course of i t s e v aluation of t he P r oposed Business Combination, and no t hing contained he rein shall be r elied upon as a p r omise or r ep r esentation whe t her as t o t he past or futu r e pe r f ormance. None of t he P a r ties nor a n y of t heir R ep r esentati v es shall be r esponsible or liable f or a n y di r ect, indi r ect or consequential loss or loss of p rofit arising f r om t he use of t his P r esentation, i t s con t en t s, i t s accu r a c y or sufficien c y , i t s omissions, i t s er r ors, r eliance on t he in f ormation contained wi t hin it, or on opinions communica t ed in r elation the r e t o or o t her wise arising in connection the r e wi t h. In addition, t he in f ormation contained he rein does not purpo rt t o contain all of t he in f ormation that m a y be r equi r ed t o e v alua t e t he P r oposed Business Combination. The in f ormation contained in t his P r esentation is p r ovided as of t he da t e he r eof and m a y change, and none of t he P a r ties nor a n y of t heir R ep r esentati v es unde r ta k es a n y obligation t o upda t e such in f ormation, including in t he e v ent that such in f ormation becomes inaccu r a t e or incomple t e. The gene r al e xplanations included in t his P r esentation cannot add r ess, nor is in t ended t o add r ess, y our specific i n v estment objecti v es, financial situations or financial needs. R ecipien t s of t his P r esentation a r e not t o construe i t s con t en t s, or a n y prior or subsequent communications f r om or wi t h a n y P a r ty or t heir r especti v e R ep r esentati v es, as i n v estment, legal or tax advice. In addition, t his P r esentation does not purpo rt t o be all - inclusi v e or t o contain all of t he in f ormation that m a y be r equi r ed t o ma k e a full analysis of t he P a r ties and t he P r oposed Business Combination. R ecipien t s of t his P r esentation should r ead t he definiti v e documen t s f or P r oposed Business Combination and ma k e t heir o wn e v aluation of t he P a r ties and t he P r oposed Business Combination and of t he r el e v ance and adequa c y of t he in f ormation and should ma k e such o t her i n v estigations as t h e y deem necessa r y . A n y decision t o r ely on t he in f ormation contained in t his P r esentation is t he sole r esponsibility of t he R ecipient and neit her P a r ty will be r esponsible f or a n y loss incur r ed b y t he R ecipient as a r esult of a n y actions ta k en b y t he R ecipient r elying upon t he in f ormation he rein.

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F or wa r d - Looking Sta t emen t s This P r esentation contains ce r tain f or wa r d - looking sta t emen t s wi t hin t he meaning of t he U .S. f ede r al securities laws wi t h r espect t o t he P a r ties and t he P r oposed Business Combination, including e xpectations, hopes, belie f s, in t entions, plans, p r ospec t s, financial r esul t s of st r a t egies r ega rding t he Compa n y , t he P r oposed Business Combination and sta t emen t s r ega rding t he anticipa t ed benefi t s and timing of t he completion of t he P r oposed Business Combination, t he add r essable mar k et f or Einride ʼ s solutions and se r vices, t he competiti v e and r egula t or y landscape f or Einride ʼ s solutions and se r vices, plans and use of p r oceeds, objecti v es of management f or futu r e ope r ations of t he Compa n y , t he upside po t ential and oppor tunity f or i n v es t ors, Einride ʼ s g r o w t h oppor tunities, t echnological and mar k et t r ends, futu r e financial condition and pe r f ormance and e xpec t ed financial impac t s of t he P r oposed Business Combination, t he satis f action of closing conditions t o t he P r oposed Business Combination and t he l e v el of r edemptions of Lega t o ʼ s public sha r eholders, and t he Compa n y ʼ s e xpectations, in t entions, st r a t egies, assumptions or belie f s about futu r e e v en t s, r esul t s at ope r ations or pe r f ormance or that do not solely r ela t e t o his t orical or cur r ent f ac t s. These f or wa r d - looking sta t emen t s gene r ally a r e identified b y t he wo r ds “beli e v e , ” “p r oject , ” “ e xpect , ” “anticipa t e , ” “estima t e , ” “in t end , ” “st r a t eg y , ” “futu r e , ” “oppo r tunit y , ” “po t ential , ” “plan , ” “m a y , ” “should , ” “will , ” “ w ould , ” “will be , ” “will continue , ” “will li k ely r esult , ” and similar e xp r essions. F or wa r d - looking sta t emen t s a r e p r edictions, p r ojections and o t her sta t emen t s about futu r e e v en t s or conditions that a r e based on cur r ent e xpectations and assumptions and, as a r esult, a r e subject t o risks and unce r tainties. Ma n y f ac t ors could cause actual futu r e e v en t s t o dif f er ma t erially f r om t he f or wa r d - looking sta t emen t s in t his P r esentation, including, but not limit ed t o: (1) t he occur r ence of a n y e v ent, change or o t her ci r cumstances that could gi v e rise t o t he t ermination of definiti v e ag r eemen t s wi t h r espect t o t he P r oposed Business Combination; (2) t he ou t come of a n y legal p r oceedings that m a y be institu t ed against Lega t o, Einride, t he combined compa n y or o t hers f oll o wing t he announcement of t he P r oposed Business Combination and a n y definiti v e ag r eemen t s wi t h r espect the r e t o; (3) t he amount of r edemption r eques t s made b y Lega t o public sha r eholders and t he inability t o comple t e t he P r oposed Business Combination due t o t he f ailu r e t o obtain app r o val of t he sha r eholders of Lega t o or Einride, t o obtain financing t o comple t e t he t r ansaction or t o satisfy o t her conditions t o closing; (4) risks r ela t ed t o t he scaling of t he Compa n y ʼ s business and t he timing of e xpec t ed business miles t ones; (5) t he ability t o meet s t ock e x change listing standa r ds f oll o wing t he consummation of t he P r oposed Business Combination; (6) t he risk that t he t r ansaction disrup t s cur r ent plans and ope r ations of t he Compa n y as a r esult of t he announcement and consummation of t he P r oposed Business Combination; (7) t he ability t o r ecogni z e t he anticipa t ed benefi t s of t he P r oposed Business Combination, which m a y be af f ec t ed b y , among o t her t hings, competition, t he ability of t he combined compa n y t o g r o w and manage g r o w t h p r ofitabl y , maintain r elationships wi t h cus t omers and suppliers and r etain i t s management and k e y empl o y ees; (8) cos t s r ela t ed t o t he t r ansaction; (9) risks associa t ed wi t h changes in laws or r egulations applicable t o t he Compa n y ʼ s solutions and se r vices and t he Compa n y ʼ s in t ernational ope rations; (10) t he possibility that t he Compa n y or t he combined compa n y m a y be ad versely af f ec t ed b y o t her economic, geopolitical, business, and/or competiti v e f ac t ors; ( 11 ) supply sho r tages in t he ma terials necessa r y f or t he p r oduction of Einride ʼ s solutions ; ( 12 ) negati v e pe r ceptions or publicity of t he Compa n y ; ( 13 ) risks r ela t ed t o w orking wi t h t hi r d - pa r ty manu f actu r ers f or k e y componen t s of Einride ʼ s solutions ; ( 14 ) t he t ermination or suspension of a n y of Einride ʼ s cont r ac t s or t he r eduction in coun t erpa r ty spending ; ( 15 ) t he ability of Einride or t he combined compa n y t o issue equity or equity - lin k ed securities in connection wi t h t he P r oposed Business Combination or in t he futu r e ; and ( 16 ) t hose risk f ac t ors discussed in documen t s of t he Compa n y , or Lega t o filed, or t o be filed, wi t h t he U . S . Securities and E x change Commission ( t he “SEC”) . The f o r egoing list of risk f ac t ors is not e xhausti v e. Y ou should ca r efully consider t he f o r egoing f ac t ors and t he o t her risks and unce r tainties described in t he “Risk F ac tors” section in t he final p r ospectus of Lega t o da t ed as of F ebrua r y 5 , 20 2 4 and filed b y Lega t o wi t h t he SEC on F ebrua r y 6 , 20 2 4 , Lega t o ʼ s Qua rt erly R epo r t s on F orm 10 - Q , Lega t o ʼ s Annual R epo r t on F orm 10 - K and t he r egist r ation sta t ement on F orm F - 4 and p r o xy sta t ement/p r ospectus that will be filed b y t he Compa n y , and o t her documen t s filed or t o be filed b y Lega t o and Einride f r om time t o time wi t h t he SEC, as w ell as t he list of risk f ac t ors included in t he Appendix he r e t o. These filings and t he Appendix do or will identify and add r ess o t her impo r tant risks and unce r tainties that could cause actual e v en t s and r esul t s t o dif f er ma t erially f r om t hose contained in t he f or wa r d - looking sta t emen t s. The r e m a y be additional risks that neit her Lega t o or t he Compa n y p r esen t ly kn o w or that Lega t o and t he Compa n y cur r en t ly beli e v e a r e imma t erial that could also cause actual r esul t s t o dif f er f r om t hose contained in t he f or wa r d - looking sta t emen t s speak only as of t he da t e t h e y a r e made. R eaders a r e cautioned not t o put undue r eliance on f or wa r d - looking sta t emen t s, and none of t he P a r ties or a n y of t heir R ep r esentati v es assumes a n y obligation and do not in t end t o upda t e or r e vise t hese f or wa r d - looking sta t emen t s, whe t her as a r esult of n ew in f ormation, futu r e e v en t s, or o t her wise. None of t he P a r ties or a n y of i t s R ep r esentati v es gi v es a n y assu r ance that a n y of Lega t o or t he Compa n y will achi e v e i t s e xpectations. The inclusion of a n y sta t ement in t his P r esentation does not constitu t e an admission b y Lega t o, t he Compa n y or a n y o t her person that t he e v en t s or ci r cumstances described in such sta t ement a r e ma t erial. Disclaimer (2/3)

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Indust r y and Mar k et Data This P r esentation has been p r epa r ed b y t he P a r ties and t heir R ep r esentati v es and includes mar k et data and o t her statistical in f ormation f r om t hi r d - pa r ty industr y publications and sou r ces as w ell as f r om r esea r ch r epo r t s p r epa r ed f or o t her purposes and f r om filings of public companies in t he f r eight industr y . Al t hough t he P a r ties beli e v e t hese t hi r d - pa r ty sou r ces a r e r eliable as of t heir r especti v e da t es, none of t he P a r ties or a n y of t heir r especti v e R ep r esentati v es has independen t ly v erified t he accu r a c y or comple t eness at t his in f ormation and cannot assu r e y ou of t he data ʼ s accu r a c y or comple t eness. Some data a r e also based on t he P a r tiesʼ good f ai t h estima t es, which a r e deri v ed f r om bo t h in t ernal sou r ces and t he t hi r d - pa r ty sou r ces. None of t he P a r ties or t heir R ep r esentati v es ma k e a n y r ep r esentation or war r anty wi t h r espect t o t he accu r a c y of such in f ormation. The P a r ties and t heir r especti v e R ep r esentati v es e xp r essly disclaim a n y r esponsibility or liability f or a n y damages or losses in connection wi t h t he use of such in f ormation he rein. A cco r dingl y , such in f ormation and data m a y not be included in, m a y be adjus t ed in, or m a y be p r esen t ed dif f e r en t ly in, a n y r egist r ation sta t ement, p r ospectus, p r o xy sta t ement or o t her r epo r t or document t o be filed or furnished b y Lega t o or t he Compa n y , or a n y o t her r epo r t or document t o be filed b y t he combined compa n y f oll o wing completion of t he P r oposed Business Combination wi t h t he SEC. Tr ademarks and Int ellectual P r ope r ty All t r ademarks, se r vice marks, and t r ade names of a n y par ty or t heir r especti v e affilia t es used he rein a r e t r ademarks, se r vice marks, or r egis t e r ed t r ade names of such par ty or i t s r especti v e affilia t e, r especti v el y , as no t ed he rein. A n y o t her p r oduct, compa n y names, or logos mentioned he rein a r e t he t r ademarks and/or in t ellectual p r ope r ty of t he r especti v e o wners, and t heir use is not alone in t ended t o, and does not alone impl y , a r elationship wi t h a n y par t y , or an endorsement or sponsorship b y or of a n y par t y. Solely f or co n v enience, t he t r ademarks, se r vice marks and t r ade names r e f er r ed t o in t his P r esentation m a y appear wi t hout t he ®, TM or SM symbols, but such r e f e r ences a r e not in t ended t o indica t e, in a n y w a y , that a n y par ty or t he applicable righ t s o wner will not asse r t, t o t he fullest e x t ent under applicable la w , t heir righ t s or t he right of t he applicable o wner or licensor t o t hese t r ademarks, se r vice marks and t r ade names. A dditional In f ormation and Whe r e t o Find It In connection wi t h t he P r oposed Business Combination, Einride in t ends t o file a r egist r ation sta t ement on F orm F - 4 , which will include a document that se r v es as a joint p r ospectus and p r o xy sta t ement, r e f er r ed t o as a p r o xy sta t ement/p r ospectus. A p r o xy sta t ement/p r ospectus will be sent t o all Lega t o sha r eholders. Lega t o and Einride will also file o t her documen t s r ega rding t he P r oposed Business Combination wi t h t he SEC. Be f o r e making a n y v oting or i n v estment decision, i n v es t ors, sha r eholders and o t her in t e r es t ed persons of Lega t o a r e u r ged t o r ead t he r egist r ation sta t ement, t he p r o xy sta t ement/p r ospectus and all o t her r el e v ant documen t s filed or that will be filed wi t h t he SEC in connection wi t h P r oposed Business Combination ca r efully and in t heir enti r ety as t h e y become a v ailable because t h e y will contain impo r tant in f ormation about t he P r oposed Business Combination. I n v es tors and security holders will be able t o obtain f r ee copies of t he r egist r ation sta t ement, t he p r o xy sta t ement/p r ospectus and all o t her r el e v ant documen t s filed or that will be filed wi t h t he SEC b y Lega t o and Einride t h r ough t he w ebsi t e maintained b y t he SEC at ww w .sec.go v . The documen t s filed b y Lega t o and t he Compa n y wi t h t he SEC also m a y be obtained f r ee of cha r ge, once a v ailable, on t he SEC ʼ s w ebsi t e at ww w .sec.go v or b y di r ecting a r equest t o: Lega t o Me r ger Corp. III, 77 7 Thi r d A v enue, 37 t h Floo r , N e w Y ork, NY 1001 7 . Pa r ticipan t s in Solicitation Lega t o, t he Compa n y and t heir r especti v e di r ec t ors and e x ecuti v e officers m a y be deemed under SEC rules t o be par ticipan t s in t he solicitation of p r o xies f r om Lega t o ʼ s sha r eholders in connection wi t h t he P r oposed Business Combination. A list of t he names of such di r ec t ors and e x ecuti v e officers, and in f ormation r ega rding t heir in t e r es t s in t he P r oposed Business Combination and t heir ownership of Lega t o ʼ s securities a r e, or will be, contained in Lega t o ʼ s filings wi t h t he SEC. A dditional in f ormation r ega rding t he in t e r es t s of t he persons who m a y , under SEC rules, be deemed par ticipan t s in t he solicitation of p r o xies of Lega t o ʼ s sha r eholders in connection wi t h t he P r oposed Business Combination, including t he names and in t e r es t s of t he Compa n y ʼ s di r ec t ors and e x ecuti v e officers, will be set f o r th in t he p r o xy sta t ement/p r ospectus on F orm F - 4 f or t he P r oposed Business Combination, which is e xpec t ed t o be filed b y t he Einride wi t h t he SEC. Y ou m a y obtain f r ee copies of t hese documen t s as described in t he p r eceding pa r ag r aph Disclaimer (3/3)

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Chief E x ecuti v e Officer Chief T echnology Officer Chief Financial Officer Wi t h y ou t od a y

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A genda f or t od a y W e will ans w er 3 k e y questions: 1. WH A T WE DO 2. H O W IT W OR K S 3 . H O W WE C APTURE V ALUE

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What w e do A plat f orm compa n y driving t he t r ansition t o au t onomous, electric and AI - optimi z ed f r eight f or some of t he w orld's la r gest shippers

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U S A Eu r ope UAE Select cus t omers 1 4 . 9M+ Electric Miles Dri v e n (5) 3 , 300+ Dri v erless Hours in Contrac t ed Cus t omer Ops (6) 460 k + E x ecu t ed Shipmen t s (4) $800M+ JBPs (3) P o t ential Long - t erm ARR Select i n v es t ors K e y sta t s Global p r esence wi t h st r ong cus t omer and cont r act base Geog r aphical f ootprint $49M Run ra t e operational ARR (2) $92M ARR in signed cus t omer contrac t s (1) No t e: Data as of F ebruar y 2026 unless o t herwise no t ed. (1) R ep r esen t s USD - equi v alent ARR expec t ed f r om signed cus t omer contrac t s as of F ebruar y 202 6 . This amount is subject t o ce r tain conditions, t ermination righ t s and management assumptions. Actual ARR f r om Einride's signed cus t omer contrac t s m a y v ar y ma t erially f r om t he amount set f o rth in t his p r esentation. (2) Adjus t ed annuali z ed mon t hly a v erage Q4ʼ25 USD - equi v alent r e v enue f r om operational cus t omer contrac t s, based on unaudi t ed financial per f ormance. (3) Joint Business Plans ( “ JBP”) a r e non - binding r oadmaps join t ly d e v eloped wi t h Einride's cus t omers f or fu r t her electrification of t heir r oad transpo r t operations o v er a futu r e period of time. P o t ential ARR is calcula t ed based on t he estima t ed number of E T s and cab - less A T s in JBPs multiplied b y estima t ed ARR per v ehicle, adjus t ed t o e x clude t he al r eady - co n v e r t ed po r tions of t he JBPs. JBPs do not obliga t e Einride's cus t omers t o negotia t e, or en t er in t o, binding ag r eemen t s on a n y t erms or at all. Actual ARR deri v ed f r om JBPs, t o t he e x t ent a n y is co n v e r t ed, m a y v ar y ma t erially f r om t he po t ential ARR set f o rth in t his p r esentation (4) Data as of 31/12/202 5 , since 2020 (5) Data as of 31/12/202 5 , since 2020 (6) Bet w een Januar y 20 2 4 and December 2025 (7) As of F ebruar y 202 6 . Includes $113M in PIPE capital and $300M+ of pri v a t e financings p r e viously raised. F u rt her includes app roxima t ely $100M in c r oss - o v er financing raised in 2025 f r om e xisting and n ew institutional i n v es tors in connection wi t h t he S P A C transaction, a sha r e of which r ela t es t o subo r dina t ed co n v e r tible debt which has been or is expec t ed t o be co n v e r t ed in t o equity $637M Capital Raised t o Da t e (7) 7 Countries 30+ Cus t omers Ope r ational Financial

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The he a vy - duty r oad f r eight indust r y r equi r es t r ans f ormati v e imp r o v emen t s 1. Utilization as a function of fill ra t e, dead head and operating hours, asset up - time Sou r ce: Statista, Fr eightw a v es, IR U , NREL, Supply Chain Dri v e, F ederal Highw a y Administration, Mc K ins e y , IEA W orld Ene r gy Out look 2025 >4 trillion dollar global mar k et is highly f r agmen t ed wi t h 90% of e xisting flee t s smaller t han 10 trucks – hence limi t ed ability t o tr ans f orm Inefficient use of asse t s T rucking indust r y f aces higher OpEx due t o diesel fuel cos t s High fuel cos t s T ruck utilization r a t es stand at a me r e 11% wi thin t he U .S . 1 Labor cost inflation 3 . 6 m dri v er shor tage c r ea t es inflationa ry p r essu r e on labor cos t s A T urn k e y Solution b y AI - optimi z ed planning Smar t ene r gy management and cha r ge planning r educes fuel cos t s Electric R educed T CO and ope r ational e x cellence Au t onomous Dri v e r - out b y design t o r educe labor cos t s and inc r ease capacity P r oblem Einride Solution

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Einride's plat f orm app r oach add r esses all k e y cost dri v ers, deli v ering superior cost leadership and r eliability + + A sset cost Baseline cost Einride cost Labor cost Ene r gy cost Illust r ati v e only – numbers subject t o specific ope r ating conditions

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Cost and ope r ational efficiencies c r ea t e a flywheel ef f ect of cus t omer v alue Saga AI Cus t omer onboa r ding or e xpansion AI optimization of cus t omer fleet T r ans f ormation of r ou t es t o electric / au t onomous Ongoing ope r ations of electric/ A V fleet & cha r ging Acquisition of cus t omer data f or unique planning ad v antage Depl o yment of electric trucks, cha r ging infra, au t onomous t echnologies Cost and operational benefi t s visible t o cus t omers Cost r eduction, utilization inc r ease, and operational efficien c y

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Se r ving shippers t he Einride w a y r ein f o r ces competiti v e ad v antages I. End - t o - end plat f orm of f ering Shippe r - centric app r oach, long - t erm cont r ac t s secu r e loc k - in ef f ec t s f or r ecurring r e v enues II. Unique data ad v antage f or logistics AI P r oprieta r y data n e xus and n o v el fleet data collection enable e v e r - imp r o ving cost and ope r ational efficiencies t h r ough logistics AI III. Au t ono m y - nati v e ope r ations Go - t o - mar k et plat f orm and ope r ational e xpe r tise in ta r ge t ed domains enables earliest possible t r ansition t o au t onomous t od a y

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Einride continues t o sh o w substantial momentum R ecent catalys t s A cc mo ele r ating comme r cial mentum, including pa r tnering wi t h major n ew cus t omer ntinued e xpansion of Co aut onomous depl o ymen t s and cont r ac t s, including dual - use applications O v e no rsubscribed PIPE of $113m w signed, p r o viding fi r ep o w er f or nea r - term e xpansion Einride Mid - 202 5 (1) Einride T od a y 26 30 ( o/w Au t onomous) 11 . 5M+ 1 4 . 9M+ 35 0 , 000+ 46 0, 000+ $92M $65M ($49M) ($45M) (6) (2) 6 & 185 7 & 216 20M k g+ 26M k g+ 1 , 7 00+ 3 , 300+ 1 2 3 No t es: Data as of December 202 5 , cus t omer count and ARR in signed cus t omer cont r ac t s as of F ebruar y 202 6 , unless o t her wise no t ed. (1) Financial and Ope rational in f ormation as of June & July 202 5 , as per announcemen t s and disclosu r es made in N o v ember 2025 in r elation t o p r oposed Business Combination

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H o w it w orks The technology behind t he success

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End - t o - end technology solution f or cos t - optimizing r oad f r eight, globally Enabling T echnologies & Infr astructu r e 1 Data Collection Inf r astructu r e Electric T rucks f or F r eight Se r vice Cha r ging Inf r astructu r e Sensors and Compu t e Connectivity Inf r astructu r e T r anspo r t Planner Cha r ge Planner Cont r ol T o w er AD Softwa r e Sa f ety Case Au t onomous T rucks Einride plat f orm of f ering 1. Ha r dwa r e is p r edominant ly sou r ced f r om di v erse global base of stra tegic suppliers Au t onomous Driving Stack 1 Logistics Optimization wi t h Saga AI 2 Electric T rucks f or Data Collection Data P r ocessing f or Deep Learning

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1 I Einride ʼ s au t onomous ML stack c o v ers end - t o - end AD functionalities E2E Machine Learning all t he w a y Moni t o r ed & in t erp r e t ed output La r ge f oundational models Comme r cially depl oy able & sa f e GNSS RTK V ehicle motion sensors Lidar Came r a Radar Seconda r y rule - based Prima r y E2E ML 1 High - L e v el AD Softwa r e A r chi t ectu r e Einride Au t onomousʼ ML App r oach P edestrian ahead, sl o wing d o wn Einride Au t onomous T ruck 1. Cur r en t ly under d e v elopment

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2 I Cos t - efficient, r eliable electric f r eight P o w e r ed b y Einrides unique data n e xus Einride T r anspo r t Sui t e Digital F r eight Plat f orm Unlocking t he po t ential of AI f or cus t omers Managed b y Einride Einride Cha r ge Sui t e Cus t omer p r oduc t s Einride ʼ s unique data n e xus ML models and Planning AI algori t hms Digital p r oduc t s & ser vices Electric V ehicle R ou t e Planner ( e VRP) Ene r gy Consumption Ene r gy Supply Cost & Pricing Shipment Selection Bat t e r y Sta t e of Heal t h Dri v er P e r f ormance Emissions Einride V essel A gnostic Au t onomous Dri v e Stack Einride Cont r ol T ow er Dual - use P r oduc t s

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H o w w e captu r e v alue Co r e business models of FCaaS and T echnology Licensing p r o vide stick y ARR and enormous long tail of g r o w t h oppo r tunity

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Einride builds long - t erm demand t h r ough deep cus t omer analysis and r oadmaps, t o t hen e x ecu t e tailo r ed depl o yment models P o t ential ARR in Joint Business Plans per v e r tica l (1) Illust r ati v e Joint Business Plans f r om st r a tegic analysis t o impact 1) D e v elop a holistic vi e w 2) C r ea t e a long t erm plan 3) E x ecu t e on t r ans f ormation Consumer Goods R etail Industrials 280+ 7 0+ 90+ No t e: (1) JBPs a r e non - binding r oadmaps join t ly d e v eloped wi t h Einride's cus t omers f or fu r t her electrification of t heir r oad transpo r t operations o v er a futu r e period of time. P o t ential ARR is calcula t ed based on t he estima t ed number of Electric trucks and Aut onomous T rucks in JBPs multiplied b y estima t ed ARR per v ehicle, adjus t ed t o e x clude t he al r eady - co n v e r t ed po r tions of t he JBPs. JBPs do not obliga t e Einride's cus t omers t o negotia t e, or en t er in t o, binding ag r eemen t s on a n y t erms or at all. Actual ARR deri v ed f r om JBPs, t o t he e x t ent a n y is co n v e r t ed, m a y v ar y ma t erially f r om t he po t ential ARR set f o rth in t his p r esentation ($m) 360+ Logistics 800+ T otal

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Einride licenses i t s AD stack t o ou t side bu y ers (OEMs, de f ense, e t c.) Einride handles e v e r y t hing, f r om financing electric trucks t o sou r cing dri v ers Thi r d pa rties o wn and opera t e t he v ehicles; Einride supplies Saga AI Similar t o electric trucks, but wi t h an au t onomous truck, l e v eraging Einride's o wn AD stack T echnology licensing F r eigh t - Capacity - as - a - Se r vice Electric trucks Au t onomous T rucks Saga AI licensing ADS licensing Einride ʼ s licensed v ehicles a r e depl o y ed in f our dif f e r ent settings No t e: The actual depl o yment split bet w een t he dif f e r ent settings m a y v ar y ma t erially f r om t hose e xpectations set f o rth in t his p r esentation. The in f ormation is p r esen t ed f or illustrati v e purposes only and m a y not r eflect t he actual per f ormance or r esul t s in a gi v en period or at all. Past per f ormance is not a guaran t ee of futu r e r esul t s. All i n v estmen t s i n vol v e risk of loss, including loss of principal i n v es ted. The r e can be no assurance that his torical t r ends will continue or t hese r esul t s or per f ormance will be achi e v ed. 1 2

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1 I FCaaS: Einride's prima r y cont r acting model f or f r eight depl o yment F r eigh t - Capacity - as - a - Se r vice capacity utili z ed V arious ancilla ry f ees Se r vice End - t o - End se r vice (planning, sou r cing, depl o yment, e t c ) and Joint Business Plans Expec t ed cont r act du r ation ~ 5 . 0 Y ears R ev enue License f ee per shift / t onne / shipment and Cont r act structu r e Fi x ed ta k e - o r - p a y and v ariable r a t e f or additional

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1 I FCaaS: Inc r eased utilization is e xpec t ed t o dri v e higher r e v enue and imp r o v ed contribution ma r gins Electric truck FCaaS po t ential r e v enue per v ehicle ($k) and contribution ma r gin (%) d e v elopment Est. unit ARR, $k Est. cont r . Ma r gin, % 295 - 335 330 - 3 7 0 380 - 420 20 - 25% 25 - 30% 30 - 35% Sho r t - t erm Medium - t erm Long - t erm No t e: The ta r get operational in f ormation is p r esen t ed f or illustrati v e purposes only and m a y not r eflect t he actual per f ormance or r esul t s in a gi v en period or at all. Past per f ormance is not a guaran t ee of futu r e r esul t s. All i n v estmen t s i n vol v e risk of loss, including loss of principal i n v es ted. The r e can be no assurance that his torical t r ends will continue or t hese r esul t s or per f ormance will be achi e v ed. Actual fleet si z es, ARR, and contribution ma r gins m a y v ar y ma t erially f r om what is set f o rth in t his p r esentation.

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1 I FCaaS: Unit economics imp r o v e significan t ly as au t onomous FCaaS capabilities scale Au t onomous T ruck FCaaS po t ential r e v enue per v ehicle ($k) and contribution ma r gin (%) d e v elopment Est. unit ARR, $k 295 - 335 160 - 200 130 - 1 7 0 Est. cont r . Ma r gin, % 20 - 25% 55 - 65% 7 0 - 80% Sho r t - t erm Medium - t erm Long - t erm No t e: The ta r get operational in f ormation is p r esen t ed f or illustrati v e purposes only and m a y not r eflect t he actual per f ormance or r esul t s in a gi v en period or at all. Past per f ormance is not a guaran t ee of futu r e r esul t s. All i n v estmen t s i n vol v e risk of loss, including loss of principal i n v es ted. The r e can be no assurance that his torical t r ends will continue or t hese r esul t s or per f ormance will be achi e v ed. Actual fleet si z es, ARR, and contribution ma r gins m a y v ar y ma t erially f r om what is set f o rth in t his p r esentation. (1) Contribution ma rgin assumes a maximum fleet moni t oring cost t o v ehicle ratio of 1:4 and a maximum local opera t or t o v ehicle ratio of 1: 4 . Cost of t he au t oma t ed driving sys t em not r eflec t ed in contribution ma rgin since d e v eloped in - house b y Einride.

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20% - 30% Estima t ed cost s a vings passed t cus t omers o 2 I T echnology licensing: F utu r e r e v enue is e xpec t ed t o shift o v er time t o wa r ds license f ees Saga AI licensing ADS licensing $380 - 420k Long - t erm electric truck FCaaS ARR per v ehicle X 2 . 5% - 3 . 5% Annual license f ee per plat f orm connec t ed v ehicle $10 - 15k Estima t ed plat f orm license f ee per v ehicle Fi x ed annual f ee per v ehicle R e v enue based usage f ee per v ehicle = $40 - 50 Estima t ed dri v er cost per hour f or f r eight ser vices (1) X - Estima t ed cost of fleet moni t oring (2) stima t ed sha r e of acti v e DS licenses (3) E A X $ 7 0 - 90k Blended a v erage annual license f ee f or depl o y ed ADS licenses = No t e : The ta r get operational in f ormation is p r esen t ed f or illustrati v e purposes only and m a y not r eflect t he actual per f ormance or r esul t s in a gi v en period or at all . Past per f ormance is not a guaran t ee of futu r e r esul t s . All i n v estmen t s i n vol v e risk of loss, including loss of principal i n v es ted . The r e can be no assurance that his torical t r ends will continue or t hese r esul t s or per f ormance will be achi e v ed . Actual ARR m a y v ar y ma t erially f r om what is set f o rth in t his p r esentation . ( 1 ) Assuming 16 operating hours per operating d a y and 25 operating d ays per mon t h . ( 2 ) An estima t ed fleet moni t or cost t o v ehicle ratio of 1 : 10 assumed f or illustrati v e purposes . ( 3 ) The e xpectation is that a ce r tain sha r e of t he depl o y ed licenses will be t r ea t ed as main t enance licenses installed on e . g . , dormant v ehicles .

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Wha t ʼ s n e xt f or Einride II. A ccele r ating comme r cial momentum: K e y pa r tnerships, including a major n e w cus t omer III. On t r ack t o go public in H1 2026: The t r ansaction is e xpec t ed t o deli v er $333 million in g r oss p r oceeds including t he PIPE financing and $220 million in p r oceeds f r om Lega t o ʼ s cash - in - trust I . Expanding in t o high - demand segmen t s : Einride is unlocking n e w g r o w t h b y ta r geting dual - use applications, wi t h deals signed and capabilities r apidly scaling

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a e i n r i d e

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FAQ

What proceeds will Einride receive from the Legato business combination (LEGT)?

The presentation states the transaction is expected to deliver $333 million in gross proceeds, which includes a $113 million PIPE and $220 million from Legato's cash-in-trust.

How much ARR does Einride report in signed customer contracts?

Einride cites $92 million in ARR from signed customer contracts as of February 2026. The presentation notes this figure is subject to conditions and management assumptions.

How much operational run-rate ARR does Einride report?

The presentation reports a run-rate operational ARR of $49 million, labeled as adjusted annualized monthly average revenue from operational customer contracts as of Q4 2025

How much capital has Einride raised to date?

Einride reports $637 million of capital raised to date, including the $113 million PIPE and prior private financings, and approximately $100 million in cross-over financing raised in 2025.

What revenue models does Einride emphasize?

Einride highlights two core models: Freight-Capacity-as-a-Service (FCaaS) generating recurring ARR and technology licensing for Saga AI and ADS, with illustrative long-term license fees per vehicle shown in the presentation.