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Q3 2026 Earnings Call November 5, 2026
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Legal Disclaimer Q3 2026 Results This presentation is being given by Tiny Ltd. (the “Company”) for information purposes only. Reliance on this presentation for the purpose of engaging in any investment activity may expose a person to significant risk of losing all of the money, property or other assets invested. No Investment Advice This presentation does not constitute and should not be construed as, an advertisement, public offering, prospectus, offering memorandum or an offer or invitation to sell or any solicitation of any offer to purchase or subscribe for any securities of the Company in Canada, the United States or any other jurisdiction. This presentation, accordingly, should not be treated as giving investment advice and is not intended to form the basis of any investment decision. It does not, and is not intended to, constitute or form part of, and should not be construed as, any recommendation or commitment by the Company or any of its directors, officers, employees, direct or indirect shareholders, agents, subsidiaries, affiliates, advisors or any other person, or as an offer or invitation for the sale or purchase of, or a solicitation of an offer to purchase, subscribe for or otherwise acquire, any securities, businesses and/or assets of any entity, nor shall it or any part of it be relied upon in connection with or act as any inducement to enter into any contract or commitment or investment decision whatsoever. No person has been authorized to give any information or to make any representations not contained in this presentation. Any such information or representation that is given or received must not be relied upon. Readers should not construe any portion of this presentation as legal, tax, regulatory, financial or accounting advice and are urged to consult with their own advisors in relation to such matters. No Reliance This presentation does not purport to be comprehensive or to contain all the information that a recipient may need in order to evaluate the matters or entities described herein. Recipients are responsible for conducting their own investigations and analyses of the Company and the information contained or referred to herein, and should not act solely on the basis of any information contained or referred to in this presentation. No representation or warranty, express or implied, is given and no responsibility or liability is accepted by any person, with respect to the accuracy, fairness or completeness of the presentation or its contents or any oral or written communication in connection with any matter described herein. In particular, but without limitation, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed for any purpose whatsoever on any projections, targets, estimates or forecasts or any other information contained in this presentation. In providing this presentation, the Company does not undertake any obligation to provide any additional information or to update or keep current the information contained in this presentation or any additional information or to correct any inaccuracies which may become apparent, except as may be required by law. Third-Party Sources This presentation may contain quotes, information, data (including references to market, industry or peer group data) which has been obtained from or is based upon third party sources, including industry publications, reports and websites. Third party sources may state that the information contained therein has been obtained from sources believed to be reliable, but there is no assurance or guarantee as to the accuracy or completeness of included data. Although the data is believed to be reliable, neither the Company nor its agents have independently verified the accuracy, currency, reliability or completeness of any of the information from third party sources referred to in this presentation or ascertained from the underlying economic assumptions relied upon by such sources. The Company disclaims any responsibility or liability whatsoever in respect of any information derived from third party sources. Forward Looking Information Certain information included in this presentation includes “forward-looking statements” and “forward-looking information” within the meaning of applicable securities law (collectively referred to in this presentation as “forward-looking statements”). Any statements about possible events, conditions or financial performance that are based on predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes”, “intends” or “proposes” or variations of such words and phrases or stating that certain actions, events or results “may”, “could”, “would”, “might”, “target” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements and are intended to identify forward-looking information. This forward-looking information is based on the beliefs of the Company’s management, as well as on assumptions and other factors, which management believes to be reasonable based on information available at the time such information was given. In particular, but without limiting the foregoing, this presentation contains forward-looking statements pertaining to the following: the Company’s financial profile and the future plans of the Company and its subsidiaries. By their nature, forward-looking statements are subject to numerous risks and uncertainties. You are cautioned that the assumptions used in the preparation of forward-looking statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. No assurance can be given that any of the events anticipated will transpire or occur, or if any of them do so, what benefits the Company will derive from them. Unless otherwise indicated, the information in this presentation is current as of the date of this presentation and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless required by law. In addition, this presentation includes future oriented financial information and financial outlook (collectively, “FOFI”). The Company and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments as at the date hereof. However, because this information is subjective and subject to numerous risks, uncertainties, and assumptions, it should not be relied on as necessarily indicative of future results. FOFI contained in this presentation constitutes forward-looking information, was made as of the date of this presentation and was provided for the purpose of providing further information about the Company’s anticipated future business operations. Readers are cautioned that the FOFI contained in this presentation should not be used for purposes other than for which it is disclosed herein. This presentation should be read in conjunction with the risk factors described in the Company’s annual information form for the year ended December 31, 2025 which is available under the Company’s profile on SEDAR+ at www.sedarplus.com. Figures are presented in Canadian dollars, unless otherwise noted. Non-IFRS Financial Measures This presentation refers to certain financial performance measures that are not defined by and do not have a standardized meaning under International Financial Reporting Standards (termed “Non IFRS measures”) such as “EBITDA”, “EBITDA %”, “Adjusted EBITDA”, “Adjusted EBITDA %”, "Segmented Adjusted EBITDA", "Segmented Adjusted EBITDA %", "net debt", “Net debt to Adjusted EBITDA”, “recurring revenue”, “recurring revenue %”, "annualized recurring revenue" or "ARR", "pro forma ARR", "organic revenue", "constant currency", “free cash flow”, and “free cash flow per share”. Management uses these non-IFRS measures to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation Non-IFRS measures are used by management to assess the financial and operational performance of the Company. The Company believes that these Non-IFRS measures, in addition to conventional measures prepared in accordance with International Financial Reporting Standard, enable investors to evaluate the Company’s operating results, underlying performance and prospects in a similar manner to the Company’s management. As there are no standardized methods of calculating these Non-IFRS measures, the Company’s approach may differ from those used by others, and accordingly, the use of these measures may not be directly comparable. The Non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with International Financial Reporting Standards. Please refer to the Company’s management’s discussion and analyses for the year ended December 31, 2025 and for the quarter ended September 30, 2026 which are available under the Company’s profile on SEDAR+ at www.sedarplus.com for a reconciliation of such Non-IFRS measures to the most directly comparable International Financial Reporting Standards financial measure. In addition, statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. In this regard, certain financial information contained herein has been extracted from, or based upon, information available in the public domain and/or provided by the Company. In particular, historical results should not be taken as a representation that such trends will be replicated in the future.
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Q3 2026 Highlights 1 Non-IFRS Measures, see "Legal Disclaimer" for additional information. 2 Net Debt to Adjusted EBITDA includes convertible debentures and is measured against Pro Forma Adjusted EBITDA including the contribution from Serato for the LTM period. 3 Tiny Fund 1 revenue is unaudited. ➢ Q3 2026 Adjusted EBITDA Margin1 of 25%, with continued focus on efficiency and cost management ➢ Net Debt to Adjusted EBITDA of 2.3x2 ➢ $17.2 million of Recurring Revenue1 in Q3 2026, a 2% YoY increase, largely driven by the Serato Acquisition ➢ Annualized Recurring Revenue1 (“ARR”) of $68.9 million $0.5M Tiny Fund I Distributions ➢ Q3 2026 Tiny Fund I revenue of US$13.7 million3, a 4% increase compared to Q3 2025 ➢ NAV of $46.3 million, an increase of 3%, from Q4 2025 Launched DJ for iOS in October, bringing its DJ software to iPhone and iPad with support for more than 120 controllers and mixers ➢ Q3 2026 Free Cash Flow per share of $0.291 ➢ Disclosure framework provides clear measure of cash generation of underlying portfolio; attributable Free Cash Flow and segmented EBITDA have been added to disclosure Q3 2026 Results $13.2M Adj. EBITDA1 $8.6M Free Cash Flow1 33% Recurring Revenue1 Surpassed 33 million members an ~200% increase since acquisition (Sept. 2023) Delivered strongest topline quarter since 2022, with revenue up 25% from Q2; Engagements with Alo, Yahoo, Intuit, Questrade, ServiceNow, and Tommy John supported the quarter Acquired Oso Cloud after quarter-end, adding $5.3 million in ARR1 and bringing Tiny’s pro forma ARR1 to $75.0 million
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Q3 2026 Financial Results
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$80.8 $69.6 $68.5 $91.3 $41.8 $39.4 $8.6 $6.8 $199.6 $207.0 Q3-25 LTM Q3-26 LTM Revenue $18.6 $19.6 $23.2 $22.1 $10.0 $8.9 $2.2 $1.6 $54.0 $52.3 Q3-25 Q3-26 Digital Services Software & Apps Creative Platform Other Q3 2026 LTM revenue of $207.0 million, a 4% increase compared to Q3 2025 LTM revenue ▪ Digital Services impacted by divesture of Frosty2, 80202 & Z12, offset by strong Metalab performance in Q3 2026 ▪ WeCommerce revenue pressure within Software & Apps offset by growth at Serato, and full Serato results in Q3 2026 LTM period ▪ Other revenue impacted by divesture of WeWorkRemotely2 Q3 2026 revenue of $52.3 million, a 3% decline ▪ Growth within Serato and Metalab offset by topline challenges at WeCommerce and Creative Market ▪ Metalab had its best quarter since 2022, following several large engagements within the quarter ▪ Revenue increased by 1% when compared to Q2 2026 Q3 2026 Results 1 Non-IFRS Measures, see "Legal Disclaimer" for additional information. 2 8020 was divested in November 2024; Frosty was divested in December 2024; WeWorkRemotely was divested in October 2025; Z1 was divested in April 2026
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Recurring Revenue1 Q3 2026 Recurring Revenue1 was $17.2 million, a 2% increase over Q3 2025 ▪ Improvement largely driven by Serato, which generates ~70% of its revenue through subscriptions; continued focus on driving growth through product roadmap and partnerships Q3 2026 LTM Recurring Revenue1 was $70.2 million compared to $49.8 million in Q3 2025 LTM ▪ Continued execution of growing Recurring Revenue1 base, both through acquisition and organic growth ▪ Annualized Recurring Revenue1 (“ARR”) of $68.9 million, a 2% increase year-over-year ▪ Oso acquisition increased pro forma ARR1 to $75 million 1 1 $16.9 $17.2 $49.8 $70.2 31% 33% 25% 34% Q3-25 Q3-26 Q3-25 LTM Q3-26 LTM Recurring Revenue Recurring Revenue % 1 Non-IFRS Measures, see "Legal Disclaimer" for additional information. Q3 2026 Results
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Adjusted EBITDA2 & Adjusted EBITDA Margin2 Adjusted EBITDA2 of $13.2 million in Q3 2026; Q3 2026 LTM Adjusted EBITDA2 of $42.9 million ▪ LTM Adjusted EBITDA2 performance driven by Serato outperformance, Dribbble contract wins, and significant cost reductions throughout the portfolio ▪ For operational comparison purposes, Adjusted EBITDA2 increased by 17%1 over Q3 2025 LTM $10.1 $9.7 $8.2 $8.5 $9.8 $9.2 $10.6 $13.2 $36.5 $42.9 21% 20% 16% 17% 19% 18% 21% 25% 19% 21% Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q3-25 LTM Q3-26 LTM Q3 2026 Adjusted EBITDA Margin2 of 25%, and Q3 2026 LTM Adjusted EBITDA Margin of 21% ▪ Improvements in LTM margin continue, with focus on cost management and efficiency moving forward ▪ Significant cost rationalizations implemented at the end of Q2 2026 drove some of the margin improvement in Q3 2026 1 For comparative and presentation purposes, management has presented Q3 -2025 Adjusted EBITDA and Q3-2025 LTM Adjusted EBITDA by adjusting for a potential $1.6 million bad debts expense from a single customer with whom the Company no longer has an ongoing re lationship. 2 Non-IFRS Measures, see "Legal Disclaimer" for additional information. 1 1 1 Q3 2026 Results 1
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$13.7 $8.6 $33.1 $8.2 $0.47 $0.29 $1.29 $0.28 Q3-25 Q3-26 Q3-25 LTM Q3-26 LTM Free Cash Flow1 & Free Cash Flow per Share Q3 2026 free cash flow of $8.6 million, representing free cash flow per share1 of $0.29 ▪ Q3 2026 LTM free cash flow1 of $8.2 million, and free cash flow per share1 of $0.28 ▪ Decrease primarily attributable to an unfavourable change in non-cash working capital, and $8.2 million of licensing income recognized in Q3 2025 ▪ Beginning in Q1 2026, Tiny enhanced its financial disclosure framework by reporting free cash flow and free cash flow per share on an attributable basis ▪ This provides investors with a clearer and more meaningful measure of the capital generated by the owned portions of the underlying portfolio, net of debt service obligations. $ million $/share2 1 Non-IFRS Measures, see "Legal Disclaimer" for additional information. 2 As a result of the Share Consolidation on October 1, 2025, Free cash Flow per Share and Adjusted Free Cash Flow per Share hav e been retrospectively consolidated for all periods presented.
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Tiny Fund I1 Tiny Fund I Revenue1 ($US million) Distributions to Tiny from Tiny Fund I ($C million) ▪ Tiny Fund 1 revenue increased to $13.7 million, an increase of 4% when compared to Q3 2025 ▪ Tiny’s Net Asset Value (“NAV”) portion of the fund was $46.3 million (US$32.6 million) on September 30, 2026 – an increase of 3% from December 31, 2025 US$13.2 US$13.7 US$49.2 US$56.1 Q3-25 Q3-26 Q3-25 - LTM Q3-26 - LTM C$0.4 C$0.5 C$2.4 C$2.8 Q3-25 Q3-26 Q3-25 LTM Q3-26 LTM ▪ Letterboxd surpassed 33 million members, up ~200% since acquisition (September 2023) ▪ AeroPress results improved, driven primarily by Amazon Prime Days and traction from new product launches 1 Tiny’s consolidated financial results do not include the aggregate revenues, expenses, and profits of Tiny Fund’s individual investments. Tiny Fund I revenue is unaudited Q3 2026 Results
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3.0x 2.7x 2.8x 2.3x 2.4x 2.7x 2.8x 2.3x Q4-24 Q1-25 Q2-25* Q3-25* Q4-25* Q1-26* Q2-26* Q3-26* Net Debt to Adjusted EBITDA Ratio Debt & Cash Senior debt outstanding of $103.5 million on Sept. 30, 2026 vs. $98.7 million on Dec. 31, 2025 ▪ Continued focus on debt repayment throughout 2026 ▪ Demonstrating ability to effectively use increasing cash flow to lower leverage historically ▪ No pending maturities; convertible debenture offer expired on October 28, 2026; convertible debentures callable in May 2027 Sept. 30, 2026 Dec. 31, 2025 Senior Debt $103.5 million $98.7 million Convertible Debentures $36.1 million $36.1 million Total Cash & Equivalents $39.5 million $29.3 million Net Debt including Convertible Debentures $100.1 million $105.5 million Net Debt to Adjusted EBITDA for Q3 2026 2.3x ▪ $2.5 million of debt repaid in Q3 2026; FX movements increased the reported debt balance by $3.4 million, resulting in a net increase in debt of $0.9 million during the quarter ▪ Maintaining commitment to target leverage range of 2.0-2.5x Acquisition * Net Debt to Adjusted EBITDA includes convertible debentures, and is measured against Pro Forma Adjusted EBITDA including the contribution from Serato for the LTM period. Q3 2026 Results
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Roadmap Update Profitable Growth Capital Structure Optimization Tiny Fund I Capital Allocation ❖ Increase recurring revenue base to improve earnings durability ❖ Continued focus on cost efficiencies and improvements to both Adjusted EBITDA1 and Free Cash Flow1 ❖ Continued review of portfolio, with strategic decisions around value creation opportunities ❖ Ongoing focus on reducing leverage and increasing flexibility ❖ Revenue and NAV increases driven by operational excellence, improved profitability ❖ Increased distributions from Tiny Fund I to Tiny Ltd. ❖ Continued growth of fund companies via new product launches and distribution opportunities ❖ Strengthen the portfolio through strategic repositioning of select businesses ❖ Evaluating and pursuing high quality acquisition opportunities 1 Non-IFRS Measures, see "Legal Disclaimer" for additional information. Q3 2026 Results
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Questions