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COPENHAGEN · 13 JANUARY 2025 Jørn Larsen FOUNDER & GROUP CEO Trifork Labs Innovation Synergies Growth Profits Frederik Svanholm GROUP INVESTMENT DIRECTOR
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2 DISCLAIMER ɾ IMPORTANT INFORMATION This presentation contains forward-looking statements including, but not limited to, statements and expectations concerning expected or projected earnings, strategies, trends and developments. Forward-looking statements are statements (other than statements of historical fact) relating to future events and Trifork's expected, anticipated or planned financial and operational performance. The words ‘may’, ‘will’, ‘will continue’, ‘should’, ‘expect’, ‘foresee’, ‘anticipate’, ‘believe’, ‘estimate’, ‘plan’, 'project', ‘predict’, ‘intend’, 'guidance' and 'outlook' or variations of these words, including negatives thereof, as well as other statements regarding matters that are not historical fact or regarding future events or prospects, constitute forward-looking statements. Other forward-looking statements can be identified in the context in which the statements are made. Trifork has based these forward-looking statements on its current views with respect to future events and financial performance. These views involve a number of risks and uncertainties, which could cause actual results to differ materially from those predicted in the forward- looking statements and from the past performance of Trifork. Although Trifork believes that the estimates and projections reflected in the forward-looking statements are reasonable, they may prove materially incorrect, and actual results may materially differ, e.g. as the result of risks related to the industry in general or Trifork in particular. As a result, forward-looking statements should not be relied on as a prediction of actual results. Trifork undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.
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Trifork Group Products 33% Services 67% Private 59% Public 41% Companies 23 Book value 84 EURm Profitable organic growth paired with acquisitions Revenue L12M to Q3 2025: EURm 218 Strategic investments & tech innovations Revenue 2024: EURm >100 Q3/2025 Q3/2025REVENUE SPLIT REVENUE SPLIT 3 Revenue splits in 9M/2025 / Trifork Labs book value as of 30 September 2025 INTRO · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK Majority ownership, fully consolidated in Group P&L Minority ownership, not consolidated Financial assets on balance sheet Cash proceeds and valuation changes booked as financial income Trifork Trifork Labs
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4 DNA We operate at the forefront of innovation and are often among the first to explore new technologies and methods. We work closely with customers and take responsibility as a long-term technology partner invested in mutual success. Pioneering meaningful change for 30 years INTRO · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK
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5 Employees in Trifork Not including Labs companies Trifork’s main asset is our people, and Labs helps us attract innovative and tech-curious specialists IT-professionals ranked the 60 largest Danish IT employers in 2025 1197 EMPLOYEES 55 NATIONALITIES 24% WOMEN 41 AVERAGE AGE Survey by Ingeniørens “IT-profilanalyse 2025”; employer brand in the category “Consulting & Services" 14% AVG. 12M EMPLOYEE TURNOVER SINCE 2023 (18% INCL. REORGANIZATIONS) -Agile employer: Trifork #1 -Employer brand: Trifork #2 -Job interest: Trifork #3 INTRO · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK
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6 THOUGHT LEADERS & ACADEMIA BIG TECH PARTNERSHIPS CUSTOMERS Incubation Innovation Distribution Validation TRIFORK LABS Startups give Trifork insight, new capabilities, and speed INTRO · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK
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7 SPATIAL COMPUTING VISION AI DIGITAL TWIN ENTERPRISE MOBILITY COMPETITIVE EDGE SELL PACKAGED SOFTWARE & SOLUTIONS AGENTIC AI NEW INNOVATION WITH FIRST-MOVING CUSTOMERS THE NEXT BIG THING Trifork’s capabilities (examples) Customers’ capabilities & adoption CLOUD Labs companies help Trifork stay ahead by testing and mastering new technologies early INTRO · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK
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8 -Trifork aims to earn satisfactory product margins on reseller agreements with Labs companies -Trifork aims to invoice Labs companies for services or product integrations -Co-investing with Trifork’s customers strengthen the customer relationships Trifork Labs drives both core revenue and equity value creation -Labs companies find product-market fit and grow with Trifork’s help -Idea validated and risk shared with co-investors -Growth leads to valuation increase in Labs companies -Exit proceeds are recycled into Trifork’s core business EARNINGS IN TRIFORK CORE EARNINGS IN TRIFORK LABS INTRO · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK
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From Trifork to CrowdStrike 9 Geeta Schmidt GENERAL PARTNER AT SEED CAPITAL SINCE 2024 BOARD MEMBER AT TRIFORK SINCE 2024 PREV. CO-FOUNDER & CEO OF HUMIO & VP AT CROWDSTRIKE PREV. 10 YEARS MARKETING MANAGER AT TRIFORK INTRO · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK
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From Trifork to CrowdStrike 10 Geeta Schmidt GENERAL PARTNER AT SEED CAPITAL SINCE 2024 BOARD MEMBER AT TRIFORK SINCE 2024 PREV. CO-FOUNDER & CEO OF HUMIO & VP AT CROWDSTRIKE PREV. 10 YEARS MARKETING MANAGER AT TRIFORK CHRISTIAN HVITVED, CHIEF ENGINEER PREV. TRIFORK SOFTWARE ENGINEER HUMIO CO-FOUNDING TEAM KRESTEN KRAB THORUP, CTO PREV. TRIFORK CTO INTRO · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK
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Trifork Labs wrote Humio's first check before we took the VC route 11 2016: Trifork Labs company and angel investors 2017: $3M investment from WestHill Capital Ltd 2019: $9M venture investment from Accel 2020: $20M venture investment from Dell Technologies Capital 2021: $400M sale to CrowdStrike - Trifork owned 20% at exit 2026: Humio powers backend infrastructure and data products that generate approximately $500M ARR for CRWD with 95% growth Y/Y. INTRO · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK
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Trifork Labs gave Humio an ‘unfair advantage’ •Knowledge & experience •First users •Early customers •Key hires •Commercial partnership INTRO · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK 12
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13 INTRO · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK Before founding/investing -Focus on customer types, industries, problems, or technologies where Trifork does business or wants to do business -Idea and deal flow through Trifork’s extensive network of employees, entrepreneurs, tech partners, customers, investors, and innovation communities -People, product and market validation from Trifork’s domain experts and external network -Cooperation with customers and likeminded investors Labs’ internal success factor 1: People & Network -Early-stage strategic influence -Software products/platforms -Health, financial services, energy, aviation, sustainability, enterprise infrastructure -Potential to become long-term partner -Minority stake We look for:
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14 INTRO · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK Before founding/investing •Focus on customer types, industries, problems, or technologies where Trifork does business or wants to do business •Idea and deal flow through Trifork’s extensive network of employees, entrepreneurs, tech partners, customers, investors, and innovation communities •People, product and market validation from Trifork’s domain experts and external network •Cooperation with customers and likeminded investors After founding/investing •Technical guidance and support from Trifork’s engineers and solution architects •Go-to-market guidance from Trifork’s commercial domain leads •Financial guidance from Trifork Labs team •Access to Trifork’s enterprise network through reseller agreement with Trifork Labs’ internal success factor 1: People & Network
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15 Large companies High capital patience Majorities & Consortiums Lower risk Illiquid redemption Minorities Higher risk Illiquid redemption Minorities & Majorities Mixed risk Cyclical resilience Redemption irrelevant Public Equity Minorities Medium-risk Illiquid redemption Minorities Lower risk Liquid redemption Listed HoldCo Minorities Lower risk No pressure to return capital Liquid redemption Families & Foundations Low capital patience Small companies Venture Capital Private Equity Trifork Labs Minorities Medium-high risk Flexible ownership horizon Proceeds recycled into Trifork core Liquid redemption Growth Funds Labs’ internal success factor 2: Flexibility INTRO · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK Business Angels
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-Average invested capital is EURm 1.1 -The largest investments are: -Existing customers building software products with Trifork as a tech partner -Commercial collaborations where Trifork and the company approach customers together -Average ownership per Labs company is 27.0% Small investments, outsized outcomes 16 As of Q3 2025; capital invested includes convertible loan notes. New additions in Q4 are not included. INTRO · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK # of companies 0 1 2 3 4 5 6 7 8 EURm Above 1.5 1.0-1.5 0.25-1.0 Below 0.25 DISTRIBUTION OF INVESTED CASH IN PORTFOLIO COMPANIES
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security Grantet 17 JV & strategic investments Tech & GTM partners Other innovation Co-founded or spun off External founders INTRO · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK Current portfolio
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Solid funding runway across the portfolio backed by strong investors 18 Axoniq Software development framework Bluespace Ventures Swiss digital health ecosystem Dawn Health Regulated apps for pharma patients XCI Cyber crime investigation Frameo Digital photo frame platform 0 0.25 0.5 0.75 1 20% 30 SEPT 2025 EURm 84 BOOK VALUE 73% POSITION 11-23 POSITION 6-10 TOP 5 7% ALPHABETIC ORDER Founders INTRO · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK Profitable Not profitable yet, well funded Not profitable yet, financing within 12 months CO-OWNERS
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19 Arkyn Studios Field and factory SaaS on top of SAP C4 Media Software media and conferences Develco Electronics and embedded software Promon Cyber protection for apps ExSeed Health Software for fertility analysis POSITION 6-10 ALPHABETIC ORDER CO-OWNERS Business Angels Family Offices Founders Founders 0 0.25 0.5 0.75 1 20% 30 SEPT 2025 EURm 84 BOOK VALUE 73% POSITION 11-23 7% TOP 5 Profitable Not profitable yet, well funded Not profitable yet, financing within 12 months Solid funding runway across the portfolio backed by strong investors INTRO · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK
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20 &Money Banking software Dryp Water SaaS & IoT POSITION 11-23 ALPHABETIC ORDER NEW ADDITIONS IN Q4 2025 * * New additions in Q4 are not yet included in book value, nor yet ranked according to expected book value in Q4 2025. Wingmen Security Security operations, monitoring, response Replik LegalTech for individuals and families CO-OWNERS Founders 0 0.25 0.5 0.75 1 20% 30 SEPT 2025 EURm 84 BOOK VALUE 73% 7% POSITION 6-10 TOP 5 Profitable Not profitable yet, well funded Not profitable yet, financing within 12 months Solid funding runway across the portfolio backed by strong investors INTRO · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK Trifork Security deconsolidation
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21 Book value Company Industry Entry year Ownership Stage / Owners Valuation change Valuation method Website Top 5 AxonIQ B.V. Digital Enterprise 2017 19.2 % A-round Q2 2025 Fin. round https://www.axoniq.io/ Bluespace Ventures AG Digital Health 2023 14.3 % Strategic owners Q4 2023 Fin. round https://compassana.ch/en Dawn Health A/S Digital Health 2016 27.3 % A-round Q2 2025 Fin. round https://dawnhealth.com/ Frameo ApS Consumer Tech 2015 6.2 % Self-funded Q2 2025 DCF https://frameo.net/ XCI Holding A/S Cyber Intelligence 2018 13.4 % Private equity Q3 2025 Fin. Round / DCF https://www.xci.dk/ Position 6-10 Arkyn Studios Ltd Digital Enterprise 2020 46.0 % Late Seed Q1 2022 Fin. round https://www.arkyn.io/ C4 Media Inc. Digital Enterprise 2011 9.8 % Self-funded Q3 2025 DCF https://c4media.com/ Develco A/S IoT/PropTech 2021 40.0 % Self-funded Q3 2025 DCF https://www.develco.com/ ExSeed Health Ltd Digital Health 2017 27.5 % Late Seed Q4 2021 Fin. round https://www.exseedhealth.com/ Promon AS Cyber Protection 2021 5.4 % Private equity Q4 2021 Fin. round https://promon.co/ Position 11-23 &Money ApS FinTech 2021 25.0 % Strategic owners Q2 2021 Fin. round https://www.andmoney.dk DRYP ApS Digital Enterprise 2021 20.3 % Late Seed Q4 2024 Fin. round https://www.drypdata.com/ Fauna ApS Digital Health 2022 17.4 % Seed Q4 2023 Fin. round https://www.faunaapp.dk/ Grantet ApS FinTech 2024 49.0 % Seed Q3 2024 Fin. round https://www.chapter5.dk/ Mirage Insights AG Digital Enterprise 2024 48.5 % Seed Q1 2024 Fin. round https://www.mirageinsights.com/ Ossmo ApS Digital Enterprise 2023 23.0 % Seed Q4 2023 Fin. round https://ossmo.io/ Rokoko Care ApS Digital Health 2024 22.4 % Seed Q2 2024 Fin. round https://www.rokokocare.com/ SIA Connect ApS PropTech 2024 48.9 % Seed Q4 2024 Fin. round https://sia-connect.com/ TSBone ApS PropTech 2020 18.8 % Strategic owners Q2 2020 Fin. round https://trifork.com/work/smart-building/ TSBThree ApS PropTech 2021 35.7 % Strategic owners Q4 2021 Fin. round https://trifork.com/work/smart-building/ TSBX ApS PropTech 2024 49.9 % Strategic owners Q4 2024 Fin. round https://trifork.com/work/smart-building/ Upcycling Forum ApS PropTech 2020 22.7 % Seed Q4 2020 Fin. round https://www.upcyclingforum.dk/ Visikon ApS Digital Health 2021 28.0 % Late Seed Q4 2024 Fin. round https://visikon.com/ New in Q4 Replik A/S LegalTech 2025 10.0% Self-funded Q4 2025 Fin. Round / DCF https://replik.dk/?nab=1 Wingmen Security A/S Cyber Protection 2025 41.5% Private equity Q4 2025 Fin. Round https://wingmen.security/en/ INTRO · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK Portfolio overview as of Q3
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22 Conservative approach to marking values up and resolute approach to impairments Companies that are not yet profitable: -Upwards or downwards value adjustment if an external investor puts a new value on the company through a qualified financing round -Risk-based impairments when companies are not following their growth or financing plan Companies that are profitable for min. 2 years: -Conservative and auditor-verified DCF model with cautious estimates and conservative WACCs INTRO · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK
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23 Conservative approach to marking values up and resolute approach to impairments Companies that are not yet profitable: -Upwards or downwards value adjustment if an external investor puts a new value on the company through a qualified financing round -Risk-based impairments when companies are not following their growth or financing plan Companies that are profitable for min. 2 years: -Conservative and auditor-verified DCF model with cautious estimates and conservative WACCs INTRO · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK Promon Revenue 2021-2025: 3.3x with reduced cash burn. Valuation change since 2021: 0x (still carried at cost). No need for funding rounds, but not yet profitable two years running (positive cash EBITDA in 2025). XCI 30% company sale to ATP in december 2024 at 55% higher price than our DCF going into the process and 110% higher than our DCF value 12 months prior.
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Strong track record of exits 24 Trifork co-founded the company with 33% ownership. Latest valuation indications have been around USDbn 2.5, having raised USDm 537 in funding in total. Valuation topped at USD 8.6bn a few years ago. Trifork co-founded the company with 49% ownership. Humio raised capital from international VC funds and was sold to Crowdstrike for USDm 400 in December 2020. Trifork owned 20% at exit. Trifork was an early investor with a ~2% stake. In the early days, Trifork helped developing Tradeshift’s platform. Latest valuation indications in the secondary market have been around USDbn 1.9, having raised USDbn 1.2 in funding in total. Valuation topped at USD 6bn+ a few years ago. Trifork co-founded the company with 20% ownership. We still own 5%. No further capital raised since founding. Total return of ~230x including dividends, so far. EXIT 2014 & 2015 ENTRY 2011 EXIT 2018 CO-FOUNDED 2014 EXIT 2018 & 2020 CO-FOUNDED 2016 Sources: CB Insights & Chainalysis SOME OF OUR LARGER HISTORICAL EXITS: EXIT 2024 & 2025 CO-FOUNDED 2018 INTRO · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK
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Labs is a value creation engine expected to generate more cash releases in the coming years BOOK VALUE (EURM) Unrealized gains Invested cash INTRO · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK NET REALIZED GAINS (EURM) EXIT PROCEEDS, DIVIDENDS & IMPAIRMENTS INCLUDED 25 EURm 77 since 2016 EURm 8 since 2021 IPO Significant increase in Q4 25 EURm 62 since 2016 EURm 22 since 2021 IPO
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-2 0 2 4 6 8 10 12 14 16 18 20 0 10 20 30 40 50 60 70 80 90 100 0 50 100 150 200 250 300 350 400 450 500 550 +50% 457 337 507 Strong operational performance in Labs Top 10 26 0 10 20 30 40 50 60 70 80 90 100 EURm 49.5 72.2 REVENUE Top 10 20222023 Growth -2 0 2 4 6 8 10 12 14 16 18 20 9.8 Top 10 EBITDA 13.6% Margin -2.4% EURm EMPLOYEES # For information purposes only. Labs companies are not consolidated in Trifork’s reporting of revenue, EBITDA, and FTEs. The numbers are based on reported, but not yet audited, financials. Growth 2024 99.3 +100% 202220232024 Weighted by current Labs ownership % 8.7 11.4 14.4 +67% 202220232024 202220232024 18.1% -1.2 18.0 Weighted by current Labs ownership % -0.2 -1.5%-19.7% 1.4% -1.7 0.2 202220232024 Top 10 INTRO · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK
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27 Organic growth M&A Trifork Labs Strategic minority investments Net debt management PRIMARY ALLOCATION TO CORE TRIFORK SECONDARY ALLOCATION Share buybacks & dividends Subject to debt gearingSmall tickets that support Trifork core Capital allocation will prioritize Trifork core Exit proceeds reinvested into Trifork core Available free cash flow INTRO · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK
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28 INTRO · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK -AI-supported engineering reduces the cost of testing product-market fit for Trifork -Product revenue is structurally easier to scale than in the past -Capital required for Labs investments is thus expected to decline -Product-led and AI-enabled growth in Labs companies may lead to lower dilution over time than the historical VC framework -Capital allocation to Labs remains selective and opportunity-driven when it shows promising synergies with Trifork -More exits to come The future of Labs in a more product- driven Trifork
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29 Digitalization as a long-term driver Full-circle business model Innovation specialists Three decades of growth and profitability Agile organization and strong employer brand Enabling customers to become sustainable Successful and profitable innovation model Thank you!
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30 AxonIQ Trifork Labs since 2017 19.2% ownership
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© 2022. EMS LINQ, Inc. All rights reserved Successful Enterprise AI Copenhagen, January 13th, 2026
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© 2025. AXONIQ, Inc. All rights reserved BACKEND APPLICATION DEVELOPMENT that is Scalable, Secure, 100% Auditable and Explainable, Flexible, and provides complete historic Data -> Context!
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© 2025. AXONIQ, Inc. All rights reserved BACKEND APPLICATION DEVELOPMENT that is Scalable, Secure, 100% Auditable and Explainable, Flexible, and provides complete historic Data -> Context! TRUST
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© 2025. AXONIQ, Inc. All rights reserved ● Austin(US) / Utrecht(NL) ● 40 fte ● Capital raised ~20M $ ● 94+ Million Downloads ● ARPA 88k $ ● 98% Gross Margin snapshot 94M Downloads 41.2K Serviceable Companies 74k T otal Companies 6.1k T arget Companies
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© 2025. AXONIQ, Inc. All rights reserved Board of Directors Executive Team + People: Technical & Product Led Founders Allard Buijze Founder & CTO Jeroen Speekenbrink Founder & President
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© 2025. AXONIQ, Inc. All rights reserved People: New OSS Commercialization Expertise Leaders Jessica Reeves CEO Barry Libert Chairman ~$7M Revenue -> ~$140M ARR License Change & KYC $40M to ~$100M ARR in <12 Months High burn -> Cash Flow Positive Unicorn Results
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© 2025. AXONIQ, Inc. All rights reserved The Challenge
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© 2025. AXONIQ, Inc. All rights reserved !
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© 2025. AXONIQ, Inc. All rights reserved The Challenge: Architectural mismatch We Are HereMainstream Architecture Based on this period
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© 2025. AXONIQ, Inc. All rights reserved
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© 2025. AXONIQ, Inc. All rights reserved 11 Foundation | Supports and governs the complete event-sourced architecture, feeding the full platform with context, explainability, a single source of truth baked in natively Intelligence | Stream & remember events history, feeding our Agentic layer. Reinforced learning loops natively Applications & AI Agents | Use built-in agents or bring your own to access the full platform (Axoniq agents for development, insights, security) Axoniq Apps & Agents Other Apps & Agents Our Solution: Axoniq Platform
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© 2025. AXONIQ, Inc. All rights reserved How about Kafka and Akka? While Confluent/Kafka sells the "pipes" to move water, and Lightbend/Akka sells the "pumps" to move it fast, Axoniq provides the "water treatment plant" that ensures the water is safe to drink (compliant) and records exactly where every drop came from (explainable).
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© 2025. AXONIQ, Inc. All rights reserved Public Finance E-commerce ISV & Services Logistics & Automotive 80% of Fortune100 and more “We compared the old and new situation and saw a 2400% performance gain using Axon” S. Mossavar-Rahmani, Director of Software Architecture, IKEA
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© 2025. AXONIQ, Inc. All rights reserved Questions
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31 Arkyn Trifork Labs since 2020 46.0% ownership
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ARKYN 2026 Arkyn Introduction The Frontline Worker OS for the Enterprise Asset Maintenance - for SAP, powered by AI
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Company history We optimize and increase efficiency of the customer’s maintenance processes by transforming the way people work in large SAP enterprises. Best-in-class Apps are delivered as “seats” for each individual app or combined for the app suite. Contracts run for 1-3 years. SaaS As a result of 15 years of experience with SAP and Apple developing next-generation apps, Arkyn was created in 2020 and incubated by Trifork. On top of SAP ABOUT ARKYN
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Trifork, a global technology company 1.197 Employees 16 Countries PART OF US
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Next step: Developing new business on top of great customer reviews CUSTOMER BASE LIFE
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Current traction ARKYN KEY METRICS * Avg for active contracts in 2025 € 145.000 CAC € 2.440.000 ARR € 830.000 LTV** 5,7x LTV:CAC RATIO € 220.000 Annual contract size* (Contract value) € 455.000 Implementation service (Last 12 month) ** Avg. Annual Revenue per Customer x Gross Margin x Average Customer Lifespan (years)
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The Enterprise problem
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THE PROBLEM TODAY Enterprise blue-collar professions are heavily under-digitalised -Enterprise Asset Management -Warehousing -Process-industrial operators -Quality Management -Transportation -Construction -Facility management Global firms operating Enterprise Ressource Planning systems (ERP) across their entire value chain often struggle to provide effective digital tools to frontline works within the following domains:
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THE ENTERPRISE PROBLEM IN PICTURES TECHNICIAN WAITING FOR HIS APP TO SYNC WITH MASSIVE ERP BACKEND PLANNERS TRYING TO OPTIMIZE MAINTENANCE PLANS ACROSS GLOBAL LOGISTICS PROCESSES FOR TOOLS, PARTS AND SPECIALIZED SKILLSETS. ANALYST TRYING TO PREDICT THE FUTURE ANALYSING IOT DATA WITH NO LINK TO MASTER DATA AND HISTORY
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30hrs THE ENTERPRISE PROBLEM IN NUMBERS FIELD TECHNICIANS SPEND ON AVERAGE LOOKING FOR INFO EACH MONTH $1,4tn ANNUALLY COST OF UNPLANNED DOWNTIME FOR TOP 500 COMPANIES 44min RESOLUTION TIME FOR THE AVERAGE TECHNICIAN SUPPORT CALL
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How we fix it
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-Intuitive and user-friendly mobile apps - easily adopted by frontline workers. -Native capabilities like speech-to-text, camera text scan etc. -Efficiency boost through AI and AR in the pocket of frontline workers. -Fast implementation (2-4 weeks) with quick time to value. Complex backends Made into fast, easy & efficient apps PRESENT
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AI models optimize… … and 3D models visualizes AI supported documentation chat by means of a private LLM An LLM that acknowledges what it does not know Chat with asset manuals and guides Enriched with helpful conversions Seamless handling of all supported languages OUR APPS Capture sound, slow motion video Capture 3D models Annotate, share & collaborate Full-spectrum device & Vision AI features 3D model capture of assets in the field for enriched asset information
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THE ARKYN VISION FastPlanFastWorkFastForms Creating the frontline worker OS for global enterprise asset maintenance - powered by AI AI-powered maintenance intelligence platform for capturing tribal knowledge, enforcing standard work, and analyzing maintenance insights - with real-time SAP data interaction. FastNotifications FastCloud FastCloud Integration Platform
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DIFFERENTIATORS -Real time sync (in seconds!) -True offline capabilities -Real world use of AI -Constant innovation (3D, AR, AI…) -Proactive monitoring -Ultra fast deployment -Security built in all aspects -Can handle HUGE amounts of data Why Arkyn is different
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SOLUTION IMPACT Business value of our apps Higher efficiency Better execution Zero training Happier techs Better data quality -Increase wrench time by 15% -Reduce administrative tasks 80% -Improve First-Time- Fix-Rate 30% -Reduce Mean-Time- To-Repair -Lower Mean-Time-To- Completion -Reduce cost -Reduce travel -Deploy techs directly -Reduce IT friction -Attract talent -Better planning -Foundation for real use of AI Better planning -Better utilization of ressources -Lower cost of externals
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What is next?
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THE ARKYN ROADMAP Techs with Arkyn frontline OS Documents, forms images, videos, sound, 3D models etc Downstream AI assistance for users The frontline worker OS play AI driven Planning & Scheduling Tribal knowledge capture AI assisted Execution & Reporting The edge Ingestion pipeline for AI ERP Transactional- & master data Sensor data & IoT By owning the data capture and context enrichment, we obtain an unrivalled closed feedback loop for AI utilization in Enterprise Blue Collar professions.
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THE ARKYN ROADMAP Techs with Arkyn frontline OS Documents, forms images, videos, sound, 3D models etc Downstream AI assistance for users The frontline worker OS play AI driven Planning & Scheduling Tribal knowledge capture AI assisted Execution & Reporting The edge Ingestion pipeline for AI ERP Transactional- & master data Sensor data & IoT By owning the data capture and context enrichment, we obtain an unrivalled closed feedback loop for AI utilisation in Enterprise Blue Collar professions. High Quality Data AI enrichment
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CO-FOUNDER mhn@arkyn.io+45 31 68 01 33 Thank You! Martin Holm
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32 Frameo Trifork Labs since 2015 6.2% ownership
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World’s #1 Software for Wi-Fi Picture Frames Trusted by 350+ brands since 2015 Jan. 2026
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What is Frameo? → The digital photo frame made smart Frameo is a license-based software solution that redefines the classic digital photo frame with smart features and a highly rated smartphone app (iOS & Android). → Share instantly with the free app Use the free Frameo app to share photos and videos of your small and big moments. Friends and family can enjoy photos within seconds - anywhere in the world! → Easy and private photo sharing Frameo is a private social media based around the photo frame. It’s super easy to share photos & videos with friends and family in a fun and secure way. Frame software Smartphone app
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About Frameo → Sell frames in your own brand We provide you with high quality software, so you can focus on selling Frameo photo frames in your own brand. → 50+ manufacturing partners It’s easy to get started. Whether you want to use one of our 50 approved manufacturing partners or have your own partner - we’re here to support you every step of the way. → Get ahead of your competitors Save money on your project by avoiding lengthy development and test phases. Frameo is a ready-to-go solution that is tested and loved by millions of users. → Founded in 2015 in Denmark Based in Denmark, Frameo is a danish-owned and -operated company - also with a Shenzhen sales office. → 51 employees More than 50% of them working with product development - all in-house developers. → 100% self-funded No outside funding - independent company with continuous growth.
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Business model Frameo has two revenue streams: license sale (B2B) and subscription sale (B2C) Frameo doesn’t sell the actual picture frames, but operates on a software licensing model, providing our picture frame software to Chinese electronic manufacturers for $4 per license. This software is embedded in their digital picture frames, which they then market to brands globally. → License sale In addition to our license sales, our companion smartphone app (iOS & Android) operates on a freemium model. Users can upgrade to extra features through a subscription called Frameo+. This has established a direct relationship with our users and generates a recurring revenue stream. → Subscription sale
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What makes Frameo #1 → Most renowned brand making ‘Frameo’ a synonym for Wi-Fi photo frames worldwide Vphoto → Direct copies of our app → Low level of security and more unstable user experience → Lower profit margin for the brand due to lower prices → Not backwards compatible with new features → 20 million app downloads → Top performer has 2 million app downloads → Developed with privacy and security in mind (Encrypted with Secure Device Grid by Trifork) → Close partnership with brands High loyalty with retail brand partners → Mainly on Amazon US → Visible on world wide Both in retail and on Amazon
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350+ brands using Frameo on their Wi-Fi photo frames 22 mil. downloads across Google Play & App Store 4.9 stars in rating on App Store (with 300.000+ reviews)* 2.2 billion photos sent with the Frameo smartphone app Rating based on numbers from App Store (US) 09/01/2025 Frameo in numbers
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2020-2025 Market outlook Frameo market share worldwide Strong position going forward +50% growth in Wi-Fi photo frame sales worldwide A growing market +49% of Frameo frames are part of network of +2 frames/senders Customers create customers +70% LTV per frame trough Frameo+ subscription Huge potential in subscription business 2x
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Activated frames* (yearly) → Sell frames in your own brand We provide you with high quality software, so you can focus on selling Frameo photo frames in your own brand. → 50+ manufacturing partners It’s easy to get started. Whether you want to use one of our 50 approved manufacturing partners or have your own partner - we’re here to support you every step of the way. → Get ahead of your competitors Save money on your project by avoiding lengthy development and test phases. Frameo is a ready-to-go solution that is tested and loved by millions of users. * Frames that are sold and connected to a Wi-Fi for the first time. Index 2023 1,431,623 131 200 170 123 2022 715,725 2021 547,445 2024 2,477,850 2025 3.048.880
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383.000 Active subscribers $1.99 / month | $16.99 / year
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Annual accounts 18/19 19/20 20/21 21/22 22/23 23/24 24/25 Turnover Earnings (Licenses) 963,407 kr. 3,917,481 kr. 16,817,252 kr. 23,811,820 kr. 27,918,343 kr. 69,872,134 kr. 107,062,931 kr. Earnings (Frameo+) 0 kr. 0 kr. 0 kr. 0 kr. 0 kr. 0 kr. 7,044,880 kr. Turnover total 963,407 kr. 3,917,481 kr. 16,817,252 kr. 23,811,820 kr. 27,918,343 kr. 69,872,134 kr. 114,107,811 kr. License sale (qty.) 52,624 kr. 186,387 kr. 707,162 kr. 913,715 kr. 950,651 kr. 2,541,300 kr. 3,889,402 kr. Earnings pr. licens 18 kr. 21 kr. 24 kr. 26 kr. 29 kr. 27 kr. 28 kr. Variable costs 0 kr. 0 kr. 0 kr. 29,870 kr. 83,670 kr. 38,430 kr. 0 kr. Contribution margin 963,407 kr. 3,917,481 kr. 16,817,252 kr. 23,781,950 kr. 27,834,673 kr. 69,833,704 kr. 114,107,811 kr. Fixed costs Labor costs 827,769 kr. 1,461,317 kr. 3,334,225 kr. 8,641,869 kr. 11,733,895 kr. 9,829,478 kr. 12,541,343 kr. Other fixed costs 14,371 kr. 21,045 kr. 223,201 kr. 2,712,421 kr. 6,119,642 kr. 9,653,359 kr. 12,793,681 kr. Fixed costs total 842,140 kr. 1,482,362 kr. 3,557,426 kr. 11,354,290 kr. 17,853,537 kr. 19,482,837 kr. 25,335,024 kr. EBITDA 121,267 kr. 2,435,119 kr. 13,259,826 kr. 12,427,660 kr. 9,981,136 kr. 50,350,867 kr. 88,772,787 kr. Depreciations 173,418 kr. 379,171 kr. 1,686,174 kr. 1,179,308 kr. 4,208,651 kr. 2,555,951 kr. 3,100,723 kr. EBIT -52,151 kr. 2,055,948 kr. 11,573,652 kr. 11,248,352 kr. 5,772,485 kr. 47,794,916 kr. 85,672,064 kr.
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Budget for next five years 25/26 26/27 27/28 28/29 29/30 AF (Activated frames) 3.088.352 3.860.440 4.825.551 6.031.938 7.539.923 FLY (Free licenses yearly) 88% 88% 88% 88% 88% FLY pcs. end of year 3.397.188 4.246.485 5.308.106 6.635.132 7.609.501 License sale 3.498.083 4.709.737 5.887.172 7.358.965 8.514.292 Costs - 42.519.423 - 49.731.545 - 56.943.666 - 64.155.787 - 71.367.909 Earnings (Licenses) 90.250.541 121.511.224 151.889.030 189.861.287 219.668.731 Profit (Licenses) 47.731.117 71.779.679 94.945.364 125.705.500 148.300.822 Profit (Frameo+) 28.156.969 49.485.649 75.529.883 104.977.500 138.953.209 Loyalty discount (Factories receive kickback in form of license discount based on generated Frameo+ revenue) - 6.140.305 - 10.664.352 - 16.218.546 - 22.498.280 - 29.768.487 EBITDA 69.747.781 110.600.976 154.256.700 208.184.720 257.485.544
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NB: THIS IS A CONCEPTUAL IMAGE OF A POTENTIAL FUTURE PRODUCT AND IS FOR ILLUSTRATIVE PURPOSES ONLY. Digital calendar that the whole family can use to stay organized and see upcoming events in a busy family life. Potential business expansion
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NB: THIS IS A CONCEPTUAL IMAGE OF A POTENTIAL FUTURE PRODUCT AND IS FOR ILLUSTRATIVE PURPOSES ONLY. Digital signage solution aimed at retail stores, cafés, hotels and public institutions to display promotional content and information. Potential business expansion
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33 Promon Trifork Labs since 2021 5.4% ownership
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Securing your apps, users, and reputation while you focus on building the future.
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The mobile app security challengeYOU DEVELOP. WE PROTECT. Sources: Promon Research, BitSight, SecureList, InfosecurityMagazine, ACI worldwide 2024 Scamscope Detecting malicious actors84%of publicly available apps lack the ability to detect if they are compromised Widening compliance gap70%of available app store apps fail global testing and compliance standards Malwareprevalence+400daily new malware threats are detected on Android Cloned and fraudulent apps64%of online merchants have been exposed to fake or cloned apps Loss of monetary value>$3.2Bnlost globally to mobile app fraud in 2024 A growing need for Promon: Mobile apps are under attack
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Moving to a “mobile first” global economy GamingThere are over 2.5Bn mobile gamers in the world in 2025 Banking>70% of millennials use mobile banking apps as their primary banking interface Streaming>30% of all streamed content was viewed on a mobile device in 2024 Sources: Promon Research, NowSecure, Google, Statista E-commerce & Retail Public sector Enterprise Healthcare & Medical Adding over 400M new smartphone users in 2025, with global population downloading more than 295Bn apps. PaymentsMobile appsgenerated more than $560Bn in revenue in 2025 YOU DEVELOP. WE PROTECT.
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$3.1Tn in protected market-cap About Promon: Founded in research with a deep-tech DNA, evolving into a leading mobile security player with global presence YOU DEVELOP. WE PROTECT. 2.5Bnglobal app users $13Bn monthly protected transactions 50% of Fortune 500 banks +400customers Headquartered in Oslo+130 employees 38nationalities 20 years of delivering excellence 96%renewalrates OUR IMPACTPROMON FACTS DORA PSD2GDPR NIS2CRA
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Recurring, Enterprise-Grade SaaS Business Model Subscription-Based SaaSPredictable recurring revenue model priced per application and usage tier Long-Term Enterprise ContractsMulti-year agreements with the world's most demanding organizations High-Value ExpansionNatural growth through additional apps, users, and advanced features Strong commercial characteristics driving sustainable growthDeep Technical IntegrationPromon becomes embedded in critical infrastructure and security architecture, creating strong product-market fit High Switching CostsReplacing Promon requires re-architecting security frameworks, extensive testing, and regulatory re-certification Regulatory DependencyCustomers rely on Promon to maintain compliance with evolving regulatory requirements and audit standards ~96%Renewal RateIndustry-leading retention driven by mission-critical use cases and deep enterprise relationships 70New Logos (2025)Target for new customer acquisition this year 90New Logos (2026 Est.)Projected growth in customer base for next year Revenue Growth: +34% over 3 years
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Promon value propositionYOU DEVELOP. WE PROTECT. Create trustEnhance security & protect revenue and brand Increase efficiencyStreamline SecOps and create visibility and insights SECURE OUTCOMESTHEME Ensure complianceRegulatory adherence & internal policy and controls Fraud preventionIn-app security (Dynamic runtime controls, IP protection) Data and app integritySecure collaboration (SDK and API protection & Integration) Simplified compliance (SOC2, DORA,PSD2, PCI) Internal audit readiness(Penetration tests)Zero trust enforcement App insightsThreat intelligence & detectionApp control End-to-end protection with dynamic runtime protection, collaboration, response, and post-compile integration—ensuring security, health, and compliance at every stage. AI protection (Model & IP protection, dynamic runtime controls, I/O securityra)
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The Promon Platform (Our future outlook)YOU DEVELOP. WE PROTECT. INSIGHTSee, understand, act –AI driven intelligence INSIGHT EXTENSIONSCloud assisted updates,AI driven behaviouralanalytics, audit ready compliance reporting INTEGRATORSeamless embedding of protection and telemetry into any app or SDK A broad set of security capabilities, from protection and prevention to threat intelligence, visibility and collaboration.PLATFORMUnified AppSec visibility and control, built to integrate with your existing security ecosystem. Accessible via the Promon Console (UI), API, or AI-assisted interface for full control and flexibility. SHIELDProtection and prevention across multiple platforms MARKETPLACEEasily connect with other platforms and access prebuilt analytics, compliance packs, and integrations SHIELD EXTENSIONSEnhanced In-depth protections (attestation, obfuscation, asset and app secrets protections)
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Trusted by the world largest enterprises YOU DEVELOP. WE PROTECT. All company names, logos, and brands are property of their respective owners. Banking Payments & FSIOther Verticals We service over 400 customers, including +50% of the Fortune 500 banks, many with >10-year tenure with Promon
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Strategic Agenda: Scaling a Category LeaderPromon is positioned at the convergence of three powerful secular trends: mobile-first transformation, regulatory acceleration, and enterprise security requirements. Our strategic agenda capitalizes on this momentum.01Market ExpansionDeepening penetration in financial services and payments while expanding into high-growth verticals including public sector, gaming, and enterprise platforms. Each vertical represents billions in addressable opportunity. 02Platform ExpansionAdvancing the product roadmap with enhanced intelligence capabilities, security automation, and compliance tooling. Building the operating system for mobile app security at enterprise scale. 03Commercial ScalingDriving deeper enterprise penetration through expanded customer relationships, geographic growth, and enhanced go-to-market capabilities. Leveraging category leadership to capture market share. Promon is positioned at the intersection of security, regulation, and mobile growthWe are building the foundational security infrastructure for the mobile-first economy —protecting the applications that power global commerce, digital identity, and institutional trust.
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You develop.We protect.
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34 &money Trifork Labs since 2021 25.0% ownership
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&moneyCustomer Engagement for Financial Institutions TriforkLabs Event 2026
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A Unique Ownership
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Financial Meeting PlatformYoung Money
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Financial Meeting Platform is a customer engagement platform that helps financial institutions save time and money, whilst keeping advisoryat the heart of sales and customer services
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Perform like the very bestsupported by all the knowledge and expertise in the bank Real-Timein every customer meeting
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AdvisorySuperpowered Financial Meeting Platform
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Numbersspeak!Utilize your company's full business potential through easy configuration and transform your business and customer service models 100,000Meetings75,000*Minutes saved by one customer (Advisors)+7mEuros saved Financial Meeting Platform *Customer Reference Case from a Danish bank
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CustomersandRevenue 2023 20252024 2026 5 customersBanking (DK)18 customersBanking (DK)35 customersBanking (DK)+40 customersBanking (Nordics)Insurance (DK)Pension (DK)Revenue (m€)1,1 Revenue (m€)1,7 Revenue (m€)3,1 Revenue (m€)4,1Revenue growth53%Revenue growth77%Revenue growth35%
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Thank you for your attention!Thomas Windelborg, Chief Commercial Officer Mobile: +45 51622000Gdanskgade 2, 2150 Nordhavn, Denmark www.andmoney.dk