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INVESTOR PRESENTATION Q2 2026presentation 28 August 2026 CodeLab Capital
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THIS PRESENTATION (THE "PRESENTATION") HAS BEEN PRODUCED BY CODELAB CAPITAL AS ("CODELAB", AND TOGETHER WITH ITS SUBSIDIARIES, THE "GROUP") SOLELY FOR INFORMATION PURPOSES. THIS PRESENTATION, AND THE INFORMATION CONTAINED HEREIN, DOES NOT CONSTITUTE OR FORM PART OF, AND IS NOT PREPARED OR MADE IN CONNECTION WITH, AN OFFER TO SELL OR INVITATION TO SELL OR A SOLICITATION OF AN OFFER TO SUBSCRIBE FOR OR PURCHASE, OR A RECOMMENDATION REGARDING, ANY SECURITIES OF CODELAB NOR ANY OF ITS AFFILIATES, AND NOTHING HEREIN SHALL FORM THE BASIS OF ANY CONTRACT OR COMMITMENT WHATSOEVER. THIS PRESENTATION MAY NOT BE REPRODUCED OR REDISTRIBUTED, IN WHOLE OR IN PART, TO ANY OTHER PERSON. MATTERS DISCUSSED IN THIS PRESENTATION AND ANY MATERIALS DISTRIBUTED IN CONNECTION WITH THIS PRESENTATION MAY CONSTITUTE OR INCLUDE FORWARD- LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS CONCERN FUTURE CIRCUMSTANCES AND RESULTS AND OTHER STATEMENTS THAT ARE NOT HISTORICAL FACTS AND MAY BE IDENTIFIED BY WORDS SUCH AS "AIMS", "ANTICIPATES", "BELIEVES", "CONTINUE", "ESTIMATES", "EXPECTS", "FORESEES", "INTENDS", "MAY", "PLANS", "PREDICTS", "PROJECTS", "SHOULD", "TARGETS", "WILL" AND SIMILAR EXPRESSIONS. THE FORWARD-LOOKING STATEMENTS CONTAINED IN THIS PRESENTATION, INCLUDING ASSUMPTIONS, OPINIONS AND VIEWS OF CODELAB, ARE BASED UPON VARIOUS ASSUMPTIONS, INCLUDING WITHOUT LIMITATION, MANAGEMENT'S EXAMINATION OF HISTORICAL OPERATING TRENDS, DATA CONTAINED IN CODELAB'S RECORDS AND OTHER DATA AVAILABLE FROM THIRD-PARTY SOURCES. ALTHOUGH CODELAB BELIEVES THAT THESE ASSUMPTIONS WERE REASONABLE WHEN MADE, THE STATEMENTS PROVIDED IN THIS PRESENTATION ARE SOLELY OPINIONS AND FORECASTS THAT ARE UNCERTAIN AND SUBJECT TO RISKS, CONTINGENCIES AND OTHER IMPORTANT FACTORS WHICH ARE DIFFICULT OR IMPOSSIBLE TO PREDICT AND ARE BEYOND ITS CONTROL. A NUMBER OF FACTORS CAN CAUSE ACTUAL RESULTS TO DIFFER SIGNIFICANTLY FROM ANY ANTICIPATED DEVELOPMENT EXPRESSED OR IMPLIED IN THIS PRESENTATION. NO REPRESENTATION IS MADE THAT ANY OF THESE FORWARD-LOOKING STATEMENTS OR FORECASTS WILL COME TO PASS OR THAT ANY FORECAST RESULT WILL BE ACHIEVED, AND YOU ARE CAUTIONED NOT TO PLACE ANY UNDUE RELIANCE ON ANY FORWARD-LOOKING STATEMENT. NO REPRESENTATION, WARRANTY OR UNDERTAKING, EXPRESS OR IMPLIED, IS MADE BY CODELAB, ITS AFFILIATES OR REPRESENTATIVES AS TO, AND NO RELIANCE SHOULD BE PLACED ON, THE FAIRNESS, ACCURACY, COMPLETENESS OR CORRECTNESS OF THE INFORMATION OR THE OPINIONS CONTAINED HEREIN, FOR ANY PURPOSE WHATSOEVER. NEITHER CODELAB NOR ANY OF ITS AFFILIATES SHALL HAVE ANY RESPONSIBILITY OR LIABILITY WHATSOEVER (FOR NEGLIGENCE OR OTHERWISE) FOR ANY LOSS WHATSOEVER AND HOWSOEVER ARISING FROM ANY USE OF THIS PRESENTATION OR ITS CONTENTS OR OTHERWISE ARISING IN CONNECTION WITH THIS PRESENTATION. ALL INFORMATION IN THIS PRESENTATION IS SUBJECT TO UPDATING, REVISION, VERIFICATION, CORRECTION, COMPLETION, AMENDMENT AND MAY CHANGE MATERIALLY AND WITHOUT NOTICE. IN GIVING THIS PRESENTATION, NONE OF CODELAB, ITS AFFILIATES OR REPRESENTATIVES UNDERTAKES ANY OBLIGATION TO PROVIDE THE RECIPIENT WITH ACCESS TO ANY ADDITIONAL INFORMATION OR TO UPDATE THIS PRESENTATION OR ANY INFORMATION OR TO CORRECT ANY INACCURACIES IN ANY SUCH INFORMATION. THE INFORMATION CONTAINED IN THIS PRESENTATION SHOULD BE CONSIDERED IN THE CONTEXT OF THE CIRCUMSTANCES PREVAILING AT THE TIME AND HAS NOT BEEN, AND WILL NOT BE, UPDATED TO REFLECT MATERIAL DEVELOPMENTS WHICH MAY OCCUR AFTER THE DATE OF THE PRESENTATION. THE CONTENTS OF THIS PRESENTATION ARE NOT TO BE CONSTRUED AS FINANCIAL, LEGAL, BUSINESS, INVESTMENT, TAX OR OTHER PROFESSIONAL ADVICE. EACH RECIPIENT SHOULD CONSULT WITH ITS OWN FINANCIAL, LEGAL, BUSINESS, INVESTMENT AND TAX ADVISERS TO RECEIVE FINANCIAL, LEGAL, BUSINESS, INVESTMENT AND TAX ADVICE. BY ATTENDING THIS PRESENTATION, YOU ACKNOWLEDGE THAT YOU WILL BE SOLELY RESPONSIBLE FOR YOUR OWN ASSESSMENT OF THE MARKET AND THE MARKET POSITION OF CODELAB AND THAT YOU WILL CONDUCT YOUR OWN ANALYSIS AND ARE SOLELY RESPONSIBLE FOR FORMING YOUR OWN OPINION OF THE POTENTIAL FUTURE PERFORMANCE OF CODELAB'S BUSINESS. THIS PRESENTATION MUST BE READ IN CONJUNCTION WITH THE RECENT FINANCIAL INFORMATION AND THE DISCLOSURES THEREIN. THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE "UNITED STATES"), AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES.
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Q2 2026 PRESENTATION Second quarter highlights 52.0m+53% NOK ARR 69.1m NOK in ARR visibility 13.8m NOK cash at end of June 01 Acquisition Acquired 100% of Agil Helse, strengthening the OHS vertical Improved service offering and cross-selling potential across the Kuba shelf Adds NOK 20–25m in revenues 02 Financing Shares issued at substantial premiums Private placement of NOK 17m at NOK 4 per share (+74%) Settlement shares of NOK 4.6m at NOK 4.4 per share Both issues priced above market 03 Trading Strong financial performance, according to plan Cloudya and Kuba with growth and profitability expansion Signed contracts converting into recurring revenue Growth and margin both tracking plan Sources: Company information 03
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Q2 2026 PRESENTATION CodeLab Capital at a glance Our strategy for creating shareholder value Opportunistic M&A plus operations Greenfield and add-ons for scale Infrastructure capital and operations Profitable growth by supporting strong companies Conservative capital structure and 4 FTEs* CodeLab Capital today More than 3,500 customers (+1,500) Service, SaaS, and reseller models NOK ~52m in ARR Great market dynamics ~48% employee ownership Sources: Company information. Note (*): 5 by 1 August 04
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Q2 2026 PRESENTATION Portfolio companies operate independently, but with support from CodeLab PARENT CodeLab Capital ROLE Holding company TEAM 4 FTEs (5 FTEs from 1 August 2026) FOCUS Cross-portfolio synergies and best practice targeted 100.0% HSE and OHS to Norwegian SME B2B model with ~90% recurring revenues Focus on new sales and churn 100.0% OHS to Norwegian market B2B model with NOK 25m in revenues Focus on sales and synergies 50.1% AWS reseller in Norway Single digit margins, but with tangible margin uplift short term Fast growth and profit expansion Uniscale AS 100.0% IP to a B2B software tool Large tax carried forward No operations currently Sources: Company information 05
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Q2 2026 PRESENTATION Active M&A pipeline across three parallel tracks to complete the platform we set out to build The next 12 months will fundamentally shape CodeLab and its business units TARGETS IN DIALOG 9 COMBINED REVENUE NOK 350m 01 Continuing building the OHS business unit STATUS Several add-ons in dialogue, some advanced RATIONALE Quality, geography, scale, Kuba cross-sell AMBITION Norway’s leading OHS and HSE company 02 Expanding our software offering around Kuba STATUS Reviewing software segments adjacent to Kuba RATIONALE 3,500 paying businesses, plus partner reach AMBITION Recurring, high-margin license revenue 03 Establishing the last investment leg: eHealth STATUS In due diligence with a Scandinavian target RATIONALE The vertical where we have the most experience AMBITION Cross synergies with the OHS unit from day one Sources: Company information 06
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Q2 2026 PRESENTATION The acquisition of Agil Helse lifts the core OHS business and makes every Kuba product a cross-selling opportunity Value creation in the core OHS business From day one Better margins Less third-party spend Improved quality More inhouse-competence Increased TAM Geography and large enterprise Higher revenue Proven upselling: 7m on a 3m base Less vulnerability More resources, more redundancy Reduced churn More active customer follow-up Cross-selling and product packaging ~1,500 customers HSE Foundation for OHS delivery and compliance Chemistry register ~1,000 customers required by law Food safety Relevant for every HORECA customer HR and compliance Multiple modules as standalone products New digital delivery Seamless collaboration and overview Infrastructure capital Admin, implementation, scale from Code Sources: Company information 07
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Q2 2026 PRESENTATION The CodeLab team provides infrastructure capital, areas where many companies seek support A lean team supports every portfolio company with skills across disciplines each would otherwise staff on its own. Anton Lorenz Bondesen CEO Entrepreneur, venture investor and founder of tech companies Christoffer Mathiesen CFO Commercial CFO, capital markets background Lasse Brenden CBDO Business development and intelligence, operations, systems Tetyana Breivik CAO Accounting, reporting, and financial control Svein Stormyr CCO Sales, business development, operations, systems Sources: Company information. Note: Stormyr from 1 August 2026 08
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Q2 2026 PRESENTATION Pro forma revenue & cash EBITDA Quarterly development* Revenue Cash EBITDAIn NOK 000s 13,331 −438 2Q25 11,709 −4,405 3Q25 18,948 −153 4Q25 14,787 −4,357 1Q26 17,653 −1,043 2Q26 Comments Revenue is all organic development and assumes that CodeLab acquired Kuba, Cloudya and Agil with financial effect from 2Q25 OHS with noticeable seasonality, with 4Q usually being the best quarter driven by vaccines and health controls Cloudya high revenue contribution, but single digit margins CodeLab operating as a cost center and carries overhead costs for its group companies – future implementation of management fees NOK 1.8m spent on growth initiatives in 2Q26 (sale & marketing), vs NOK 0.9m in 2Q25 Note (*): As if all current group companies were owned from 2Q25. Cash EBITDA adds back capitalized costs as opex; underlying adjusts for legacy costs and certain one offs 09
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Q2 2026 PRESENTATION Recurring revenues are driving the growth and create visibility Pro forma development per revenue type In NOK 000s Recurring Variable Add-ons 13,331 2Q25 11,709 3Q25 18,948 4Q25 14,787 1Q26 17,653 74% 2Q26 ARR visibility of close to NOK 70m** In NOK 000s 52,077 2Q recurring, annualized +17,013 Signed, not delivered 69,091 Adj base ARR Note: Kuba and Agil recurring revenues are 12 months licenses (periodized), Cloudya invoices monthly for actual consumption. Note (**): 2Q26 recurring revenues multiplied by 4x 10
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Q2 2026 PRESENTATION Satisfactory opex development with decrease in overhead and larger share of costs being growth driven Pro forma development per opex* type In NOK 000s Growth costs +102% YoY Other costs −3% YoY CodeLab costs In line with 2Q25 9,359 2Q25 11,246 3Q25 12,695 4Q25 13,381 1Q26 10,017 2Q26 Comments CodeLab costs in line with previous quarters, but expecting to scale on current cost base after recent hire in August Growth costs have increased with 102% to NOK 1.8m, and constitute 18% of overall costs Other costs include development and subsidiaries' overhead costs. Considered scalable over time Seasonality effects include OHS volatility with 4Q being the strongest quarter and 2Q impacted by holiday pay (one less month of personnel expenses) Note (*): Opex includes 100% of personnel costs. Figures based on underlying cost base, with legacy and one off costs removed 11
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Q2 2026 PRESENTATION Kuba is showing early signs of improvement and the potential for further growth and profit expansion is clear Recurring revenue growth NOK 000s Recurring Variable Other +32% YoY 3,774 2Q25 4,329 2Q26 Driven by good sales momentum Still upside from reducing churn and increase add-on sales New sales volume* Indexed +191% YoY 1.0x 2Q25 2.9x 2Q26 Substantial increase vs previous periods More resources on sales vs pre acquisition. Partner model showing promising results, with high upside on add-on sales Cash EBITDA development NOK 000s Cash EBITDA Pre growth costs +48% YoY 1,164 1,563 2Q25 1,236 2,316 2Q26 NOK 2.3m underlying profitability in the quarter excluding growth investments Reduced overhead & dev costs, plus revenue growth *By invoice date. Sources: Company information 12
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Q2 2026 PRESENTATION Cloudya continues to grow while profits expected to improve YoY revenue development NOK 000s 3,822 2Q25 8,461 2Q26 Continued growth momentum and looking to expand the organization Cloudya recognized by AWS in different settings, which caters for further lead generation. Int' customers being signed ARR bridge and visibility NOK 000s 33,841 ARR +16,980 Signed 50,821 Secured +18,916 Pipeline 69,737 Estimate NOK 34m by 2Q26 and NOK 17m signed, not delivered, giving short term visibility of NOK 51m in ARR 10% weighted value of pipeline added. NOK 70m ARR pre further growth GP and margin expansion NOK 000s Gross margin, 0–7% scale AWS introducing new and more favorable terms for partners with effect from Q2 2026 Self funded business with expected ARR with tangible uplift in gross profit Source: Company information 13 80 2Q25 170 3Q25 315 4Q25 233 1Q26 476 2Q26 2.1%3.8% 5.7%4.5% 5.6%
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Q2 2026 PRESENTATION Why invest in CodeLab Capital and closing remarks Creating lasting shareholder value by building sustainable profit growth through organic and inorganic activities 01 Attractive development and financial profile High share of recurring revenues Strong growth Scalability and profitability 02 Low risk operations and resilient revenue mix Strong market positions and attractive market dynamics Limited leverage SaaS, service and resell 03 Successful M&A execution and pipeline Shares, cash and sellers' credit as payment 2-5 acquisitions per year Accretive and synergetic 04 Aligned incentives and hands on execution High management ownership and incentives through options Hands on and execution focus Cost control and scale on current setup Increasing investor relations efforts, reverting back to quarterly presentations Sources: Company information 14
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Q2 2026 PRESENTATION Q&A NEXT PRESENTATION 26 November 2026 Sources: Company information 15