Slides
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Huddly AS, Q3 2026 Huddly AS, Q3 2026 Q3 2026 Results Presented by CEO Rósa Stensen and CFO Abhijit Banik
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Huddly AS, Q3 2026 Q3 2026 at a glance 2 Financials: ▪ Revenue of NOK 42 million, -1% YoY in constant currency (-7% reported): Channel up 13% YoY in constant currency; Strategic Partners revenue in line with Q2, with ramp-up slower than planned due to longer commercial roll-out ▪ Gross margin of 44%, 45% excluding a one-off write-off. Higher RAM prices explain the gap to ~47% underlying, expected to be recovered through pricing Strategic Partners and Channel status: ▪ Strategic Partners hold ~15–20% of the market: Partners already shipping and have started scaling and expanding into new regions ▪ Channel momentum in the Americas and APAC offset a softer EMEA. New leadership in place to drive the next growth phase Outlook: ▪ 2026 revenue target changed to NOK 200–240 million: Strategic Partner commercial roll-out has taken longer than planned Key financials
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Huddly AS, Q3 2026 Business plan: Strategy unchanged, driving profitable growth with partners 3 Strategic focus Grow Strategic Partner and Channel revenue Maintain healthy gross margin by monetizing on AI enabled products Disciplined investments and cost control 1 2 3 Lenovo shipping to end-customers in Europe, North America and Australia; Jabra in Europe, North America and APAC. Microsoft certification for Barco finalized. Channel growing 13% YoY at constant currency Strong YTD 2026 gross margin of 47%, showing the pricing power of Huddly’s AI enabled videoconference solutions Stable cost base supporting the expected revenue trajectory towards 2028, with limited additional hiring
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Huddly AS, Q3 2026 Signed Strategic Partners hold ~15–20% of the market, as of Q3 three are shipping and expanding into new regions 4 Source: Frost & Sullivan “Global Video Conferencing Devices Market Forecast to 2029” Global videoconferencing devices market USD ~5 billion in 2026, 16% CAGR towards 2029 In dialogue with more potential partners ~15-20% market share, strong growth potential Current market share: ~0.5% Long-term ambition: >5% Commercial rollout status per Strategic Partner Partner Rollout stage Regions shipping Status ▪ Europe, North America and Australia started shipping in Q3-26 ▪ Parts of product portfolio shipping to end-customers since end of Q2-26 ▪ Europe, North America and APAC shipping in Q3-26 ▪ Shipping to end-customers since Q2-26 ▪ Shipping from Q4-26 through key channel distributors in Europe and North America ▪ Microsoft certification for all room types finalized in October 2026 ▪ All regions: Europe, North America and APAC shipping ▪ Current products fully activated 1. Contract 2. Enabling 3. Scaling (current) 4. Fully activated 1. Contract 2. Enabling 3. Scaling (current) 4. Fully activated 1. Contract 2. Enabling (current) 3. Scaling 4. Fully activated 1. Contract 2. Enabling 3. Scaling 4. Fully activated (current)
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Huddly AS, Q3 2026 Lenovo started shipping in three regions and continue to build up the sales pipeline 5 ▪ Parts of the product portfolio started to ship to end-customers from end of Q2-26, and shipped to Europe, North America and Australia during Q3-26 ▪ EMEA and APAC Lenovo Channel Council held, a key event for large customers, distributors and resellers ▪ Joint sales training programs created in collaboration with Lenovo and rolling out as of October 2026 ▪ Preparing for ISE in Barcelona in February 2027, showing combined Huddly and Lenovo solutions Image: Lenovo Key milestones in Q3-26 Lenovo Channel Council event
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Huddly AS, Q3 2026 New Channel leadership in place to drive the next phase 6 Key channel markets and growth trends North America: Growing ▪ Starting to pick up after a period of elevated distributor stocking levels ▪ Increasing demand in higher education and government verticals ▪ Growth driven by smaller project rollouts and existing customer upgrades UK: Slowing ▪ After a period of strong sales-out, sales-in to distributors slowed down in the quarter ▪ Continues to be challenging after slow summer months ▪ However, seeing increasing demand in higher education, manufacturing and defence Asia Pacific: Growing ▪ Continued to grow with double digit numbers in Q3-26 ▪ Continued to scale with distribution partners in India, Australia and NZ Organizational improvements ▪ John Howard appointed Global Head of Channel Sales, bringing extensive executive sales leadership experience from Logitech and Bang & Olufsen ▪ EMEA organization strengthened with new regional lead in DACH and Southern Europe EMEA: Declining
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Huddly AS, Q3 2026 A new leading product platform from Q1 2027 opens higher revenue potential 7 2024 2025 2026 Q1 2027 Huddly Crew AI-directed multi-camera video Huddly C1 AI videobar with audio Huddly C1 Crew + AI data channel Extending C1 to medium rooms Huddly Crew+ (C1 & E1) Video and audio for all rooms Each step adds larger rooms with larger budgets Room technology budget per room (video, audio and compute), kUSD C1 C1 Crew Crew+ from 2027 Crew+ from 2027 Huddly Crew+ is uniquely positioned in a segment growing 8X Multi-camera room penetration - % of video-enabled rooms Source: Frost & Sullivan “Global Video Conferencing Devices Market Forecast to 2029”
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Huddly AS, Q3 2026 Huddly Crew+ driving customer value: Video, audio and AI in one platform 8 ▪ A competitively priced plug and play audio and video; no configuration required ▪ Scales from the smallest rooms to boardrooms and multipurpose spaces ▪ A complete AI room perception system feeds into Microsoft Teams Rooms and Copilot, ready for agents
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Huddly AS, Q3 2026 Huddly AS, Q3 2026 Financials
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Huddly AS, Q3 2026 Channel revenue up 13% YoY in constant currency, Strategic Partner is lower than expected 10 Revenue by segment Comments NOK million and % YoY change ▪ Total revenue: -1% YoY in constant currency (-7% reported) ▪ Strategic Partners: Revenue at same level as previous quarter. Lower than expected, as the commercial roll-out has taken longer than planned. Anticipated to ramp up through the coming quarters ▪ Channel: +13% YoY in constant currency (+7% reported). Distribution stock levels in the US are normalizing after a challenging H1-26, and sales velocity from distributors to resellers is trending positive in Americas and APAC ▪ Next quarter: Estimate increasing momentum in Q4-26, driven by both Channel and Strategic Partners. Wide range due to timing uncertainty between Q4-26 and Q1-27 in Strategic Implied: ~59-99 Total Strategic Channel
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Huddly AS, Q3 2026 Stable underlying gross margin, in line with target 11 Gross margin Comments % per quarter and last twelve months (LTM) ▪ Historical variations are driven by product and customer mix, realized net sales price, component prices and accounting accruals ▪ Gross margin is stable with small fluctuations at an LTM level, showing the pricing power of Huddly products despite increasing component prices ▪ Excluding a one-off component write-off, Q3-26 gross margin was 45%. The remaining gap to a ~47% underlying level reflects purchase price variance from higher RAM prices, which is expected to be offset through pricing ▪ YTD 2026 gross margin is 47%, on track towards 45-50% for full year 2026 LTM Target: 45-50%
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Huddly AS, Q3 2026 Stable cost base, set up to deliver on the business plan 12 Cash cost incl. capitalized R&D1) Comments NOK million ▪ Stable cost base with a cash out of approximately NOK 60 million per quarter. About 2/3 related to personnel ▪ 114 FTEs end of Q3-26, of which 72 FTEs work with product development enabling Huddly’s AI products and technology leadership ▪ Higher personnel cost in Q3-26 due to annual salary increase ▪ Number of FTEs is expected to remain stable ▪ Operating leverage: Current cost base is dimensioned to support Huddly’s business plan. Incremental gross profit from higher volumes falls through to cash Of which is capitalized R&D FTEs 1) Operating expenses with a cash effect in the quarter, including capitalized R&D and excluding COGS
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Huddly AS, Q3 2026 Working capital expected to improve as inventory converts to revenue and cash 13 Cash flow Comments NOK million ▪ Inventory built ahead of deliveries: The change in net working capital mainly reflects inventory build-up for planned Strategic Partner deliveries. The stock consists of current, sellable products and will convert to cash as it is sold ▪ Cash flow improvement: Expected revenue growth, combined with customer deliveries from existing inventory and lower production volumes, will improve short-term cash flow. Cash release from Q4-26 ▪ Successful private placement: Oversubscribed and raised a total of NOK 70 million in gross proceeds Net working capital change is NOK -11 million (YTD 2026: NOK -31 million)
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Huddly AS, Q3 2026 Outlook: 2026 target lowered to 200-240 MNOK, 2027–28 unchanged 14 Attractive market Product leadership Go-to-market with key partners 1 2 3 Key growth drivers Growth ambitions (NOK million) – Updated Cash flow positive from second half of 2027 Large and growing market with estimated 16% CAGR. Multi-camera rooms are forecast to grow from under 1% to ~8% of video- enabled rooms by 20291) Positioned as the market leader within AI-native multi camera systems. Driving future revenue and margins with the scalable and modular Huddly Crew+ platform A strong partner driven distribution with global market leaders such as Lenovo, Jabra, Barco and Shure ~200-240 ~500-600 ~650-800 ~45-50% ~45-50% ~45-50% 1) Frost & Sullivan “Global Video Conferencing Devices Market Forecast to 2029”
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Huddly AS, Q3 2026 Huddly AS, Q3 2026 Q&A
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Huddly AS, Q3 2026