Hello, everybody, and welcome to Huddlestock Fintech's Q3 2025 quarterly presentation. Today I have with me our Chair of the Board, Øyvind Hovland, that most of you probably have met before, and a new face, and that is Sabine Merky, our new Group CFO. Perhaps, Sabine, you would like to introduce yourself with a few words. Yeah, thanks a lot. I'm very happy to be here now with you. Very shortly about myself, as you maybe already have heard, I'm German, born and up in Munich, actually. I lived and worked in a couple of European countries: in France, Switzerland, Sweden, and now Norway. My background is from a diversity of tech companies, multinational, most of them, and in different industries. I have an experience both from working at group level and also at country level. Now I'm looking forward to be part of that great journey together with you and Huddlestock. Thank you very much, Sabine. For those who have not met me before, my name is Leif Arnold Thomas, and I'm the Group CEO of Huddlestock. Let's start. This year has been a very interesting and very good year, I would say, and a lot have happened during the year. Of course, the most important thing is this restructuring we have been through and divested all our Nordic Investment as a Service business. Just as a recap of who we are today, we are a company with an asset-light model for expansion of our services in continental Europe. We have already started with the first customer signed, the second LOI is signed. Following the divestment of the Nordic EIS platform, we find ourselves in a better position when it comes to finance, reduced cash burn, and more financial flexibility. We have strengthened the market, the management, with appointing Sabine as the new Group CFO. We also strengthened the board with two new board members. One of them is German, with network in Germany, where our European business starts from. We also have Visigoth, a consultancy business, and we have strengthened that organization with a new commercial resource. We are now working on delivering on the new growth strategy that I will come back to later on. Huddlestock is a company listed on Euronext Growth. We have two business areas, one within technology and one within consulting. We are represented in all the Scandinavian countries and also in Munich, which is our base for our European expansion and European business. We are 24 FTEs, so we are a small company when it comes to headcount. Our market capital cap is approximately NOK 200 million. We are working with a model that we find very attractive. It's a combination of our own licenses within the securities area in combination with partners, which we call an ecosystem. When we combine the licenses with products and services from our ecosystem, we are able to deliver attractive services to our customers, what we call B2B partners. We are constantly working on both sides of this model. We are working with sales to attract new prospects and new customers in the European area, but also on the ecosystem side. For example, now we are happy to announce that a company called Modern Finance Nation is our newest ecosystem partner. That is for the first time a partner that will be able to deliver products through our platform to our customers. This model is attractive because it demands little investments from outside, and it's easy for us to always be able to put together the services that our customers would like to have. Time to market is short, and we see a little need for heavy investments. The good thing is this is a model that is quite familiar for the Nordic region. What we see now is that as the European landscape is also becoming more and more automated and demanding more and more automated solutions, we are now in a position where we can reach a market that is much, much higher and bigger than we see in the Nordics. We find ourselves with a good model in a big and growing market. We create value for our B2B partners, our customers, by providing them with a combination of licenses and technology so that they can be in business and have an attractive value proposition for their customers without having their own license or having their own technology. That makes it possible in 2025 and going forward to move fast in a changing environment. We, from our side, find it's attractive because then we are able to have different partners, meaning that we can support different needs and use different systems and not being dependent on only selling and defending some investment we have been doing before. We have two main areas of where we get our revenues. Of course, it's the number of customers. That is one source of revenues and important for us. That is even as important and perhaps in some cases, and it could be in many cases, even more important. That is that our customers, direct customers, they have end customers. The more the end customers of our customers are asking for more products, are providing more AUM, whatever, that will also be part of our revenue model. We signed the first customer in Q1 this year. Just very lately, I think it was this week, actually, we published that we had entered into an LOI with a customer number two. What we do expect is that as we are going forward and are demonstrating for the market that we are getting more and more customers, the timeline for getting new customers will also shorten down between the different customers. We have a start, and we are very positive about the way going forward. From before, we have built our business on the licenses under the MiFID regime, which makes it possible for us to handle traditional securities. I'm very happy to announce also now, this has been announced in the market a very short time ago, that we also have received confirmation from the German FSA, BaFin, that we now are accepted to both accept and transmit orders within the crypto space. Huddlestock is one of the first companies in Germany that has received that confirmation. That marks a milestone for us, and I'm very proud of it. The reason why it's a milestone for us is because then we can be even more relevant for our existing customers. Of course, the market opportunity for us opens up even more. Now we have a full range of licenses that cover even more. That license will broaden up the market for us even more. That is very, very important, and I'm very proud of that achievement. Working with Europe as our, now, not playground, but our area, we would like to succeed. We have our first customer, GigaBroker, which will have a soft launch of the platform that we provide with selected products and selected investors. The soft launch is, as I mentioned, planned mid-December. We are then putting on more and more products and more and more investors. The broad launch of that platform in the market is planned to be during the first half of 2026. As I have mentioned before, that will be combined with a marketing campaign from GigaBroker. They have, from before, 65,000 investors that will be introduced for the platform, of course, including potential new customers. We have said before that we have had an ambition to sign a second LOI within this year. I am very happy to see that we made that achievement. We entered into an LOI with a German financial company in November. We will probably say more when a final agreement is in place. Already now, I would like to announce that we have an ambition to sign the third customer early in 2026. The work we have been doing now over the last months with prospects and leads and being present and network and everything, now we see that it starts to pay off. I am very happy to see that. We have, it's very important for me to have a lean organization and keep costs down. Of course, when the business grows, we probably need to enlarge that organization. That is a natural consequence of having success and having more customers. For the time being and always going forward, we will have very, very strict cost control. Ambition is to turn the European EIS platform, meaning the Huddlestock GmbH, cash positive during 2026, probably late 2026. It is a clear roadmap to profitability on the European business of ours. We have two business areas. I've now talked about the technology side of it, but we also have a very interesting consultancy business. The name of that company is Visigoth. Visigoth is a company that is important for our financials. They have been in the business for many years, and they have now, together, the management have together with us, worked with a strategy for the next coming years. What is so interesting is that we see that we have a lot of potential in that business. Visigoth has a lot of very well-known financial institutions. You can see very strong brand names. These customers have shown loyalty over many, many years. It is a sticky business. What we now would like to do is, of course, to enlarge and get these existing customers to buy more services from us, but also, of course, to attract new customers in the market. That is both in the Nordic region, but perhaps even more interesting in continental Europe. In addition to grow our business at our existing customers, it has been a, what shall I say, we have been working on the business model and started to turn our revenues from hourly-based rates, and if I can say it that way, until taking more responsibility, what we call managed services. Doing so, some different things happen. Number one, the revenues become more recurring. That is one thing. We see that we are able to increase margins. That is also another thing. We are also becoming a more important provider of services to these customers. Both working structured with sales and also to change and shift a little bit about how we are delivering our services is one of the backgrounds for a growth strategy. When we grow, it will be important to have enough manpower. The plan is, of course, to support this consultancy growth with some new employees at Visigoth. We also want to do that in combination with using subconsultants. That is especially important when we are talking of an expansion out of the Nordic region. We do have a lot of experience and insight from the Nordic region where we are very optimized. We see also a need for our services and our experience in continental Europe. Being present there already with our business in Germany, with our basis in Munich, that is a very good bridge to introduce also Visigoth's business into the German market or other European markets. We will use our strong footprint and experience in the Nordics, good relationships and long-term relationships with big and well-known and recognized financial services to expand our services in continental Europe, combining own employees and also using subcontractors to keep costs down. We believe, based on where we are today, our history, our skills, feedback from customers, long-term relationships with customers, that we are able to double our current business in 2028 compared to 2025. In addition to that, we see a lot of products and services closely related to the services and the business we will deliver today that also has a potential. If we combine these two things together, we have decided that it is fully possible to reach NOK 100 million in 2028 and increase our EBITDA margin from today's 10%- 20%. This is a clear goal that we are looking forward to deliver on. Of course, what is very important for me to emphasize is that from today until 2028, it will not be a straight line. There will be periods where we have lower performance, lower EBITDAs, but the objective in 2028 is clear. It will not be a linear route to that objective. The objective is very clear, and I am very proud of what we have achieved through that process and our analysis and see that this is fully possible to reach. I will give the word to you, Sabine, on the financials. Yes, I will switch on the camera again. As we have heard, a lot has happened so far this year. The reported figures are still very much impacted by the restructuring. We are now today a completely different company than we were one year ago. Still, during the different quarters, there was a lot happening. The comparability is very limited. In the first part in Q2, we had the first part of the transactions in April. In the end of August in Q3, we had finally the final part with the divestment of investor services. That makes the quarters not really comparable to each other. I would like to mention anyway, when it comes to the net financial items line here, please keep in mind that these are very much driven by the volatility of the market value, actually, of the Done.ai shares. That is also something that will continue going forward. If we look at the pro forma figures then, we are happy actually to see that we are now at a more sustainable cost level going forward, very much in line with our asset-light strategy that Leif Arnold was mentioning before as well. Of the adjustments and eliminations now here on the revenue income level, we see that this is on the right-hand side in the pro forma figures, mainly consisting of Visigoth revenue, which still was impacted by the summer months now in Q3 and therefore on a slightly weaker level than normal. With the positive top-line contributions now looking forward, we are now really moving into the right direction when we look at the baseline. Right. Next. After all, we see ourselves now in a strong position, both financially and operationally, as when we started the year, actually. We started the year with NOK 11 million in cash. Since then, we used around NOK 24 million in cash from operations. That was mainly driven still by the divested companies. The investment part here is mainly R&D related to Nordic EIS, which was now divested as well. The financing part of NOK 12 million was done by conversion of warrants. All of that now left us with a cash of NOK 2 million by the end of September. However, with the divestments, we have now access to liquidity through tradable shares from Done.ai with a market value of around NOK 40 million by the end of September. Out of these NOK 40 million, we will now distribute 20% to our shareholders. Altogether, we are having a better cash position now than in the beginning of the year, and especially if we take into account the decreased cost base now already in Q4 and especially also going forward. Yes. I started to say that we are now finished with the divestment process of the Nordic EIS platform. It was announced in April, and there have been some closings and activities from there. Now in Q4, the last part is being delivered, and that is to distribute the shares to the Huddlestock shareholders. As Sabine said, it is 20% of the received shares that will be distributed. The main part of it will be distributed start of December this year. We estimate December 2nd. The rest is distributed in April next year. The reason why it is divided in two is that we need some information from all the investors that we need to receive in order to be able to deliver and distribute these shares. The main portion will now be distributed very soon, and the rest will be then distributed in the start of April. Anyway, this is the last part of the divestment process. My point of view is now this company now is finally restructured after that transaction. Now everything is looking forward, and that is where we use all our energy. Meaning that we have now set some clear targets for the consulting business in 2028, targeting NOK 100 million in revenue and an EBITDA margin more than 20%. We have a European EIS platform that we now are on start to scale. The first customer is signed, and we are about to do the first soft launch. We have been able to sign an LOI with customer number two, and the ambition is to have a final agreement within this year. We are working hard on sales in Europe and in Germany, and we expect to see results of that work soon. We have a clear ambition to turn the European business of ours to turn that cash positive late in 2026. That is now putting everything behind us of the history, now looking forward to clear business legs and already, in my opinion, a good way, a good part on that road already. With that said, I will do like this. Stop sharing. Go back to the meeting. If there are any questions. Yes, Leif Arnold, Joachim. We forgot to mention that in the beginning. Please go on the Q&A section if you have any questions. Joachim Vetter. He has two questions. One of them is he is asking about the uniqueness of what we are doing in the German market. In short terms, the uniqueness is that we are delivering Investment as a Service to the B2B market. We are delivering a space where a lot of different companies can come to us, and we can serve them in terms of license, back-office technology, and front-end technology. Now we can do tokenized trading. We can do equities, and we can do crypto. We have everything. We think that the offering that we have is, we know that it's unique in that term. We also offer a revenue split, so it's easy to come to us. Going forward, I think when we can talk more about the new customers that are coming and so on, we will see that we will use this platform to widen our reach. I hope that that's an okay question. Do you have anything to add in, Leif Arnold? No, I can just say we can look at Huddlestock as an enabler. We are an enabler for our customers that would like to be attractive in the market. We can give them licenses. We can give them products. We can give them technology so that within a very short time, they are able to be in business. That is one very strong value proposition. You are also an enabler for our business partners on the ecosystem side because there we have companies that are delivering technology, our products, and we are an enabler, a channel for also their products and services. We have this value proposition on both sides of that model. That is a strong value proposition. For us, it meets full flexibility with low investment needs. We can move fast forward, and we are very, very flexible in our service offering. Good. Joachim can have another question, and that is regarding do we need to do a private placement moving forward? As Sabine mentioned, we have a lot of Done.ai shares, and that is something that we are going to use going forward to fund our investments in the German market. Visigoth is cash flow positive. That is good going forward. We do not have any plans. Is Huddlestock allowing to sell Done.ai? Yeah. Yes, we are allowed to sell shares going forward. So yeah, I do not think, yeah, we are going to use the Done.ai shares when we need it. Okay. I think that was all, Leif Arnold. I am not sure, Leif Arnold or Sabine, do you have any comments? No, no further questions. I just would like to conclude this presentation with repeating a few main key takeaways. Number one, finish finalizing Q3 also finalizes the restructuring of Huddlestock. That is now done, and we look forward. Number two, we have started the journey on our European expansion with one customer soon in production and letter of intent with customer number two. Takeaway number three, we have, together with the management of Visigoth, worked with the potential of the consulting business and has set clear goals for 2028, reaching NOK 100 million and a margin of 20%. That is the three main takeaways as I see it. I am so energized for the journey ahead together with Sabine. Sabine and I already worked very, very well together. Thank you, everybody, for all you investors as well that support us every day. I am appreciating your feedback, positive, negative, good advices, bad advices, everything. It is energizing to, and I am so happy to be part of management of Huddlestock. Thank you, everybody, for joining. As always, contact us if you have questions. Thank you and goodbye. Thank you. Thank you.