Slides
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H1 2026 First half results presentation | August 28, 2026 Leif Arnold Thomas, Group CEO Ramtin Matin, Group COO/CTO
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Our Platform Enables a Shortcut to Launch Financial Brokerage Services Anywhere in Europe ✓ Bundesbank and BaFin-regulated brokerage infrastructure Operating in Germany under full regulatory licence — no Haftungsdach workaround needed Source: BaFin registry · Huddlestock GmbH registration ✓ MiFID II liability umbrella (Haftungsdach) Partners can operate in Europe without their own regulatory license — a structural competitive advantage Source: BankingHub MiFID II Analysis 2025 ✓ White-label investment platform Fully branded, configurable for any B2B2C use case in weeks not years Source: B2Broker: white label deployment 2–8 weeks (2026) ✓ API-first architecture Integrates into any existing digital product or enterprise platform via standard REST APIs Source: Huddlestock platform documentation ✓ MiCAR-ready digital asset capabilities First-mover compliant infrastructure for digital asset investment services in the EU Source: EU MiCAR framework, fully effective December 2024 ✓ Asset-light managed service model Operational cost moves off the client's balance sheet — custody, trading, compliance included Source: Deloitte: compliance costs +60% vs pre-crisis · Huddlestock model
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Six Problems Huddlestock Solves For banks, insurers, fintechs, enterprises and platforms Regulation is a wall, not a door MiFID II compliance, Bundesbank and BaFin authorization and liability frameworks are out of reach without a years of legal work. Source: Fourthline: Germany compliance cost $32.5B (2023) Time-to-market is measured in years Proprietary brokerage platforms take 3–5 years to build. Huddlestock compresses that to months via API-first infrastructure. Source: B2Broker White Label Guide 2026: deployment 2–8 weeks Cross-border expansion is structurally blocked Germany's Haftungsdach model, Nordic licences and EU passport rules create overlapping barriers most fintechs never navigate. Source: AFME MiFIR Implementation Guide, April 2025 ₿ Digital assets have no compliant infrastructure MiCAR is creating a regulated digital asset framework but almost no platform is operationally ready. Huddlestock is. Source: EU MiCAR framework, fully effective Dec 2024 System integrators cannot touch the regulated layer System integrators can win transformation mandates but have no licence to deliver the investment layer. Huddlestock closes that gap. Source: Goldman Sachs: 68% of FIs want embedded finance (2025) In-house operations are too expensive Custody, trading, compliance and reporting in-house is capital- heavy. Huddlestock's managed service transfers that cost off the balance sheet. Source: Deloitte: compliance costs up 60%+ vs pre-crisis levels
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What does our potential clients look like? Organisations that can deploy Huddlestock's Investment-as-a-Service platform to their own customers Neobrokers & Digital Investment Platforms Platforms wanting to expand product scope or geographic reach without building new regulated infrastructure. Digital Banks & Neobanks Banking apps with millions of users that lack a regulated investment offering and want one fast. Insurance Companies Insurers offering unit-linked products or savings-linked policies who need a MiFID II-compliant investment layer. Large Enterprises & Employer Platforms Corporates offering employee investment schemes, pension top-ups or financial wellness programmes. Wealth Managers & IFAs Independent wealth managers and advisory firms needing digital brokerage infrastructure without a BaFin licence. System Integrators & Digital Platforms Technology platforms and system integrators that win transformation mandates but need a regulated partner to deliver the investment layer. Primary focus: DACH region (BaFin regulated) and Nordics (2027). Each segment activated through Huddlestock's white -label platform, API layer and MiFID II liability umbrella.
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Giga Broker – Huddlestock’s first white label solution customer o June / July ➔ Continued expansion of user group during summer ➔ Trades of securities from users successfully executed on the platform o August/September: ➔ Finalizing development of features in the app ➔ Increase number of active users (onboarding and account creation) ➔ More users, continued structured feedback collection, UX- and functional improvements ➔ Marketing and commercial preparations ➔ Penetration testing o Public launch in October ➔ During the ongoing user testing, we’ve received valuable feedback and identified several improvements and additional requirements. This has added some complexity, but it is also helping us build a stronger platform. Simon Lange Co-CEO of AVL since 2021 CEO, GIGA Broker “The ambition is to make GIGA Broker one of the top three neobrokers in Germany within three years”
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Visigon grew Q2/26 revenues by 30% (MNOK 2,3) year over year Target LTM Q2’26 Baseline 2028 ambitions Current business Organic growth in adjacent products and services Total 2028 revenue target EBITDA margin > 20 % > 100 NOK million Revenue 9 % > 2x in existing service offering Explore initiatives for additional growth NOK 36 million Moving forward on key growth initiatives Growing existing business • Sales campaigns, increased use of SOME Sales of Visigon cloud • ISO 27001 certification • Participation at DKM, large fintech conference Dortmund, in Octoberd Establishing Calypso services in contintental Europe • Polish entity started up using employer-of-record model with first employee starting October Services on new/other systems • New: Sustainability reporting delivered as managed services (DoLand ApS) 2028 growth targets for Visigon
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• Strategic expansion into Managed Services in Nordic Financial Market • New revenue stream within sustainability reporting towards financial markets. We can utilize already established sales channels. • Increased cashflow and profit for Visigon. Good candidate for ARR increase. • Broader European business development and synergy of German operation. Visigon Acquires the assets of DoLand ApS1 and secures five-year Sustainability Reporting Agreement with Merkur Andelskasse "We are pleased that Visigon has acquired DoLand ApS and will continue to deliver the sustainability reporting our clients depend on," Charlotte Skovgaard, CEO of Merkur Andelskasse. 1. Stock exchange announcement August 26/2026
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Increasing Business Development and Market Presence DKM is the leading German trade fair for the finance and insurance industry is the annual meeting place for brokers, agents, insurance companies, and anyone who wants to further their education and maintain their network. • Preparing for joint participation (Hudl Germany + Visigon) at DKM 2026 in Dortmund in October (One of the largest fintech conferences in Germany) Focusing on six different segments with three different value propositions: White Label IaaS Solution Managed Services within Visigon Cloud Managed Services within Sustainablity reporting • Strong focus on business development, pipeline grows steadily • Groupwide sales meetings (Hudl Germany + Visigon) every week to increase number of leads across the group (cross selling), identify more business opportunities • Increased use of LinkedIn / SOME has proved to increase European interest of our offering • More LOI's in pipeline
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Financial review
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Reported profit and loss Unaudited, NOK million • EBITDA held at broadly the same level quarter-over-quarter, NOK -6.2 million against NOK -6.0 million in Q1 2026, as cost discipline was maintained: • A further reduction brought total operating expenses to NOK 15.2 million, from NOK 16.4 million in Q1 2026 • With the cost measures launched in late 2025 still taking effect, other operating expenses came down by NOK 1.8 million • Below EBITDA, a leaner cost base improved bottom line compared to last year • Normalised depreciation on intangible assets brought depreciation and amortisation down to NOK 5.0 million • At NOK -1.1 million, net financial items reflect a one-time effect connected to adjustments for the remaining Done shares; the underlying level is normalized Stable EBITDA on a lower cost base Q2 2026 Q1 2026 Restated Q2 2025 Q2 2025 Proforma3 Total operating income 9.0 10.31 14.1 9.0 Personnel costs -11.1 -10.5 -11.7 -8.2 Other operating expenses -4.1 -5.92 -8.7 -7.4 Total operating expenses -15.2 -16.4 -20.3 -15.6 EBITDA -6.2 -6.0 -6.3 -6.6 Depreciation, impairment and amort. -5.0 -5.9 -7.2 -6.4 EBIT -11.2 -11.9 -13.4 -12.9 Net financial items -1.1 -0.3 -22.4 -14.2 Result before tax -12.3 -12.2 -35.9 -27.1 Tax 0.4 0.1 0.3 0.3 Net result -11.9 -12.1 -35.6 -26.8 1. Reported NOK 11.2 million (Difference to restated NOK 0.9 million) 2. Reported NOK -6.8 million (Difference to restated NOK -0.9 million) 3. Excluding divested companies
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Q2 2026 Cash Flow Q2 2026 cash flow Unaudited, NOK million • Liquidity reserves totaled NOK 9.6 million at the end of the second quarter, including a new loan facility in July of NOK 5 million • Operating cash outflow of NOK 8.1 million is driven by the investments in the ongoing European IaaS expansion • The asset-light model kept investment activity at a low level. • Net financing cash flows of NOK 8.6 million reflect net borrowing on the loan facility, supporting continued growth investment • Loan facilities secured in Q2 and July of totally NOK 15 million backed by guarantee consortium of certain of the Company's key shareholders • Total guaranteed amount: NOK 23,500,000 • Settlement of guaranteed fee by new shares in the Company • Duration; 12 months • Subscription price: the lower of NOK 0.60 per share or the 5- trading-days before maturity of the credit facility Cash 31 Mar ‘26 Operations Investments Financing Cash 30 Jun ‘26 Liquidity reserves New loan facility July1 5.0 1. New loan facility as of 17. July 2026 3.8 8.1 0.2 8.6 4.6 5.0 9.6
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Steering for a leading market position with the IaaS platform • More user groups on the Giga platform during Q3, more features in the app and launch in October • Continued commercial expansion ramp up of new sales in 2026 • Ambition to turn the business area cash flow positive early 2027 Executing on Visigon-growth to reach profitability targets • Continuing growth in line with projections, targeting NOK >100 million revenue in 2028 with >20% EBITDA margin • Acquisition of DoLand ApS in Denmark ,supports the strategic growth avenue within managed services for Visigon towards its 2028 financial targets • Driving sales efforts outside the Nordics together with Huddlestock’s German entity, continuing to build pipeline Outlook HUDL HQ Visigon (Consulting) European IaaS
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Q&A Leif Arnold Thomas CEO Ramtin Matin COO/CTO
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Appendix
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Consolidated income statement Q2 2026 Q1 2026 QoQ Q2 2025 YoY Operating income Other operating income 9 006 891 10 318 4101 -13% 14 060 940 -36% Total operating income 9 006 891 10 318 410 -13% 14 060 940 -36% Operating expenses Cost of materials/subcontractors 0 0 0% 0 0% Personnel costs -11 063 508 -10 495 580 -5% -11 648 461 5% Other operating expenses -4 156 394 -5 861 3662 29% -8 686 131 52% Total operating expenses -15 219 902 -16 356 946 7% -20 334 593 25% EBITDA -6 213 011 -6 038 536 -3% -6 273 653 1% Depreciation, impairment and amortisation -5 072 981 -5 899 019 14% -7 159 653 29% EBIT -11 285 992 -11 937 555 5% -13 433 307 16% Financial income Interest income -250 409 -161% 45 545 -101% Other financial income 11 406 603 1793% 112 994 -90% Total financial income 11 156 1 011 1003% 158 539 -93% Financial expenses Interest expenses -634 383 -379 745 -67% -1 871 636 66% Other financial expenses -448 563 95 395 -570% -20 705 839 98% Total financial expenses -1 082 946 -284 350 -281% -22 577 474 95% Net financial items -1 071 790 -283 339 -278% -22 418 936 95% Result before tax -12 357 783 -12 220 894 -1% -35 852 242 66% Income tax 432 453 90 734 377% 280 399 54% Net result -11 925 329 -12 130 160 2% -35 571 843 66% Unaudited in NOK 1 Reported NOK 11.2 million (Difference to restated NOK 0.9 million) 2 Reported NOK -6.8 million (Difference to restated NOK -0.9 million)
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Consolidated statement of financial position Unaudited in NOK ASSETS 30.06.2026 31.03.2026 Non-current assets Intangible assets Research and development 19 775 426 20 847 712 Goodwill 24 525 071 25 637 174 Technology 0 270 972 Customer contracts and relations 0 425 097 Licenses 6 482 495 7 778 994 Total intangible assets 50 782 991 54 959 949 Fixed assets Investment in subsidiaries 0 0 Loan to group companies 0 0 Investment in equities -232 447 687 298 Property, plant & equipment 11 11 Total fixed assets -232 435 687 309 Total non-current assets 50 550 556 55 647 259 Current assets Receivables Trade receivables 4 506 362 5 667 839 Other short-term receivables 4 620 807 1 852 709 Total receivables 9 127 169 7 520 548 Bank deposits, cash and cash equivalents 4 553 273 3 836 631 Total current assets 13 680 442 11 357 178 Total assets 64 230 998 67 004 437 EQUITY AND LIABILITIES 30.06.2026 31.03.2026 Equity Paid-in capital Share capital 540 437 540 437 Own shares -14 -14 Other paid-in capital 0 0 Capital increase not registered 0 0 Share premium 75 843 418 75 843 418 Total paid-in capital 76 383 841 76 383 841 Other equity Capital Reserves 0 0 Other equity -59 945 880 -48 702 879 Total other equity -59 945 880 -48 702 879 Total equity 16 437 962 27 680 962 Liabilities Long-term liabilities Other long-term liabilities 14 677 632 10 294 730 Deferred tax -355 850 153 135 Total long-term liabilities 14 321 782 10 447 865 Short-term liabilities Accounts payable 3 481 352 5 530 994 Payroll taxes, VAT etc. 4 923 452 4 115 766 Loans and borrowings 17 065 269 10 725 497 Other short-term liabilities 8 001 182 8 503 353 Total short-term liabilities 33 471 254 28 875 610 Total liabilities 47 793 036 39 323 475 Total equity and liabilities 64 230 998 67 004 437
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Consolidated statement of cash flows Unaudited in NOK Q2 2026 Q1 2026 2025 Profit/loss before tax -12 357 783 -12 220 894 -114 630 534 Depreciation and amortisation 5 072 981 5 899 019 33 210 713 Unrealised loss/gain on financial assets 0 -230 954 486 133 Changes to accounts receivable 1 161 477 836 962 3 552 079 Changes to accounts payable -3 552 898 442 712 702 443 Changes to other accruals and prepayments 1 188 671 -2 392 529 300 572 Gain/loss on sale of financial assets and subsidiaries 381 231 114 961 48 473 120 Net cash flow from operating activities from operating activities -8 106 320 -7 550 724 -27 905 473 Net additions intangible assets & Property, plant & equipment -344 118 -170 063 -4 845 520 Aquisition/sale of financial assets 538 510 181 735 12 507 392 Aquisition/sale of subsidiaries, net of cash aquired 0 0 1 960 219 Net cash flow from investment activities from investment activities 194 392 11 672 9 622 091 Proceeds from capital increase 0 0 13 599 800 Costs of capital increase 0 0 0 Treasury shares 0 0 0 Loans obtained 9 669 098 7 860 171 1 535 220 Repayment of loans -1 040 527 -1 040 527 -3 236 747 Net cash flow from financing activities from financing activities 8 628 571 6 819 644 11 898 273 Net changes to cash and cash equivalents from continuing operations 716 643 -719 408 -6 385 108 Bank deposits, cash and cash equivalents start of period 3 836 630 4 556 038 10 941 146 Bank deposits, cash and cash equivalents end balance 4 553 273 3 836 630 4 556 038
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Disclaimer 1/2 This presentation has been prepared by Huddlestock Fintech AS (the Huddlestock) solely for the use at the presentations to investors held in connection with the presentation of the past results of the certain period and anticipated future performance. This presentation is being made only to, and is only directed at, person to whom such presentation may lawfully be communicated (Recipients). Any person who is not a Recipient should not act or rely on this presentation or any of its contents. This presentation is provided to the Recipients for information purposes only. This presentation is strictly confidential and may not be reproduced or redistributed, in whole or in part, to any other person. This presentation speaks only as of their date, and the views expressed are subject to change based on a number of factors, including, without limitation, macroeconomic and equity market conditions, investor attitude and demand, the business prospects of the Huddlestock and other specific issues. This presentation and the conclusions contained herein are necessarily based on economic, market and other conditions, as in effect on, and the information available to the Huddlestock as of, their date. This presentation does not purport to contain a complete description of the Huddlestock or the market(s) in which the Huddlestock operates, nor do they provide an audited valuation of the Huddlestock. The analyses contained in this presentation are not, and do not purport to be, appraisals of the assets, stock or business of the Huddlestock or any other person. 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This presentation (and any other information which may be provided to any Recipient) may not be disclosed, in whole or in part, or summarized or otherwise reproduced, distributed or referred to, in whole or in part, without the prior written consent of the Huddlestock. Part of the information used in preparing this presentation was obtained by the Huddlestock and its representatives from public sources and is subject to change without notice. Neither the Huddlestock nor any of its affiliates assumes any responsibility for the independent verification of any such information and has relied on such information being complete and accurate in all material respects. 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Analyses and opinions contained herein may be based on assumption that, if altered, can change the analyses or opinions expressed. No audit of this presentation has been undertaken by an independent third party.
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Any statement, estimate or projections included in this presentation (or upon which any of the conclusion contained herein are based) with respect to anticipated future performance (including, without limitation, any statement, estimate or projection with respect to the condition (financial or otherwise), prospects, business strategy, plans or objectives of the Huddlestock and/or any of its affiliates) may prove not to be correct. No representation or warranty is given as to the completeness or accuracy of any forward looking statement contained in this presentation or the accuracy of any of the underlying assumptions. Nothing contained herein shall constitute any representation or warranty as to the future performance of the Huddlestock, any financial instrument, credit, currency rate or other market or economic measure. Information about past performance given in this presentation is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance. Neither the Huddlestock not any of its affiliates has verified the achievability of any estimate or forecast of future financial performance contained herein (including, without limitation, any estimate of potential cost savings and synergies, nor of any of the methods underlying the preparation of any such estimate of forecast). The Huddlestock does not accept or will not accept any responsibility, duty of care, liability or obligations for providing any Recipient with access to additional information, for updating, modifying or otherwise revising this presentation or any of their contents (including, without limitation, any estimate or forecast of future financial performance), for correcting any inaccuracy in this presentation or their contents (or any other written information or oral information provided in connection therewith) which may become apparent, or for notifying any Recipient or any other person of any such inaccuracy. This presentation shall not be construed as a prospectus or an offer to sell, or a solicitation of an offer to buy, any security or any business or assets, nor to enter into any agreement or contract with any Recipient, the Huddlestock (or any of their respective affiliates) or any other person. Any potential transaction that may be related to the subject matter of this presentation will be made pursuant to separate and distinct documentation and in such case the information contained herein will be superseded in its entirety by such documentation in final form. This presentation do not create any obligation on the part of the Huddlestock to consider any offer from any Recipient or any other person. The Huddlestock reserves the right, without prior notice and without giving reasons, to vary or terminate the contemplated transaction, to reject any or all proposals and/or to negotiate with any Recipient or any other person and any terms (and whether individually or simultaneously with any other person or persons) with respect to any transaction involving the Huddlestock. An investment in the Huddlestock involves risk, and several factors could adversely affect the business, legal or financial position of the Huddlestock or the value of its securities. An investment in the Huddlestock is suitable only for investors who understand the risk factors associated with this type of investment and who can afford a loss of all or part of their investment. This Presentation speaks as at the date set out on its front page. Neither the delivery of this Presentation nor any further discussions of the Huddlestock or the Managers with the Recipient shall, under any circumstances, create any implication that there has been no change in the affairs of the Huddlestock since such date. Neither the Huddlestock nor the Managers assume any obligation to update or revise the Presentation or disclose any changes or revisions to the information contained in the Presentation (including in relation to forward-looking statements). The contents of this presentation are not to be construed as legal, business, investment or tax advice. Each recipient should consult with its own legal, business, investment and tax adviser as to legal, business, investment and tax advice. By accepting this presentation, each Recipients represents and warrants that it is able to receive them without contravention of an unfulfilled registration requirements or other legal or regulatory restrictions in the jurisdiction in which such Recipients resides or conducts business. By accepting this presentation each Recipient agrees to be bound by the foregoing limitations. Disclaimer 2/2