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Financial presentation 20 August 2025 Q2 2025
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2 Interim report Q2 2025 DISCLAIMER The statements contained in this presentation may include forward-looking statements, such as statements of future expectations regarding the Company's results of operations, financial condition, liquidity, prospects, growth and strategies. These statements are based on the management’s current views and assumptions and involve both known and unknown risks and uncertainties and assumptions that are within and outside the management's control. Although the company believes that the expectations implied in any such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. Actual results, performance or events may differ materially from those set out or implied in the forward-looking statements. 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. The forward-looking statements included in this presentation represent the company's views as of the date of this presentation and subsequent events and developments may cause the company's views to change. The company disclaims any obligation to update forward-looking information except as required by law. Readers should not place undue reliance on any forward-looking statements. This presentation and the information contained herein is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. This presentation contains alternative performance measures, or non-IFRS financial measures. Definitions and calculations are presented on www.linkmobility.com in the financial report. This presentation is subject to Norwegian law, and any dispute arising in respect of this presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo as legal venue.
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3 Interim Report Q2 2025 Celebrating 25 years - From Norwegian start-up to European market leader within digital Messaging Established in 2000 – Now trusted by 55k+ customers LINK at a glance #1 in Europe for A2P Messaging +55k customers with recurring usage 22 billion messages sent LTM 1 ~ 700 employees across more than 30 offices Presence in 18 European countries 35+ acquisitions since 2014 25 years of growth – Selected milestones Pan-European presence LINK Mobility has scaled from a single- office start-up to a NOK 1.1 billion proforma EBITDA company, driven by a combination 2000 2015 2020 12’-14’: Nordic expansion 15’: European expansion 25’: Expands outside Europe 13’: First IPO 18’: Acquired by Abry Partners 20’: Relisted at OSXE Since 2014, the company has completed more than 35 acquisitions, expanding its footprint to 18 European countries. With the acquisition of the South African company SMSportal LINK expands its footprint outside Europe of strong organic growth and strategic acquisitions.
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4 Interim Report Q2 2025 Q2’25 – Solid growth and M&A lifting LTM adj.EBITDA to 1.1 billion LINK delivers robust growth, expanding margins and signed milestone acquisition in the quarter SMSPortal marks significant M&A milestone lifting adj EBITDA to 1.1 billion NOK • Expanding footprint with transformative acquisition of South African market leader • Attractive upfront valuation of 4.6x cash EBITDA plus conditional payment of max 30 musd • Regulatory approval progressing as expected indicating closing early September Proforma Gross profit at NOK 501 million or +7% yoy despite high comparables • High margin conversational solutions drives margin expansion and growth • Handful larger enterprise clients reducing messaging spend diluting growth momentum • Underlying market trends intact with further support for growth on richer channels Proforma Adj. EBITDA shows robust growth of 12% to NOK 283 million • Adj.EBITDA margin of 14% driven by SMSPortal acquisition and richer product mix • Reported EBITDA of NOK 165m reflects high M&A and share option costs Quality of revenue strengthens, gross profit growth outpace revenue • Trend of solid growth on higher margin products driving growth and margin expansion • Increased market demand for conversational solutions on RCS and WhatsApp • High comparables same quarter last year on lower margin traffic CPaaS momentum accelerates contracts wins to NOK 50 million • Record-high closed won contracts supported by richer messaging solutions • CPaaS contract wins exceed A2P for the first time • RCS contracts up 4x and representing 24% of total contracts won Proforma financials including SMSPortal* Gross Profit closed CPaaS contracts (NOK million) 16 11 14 15 25 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 *Unaudited proforma financials as of Q2 2025, including closed acquisition as of Jun. 2025 and SMSPortal based on management estimates (Note that the figures (a) are unaudited and have been summarized by LINK for the purpose of this presentation using its best estimate and are based on available financial information as of the date of this Presentation, (b) may be amended and that the final numbers may differ from those set out herein, and (c) are presented for illustration purposes only and does not intend to be, nor shall be construed as, pro forma financial information as calculated and presented in accordance with the EU Prospectus Regulation. NOKm Q2’24 Proforma Growth (stable FX) Organic growth (%) 0 7% Gross margin % 21,1 % +3.2pp Adj. EBITDA 252 31 Adj. EBITDA margin % 11,3 % +2.5pp Organic growth (%) 0 12% Q2’25 Proforma 0 24,4 % 283 0 13,8 % Q2’24 LTM Proforma 0 21,0 % 950 0 11,1 % Gross profit 470 31 501 1.796 Growth (stable FX) Q2’25 LTM Proforma 182 1.978 10% 0 +2.6pp 23,6 % 142 1.092 15% 0 +1.9pp 13,0 %0,0 %
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5 Interim Report Q2 2025 Signed acquisition of South African market leader SMSPortal Establishing a leading position... …in a growing market with a predictable regulatory framework… …and substantial opportunities for synergies and accelerated growth Advanced technological platform, robust enterprise customer base, and solid market opportunities present strong strategic alignment with LINK’s business model and growth priorities • Market-leading player with robust South African and international customer base • Leading technological platform • Scalable model with track record for profitable growth • Low competitive pressure with smaller local and few international competitors • SMS the primary communication channel with 76% market penetration1 • Strong regulatory framework and predictable market conditions • Growing digital economy with demand for scalable communication solutions • Grow SME customer base and expand into underpenetrated sectors • Introduce high-margin CPaaS products, addressing local market demand • Integrate SMSPortal tech platform into LINK’s existing operations (1) Source: MEF and Biz | Market Penetration is defined as the number of active SMS users in a country divided by the total population of the country.
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6 Interim Report Q2 2025 Adjusted EBITDA growth of 12% and improved margins Margin expansion driven by growth on high margin products and favorable traffic mix Proforma gross profit growth of 7% in stable currency Organic footprint delivered 5% gross profit growth in stable currency • Elevated comparables from campaign-driven peaks same period last year • Handful enterprise clients adjusting non-critical communication spend reducing growth momentum with 2-3 percentage points of total growth • Headwind is expected to diminish by end of the year • Conversational solutions supports margin expansion and gross profit growth Proforma Gross Profit development (NOKm) Pro forma adjusted EBITDA development (NOKm) Proforma adj.EBITDA growth of 12% in stable currency Organic footprint delivered 11% adj.EBITDA growth in stable currency • Gross profit growth flow through to adj.EBITDA due to scalable business model • Slight opex decline from high cost level Q2’24 Highly scalable and effective operation in SMSPortal180 72 210 212 73 72 Q2’24 Proforma 20 Organic growth 11 M&A growth Q2’25 Proforma (stable FX) 3 FX impact Q2’25 Proforma 252 283 284 12% 379 91 417 422 85 82 Q2’24 Proforma 17 Organic growth 21 M&A growth Q2’25 Proforma (stable FX) 6 FX impact Q2’25 Proforma 470 501 504 7% Non-consolidated proforma Reported footprint
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7 Interim Report Q2 2025 Gross profit value from new contracts reached all-time high Solid all time high closed won contract value of NOK 50 million in the quarter – 52% related to CPaaS solutions Gross profit contribution from new contract wins* Strong CPaaS-Led Growth in New Contracts • Gross profit from new CPaaS contracts up 60% yoy to NOK 25m • CPaaS share of new wins now exceeds SMS A2P share • A2P contract value down as contract mix shifts toward higher-value channels * Historically 75% of gross profit recorded in P&L within 12 months NOKm NOKm 33 30 16 31 22 32 16 24 27 24 7 8 11 14 16 11 14 15 Q1 23 6 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 25 Q2 25 40 36 24 42 36 48 28 38 42 50 A2P CPaaS 11 18 6 3 2 Q2 24 1 Q2 25 16 25 +60% Other CPaaS OTT MyLink Marketing Gross profit from new CPaaS contract wins & OTT split 3 127 5 1 Q2 24 1 Q2 25 11 18 +70% Whatsapp Viber RCS OTT solutions accelerate CPaaS momentum • OTT solutions represent the majority of CPaaS contracts closed • OTT contract wins up NOK 7m (+70% YoY), driven by RCS growth • RCS volumes up 4x to NOK 12m, from major wins in banking and insurance • Additional momentum from supermarket, retail, and e-commerce sectors
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8 Interim Report Q2 2025 Continued increasing adoption rates and new more advanced solutions positions LINK for future growth with its local approach strategy Increased adoption of digital messaging and changing market conditions to more advanced solutions set LINK for future growth Adoption rates (A2P SMS per inhabitant) is increasing over time • Adoption rates have increased in all European countries LINK is exposed to over time with a higher growth rate in Central & Western Europe • Nordic markets the most mature in the world • Significant potential for further increased adoption across Europe • Supportive for strong future growth momentum for LINK A2P SMS1 per inhabitant in European regions Source: MEF, Population pyramid | 1SMS volumes based on Mobile Ecosystem Forum (MEF) Traction on new CPaaS products adds additional growth • Increased adoption of A2P gives foundation for future CPaaS growth • New channels and conversational solutions have increased demand in the market • Richer channels such as RCS open up for enhanced value in use cases • Increased ROI for clients in mobile market campaigns • Extracting increased value from notifications • More efficient client interactions 293 77 105 370 100 158 436 134 209 Northern Europe Central Europe Western Europe +6% +8% +10% 2017 2020 2024 Multichannel conversational messaging Basic Messaging Functionality typically best for: one use case 1 Hello Jasmine, Thank you for booking your next dentist appointment with us, we look forward to seeing you 30 OCT at 09:00 am at Regents Street 49. Your Dentist Two-way Messaging Functionality can best: support two use cases 2 Hello Jasmine, Thank you for booking your dentist appointment with us, we look forward to seeing you 30 OCT at 09:00 am. To amend or cancel, please use the button below. Amend azv Schedule visit
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9 Interim Report Q2 2025 Notifications Alerts Promotions Payments Invoices Updates Chat Enhanced interaction through digital solutions + Uniquely targeted messaging on preferred channels Enterprise Public Sector av TWO-WAY COMMUNICATIONS LINK services clients through channel-agnostic solutions Facilitating evolution to multi-channel / two-way solutions and adding value through supporting CPaaS software solutions
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10 Interim Report Q2 2025 Android only Android & iOS Further operator support expected to drive growth going forward First RCS Conversation in Northern Europe ● Strategic collaboration with Gjensidige to improve mileage reporting ● If you drive more → reduced compensation in case of a claim ● If you drive less → cheaper insurance ● High engagement with 47% interaction rate First RCS conversation in Northern Europe RCS Rollout in Europe – Platform Availability by Country
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11 Interim Report Q2 2025 Target updateMain focus H2 25 Diverse M&A pipeline in Europe and beyond ● 8 prioritized targets in pipeline ● 3 targets in due diligence ● Mix of bolt-ons and larger level ups ● Targets in Europe and outside ● Total Cash EBITDA EUR >15mill ● Closing the acquisition of SMSPortal ● Successful integration of SMSPortal ● Extracting synergies and growth potential in SMSPortal ● Bolt-on acquisitions in Europe Substantial pipeline with 8 prioritized targets ● Strong local market position and strong telecom operator relationships ● Cash EBITDA positive and cash accretive to LINK from day one ● Solid, well-diversified customer portfolios with low churn ● ~80% overlapping technology strong commercial enterprise focus ● Synergy potential to create further value ● Target valuations between 6-9x cash EBITDA before synergies pending growth momentum Proven M&A Track RecordM&A play-book guidelines
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12 Interim Report Q2 2025 Growth Adj.EBITDA growth > Gross Profit growth Profitability Accretive M&A first priority Leverage policy of max 2.0 – 2.5x adj.EBITDA Value creation through organic growth and accretive M&A Key objectives medium term Capital allocation High-single digit GP growth
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Financials Q2 2025 20 August 2025
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14 Interim Report Q2 2025 LTM proforma adj.EBITDA including SMSPortal reached NOK 1.1 billion Revenue EBITDA adj. Cash4 Total debt NIBD NIBD/ EBITDA 7.264 825 1.792 2.661 870 1.1x 1.212 277 Cash payment (1.030) - 1.030 - 8.476 1.102 762 2.661 1.899 1.7x Combined 5in NOK million (1) Unaudited LTM proforma financials as of Q2 2025, including the acquisitions of The SMS Works & FireText Communications. (2) Unaudited LTM financials as of 30th of June 2025. Revenue, adj.EBITDA and cash EBITDA is calculated by using the average monthly ZAR/NOK rates. Cash and NIBD cal culated using USD/NOK FX rate 10.28 per 5 August 2025. (3) Cash EBITDA: EBITDA adj. less capex (4) Cash in SMSPortal reflects initial cash consideration (5) Note that the combined figures (a) are unaudited and have been summarized by LINK for the purpose of this presentation us ing its best estimate and are based on available financial information as of the date of this Presentation, (b) may be amended and that the final numbers may differ from those set out herein, and (c) are presented for illustration pu rposes only and does not intend to be, nor shall be construed as, pro forma financial information as calculated and presented in accordance with the EU Prospectus Regulation. EBITDA margin 11.4% 22.9% 13.0% 21 Cash EBITDA3 641 276 917 SMSPortal transaction details • Total purchase price up to USD 145 million • USD 100 million equivalent upfront payment financed with cash on hand • USD 15 million equity consideration, 5.9 million shares at NOK 26 • 2 annual conditional payments of max USD 30 million equivalent • Cash & share consideration valuation of 4.6x cash EBITDA • 5.8x including max conditional payment Proforma financials including SMSPortal • LTM proforma revenue for the combined company is NOK 8.5 billion • Adjusted EBITDA of NOK 1.1 billion and cash EBITDA of NOK 0.9 billion • Combined leverage ratio is 1.7x within the financial policy range of 2.0–2.5x
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15 Interim Report Q2 2025 Positive revenue mix effects increasing profitability Revenue growth impacted by shift from low margin traffic to higher margin traffic and products Reported revenue (NOKm) Reported development yoy (NOKm) Organic revenue decline of 11% impacted by elevated comparables • 8pp of revenue decline explained by Global Messaging • Termination of low-value clients and destinations since Q3’24 • Normal volatility and fluctuations inherent in the aggregator segment • 3pp related to enterprise mainly linked to elevated comparables from campaign peaks • One large retail client explaining 3pp revenue decline from abnormal volume push • Handful large enterprise clients reducing messaging spend diluting growth momentum • Headwind is expected to diminish by end of the year • New contract implementations and underlying growth partly offset decline Reported revenue decline of 3% as organic decline partly offset by M&A • Closed and consolidated acquisitions contributes NOK 107 million in Q2’25 • M&A consolidation impact related to acquisitions in Portugal, Spain and UK* Q2’24 Q3’24 Q4’24 Q1’25 107 Q2’25 106 Q2’25 Fixed currency 1.816 1.658 1.848 1.651 1.758 1.727 -11% -3% Organic Acquired 55 140 107 Enterprise Global Messaging Organic Q2’25 Stable currency 30 FX M&A Reported Q2’25 1,816 1,621 1,758 Reported Q2’24 -11% -3% *The M&A contribution breakdown is provided in the appendix of the presentation
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16 Interim Report Q2 2025 Stable low churn while NRR in line with previous trends Q2’25 Net Retention Rate impacted by high comparables and trending on handful large clients Churn at normal levels both within Enterprise and Global Messaging • New CPaaS solutions further support sticky integrations and high transition costs Gross profit growth > revenue growth as NRR decline due to low-value traffic • Termination of low-value traffic in Global Messaging normalizing from Q3’25 • Impact from high-volume, low-margin traffic to fade by year-end • Medium-term target for gross profit growth implies an NRR of ~105% Enterprise and Global Messaging churn (%) Net retention rate (NRR) % 1.52.1 Q1 24 8.1 Q2 24 Q3 24 0.41.4 1.2 Q3 23 Q1 25 0.0 Q4 23 Q2 25 4.0 1.6 1.3 2.5 15.6 2.2 1.5 1.8 2.1 Q4 24 Enterprise churn Global Messaging churn 114 110 114 112 95 93 87 84 Q3 23 Q4 23 Q1 24 Q2 24 8 Q3 24 8 Q4 24 7 Q1 25 8 Q2 25 103 101 94 92 NRR reported Effect of terminated traffic
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17 Interim Report Q2 2025 Reported gross profit growth of 11% Mid-single digit organic gross profit growth and increased margin supported by phasing in OTT channel contracts Gross profit NOKm Reported gross profit growth of 11% Organic gross profit growth of 5% • Elevated comparables from campaign-driven peaks same period last year • Handful enterprise clients adjusting non-critical communication spend reducing growth momentum with 2-3 percentage points • Headwind is expected to diminish by end of the year • Conversational solutions supports margin expansion and gross profit growth • Global Messaging gross profit growth of 27% or NOK 8 million Closed and consolidated acquisitions contributes NOK 20 million in Q2’25 Organic gross margin expansion of 3.4pp from traffic and product mix shift • Enterprise gross margin supported total margin expansion with 1.6pp • Growth on higher value clients and advanced CPaaS solutions • OTT continue to contribute to improved margins • Global Messaging improving total margin by 1.8pp from traffic mix 379 357 436 409 Q2’24 Q3’24 Q4’24 Q1’25 20 Q2’25 21 Q2’25 Fixed currency 422 417 +5% +11% Organic Acquired Group gross margin (%) 1.6% Enterprise 1.8% Global Messaging Q2 25 Organic GM% 0.0% FX -0.3% Reported GM% M&A contribution 20.9% 24.3 % 24.0 % Q2 24 Reported GM%
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18 Interim Report Q2 2025 Reported adjusted EBITDA growth of 18% Solid organic adj.EBITDA growth of 11% and improved margin Adj. EBITDA NOKm Adj. EBITDA margin (%) Organic growth in adjusted EBITDA 11% in fixed currency • Organic Adj. EBITDA growth of NOK 20 million in fixed currency • NOK 17 million from organic gross profit growth • Organic opex slightly down from elevated level last year Closed and consolidated acquisitions contributes NOK 10 million in Q2’25 Adjusted EBITDA margin expanded YoY to 12.1% • Improved margin related to gross margin expansion • Improved traffic mix towards higher value traffic • Improved contribution from richer OTT channels • Opex to sales increased from topline decline while stable underlying 180 166 213 198 Q2’24 Q3’24 Q4’24 Q1’25 10 Q2’25 10 Q2’25 Fixed currency 212 210 11% +18% Organic Acquired Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q2’25 Fixed currency 9.9% 10.0% 11.5% 12.0% 12.1% 12.1% +2.2 +2.2 Adj.EBITDA %
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19 Interim Report Q2 2025 Non-recurring items of NOK 47 million • M&A cost of NOK 28 million • Option cost of NOK 20 million social security cost of NOK 17 million Depreciation and amortization NOK 97 million • Amortization of intangible assets from R&D NOK 27 million • Amortization of acquisitions (PPA’s) NOK 63 million • Depreciation of leasing and fixed assets NOK 6 million Net financials negative NOK 68 million • Net currency loss of NOK 29 million mainly related to USD and EUR • Net interest expense of NOK 30 million • Other financial items NOK 8 million in call premium on LINK01 Discontinued operations – divested US business Statement of Profit & Loss NOK in millions Q2 2025 Q2 2024 Direct cost of services rendered (1,336) (1,437) Gross profit 422 379 Operating expenses (210) (199) Non-recurring costs (47) (12) Depreciation and amortization (97) (84) Net financials (68) (10) Profit (loss) from continuing operations 0 58 Profit (loss) from discontinued operations (2) 4 Adjusted EBITDA 212 180 Operating profit (loss) 68 84 EBITDA 165 168 YTD 2025 (2,577) 832 (422) 410 (58) 352 (189) 163 (103) 39 (2) Profit (loss) for the period (3) 62 37 YTD 2024 (2,753) 735 (397) 338 (31) 308 (166) 141 4 102 213 315 Total operating revenues 1,758 1,816 3,409 3,488 Profit (loss) before income tax 0 75 60 145 Income tax (0) (16) (21) (43)
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20 Interim Report Q2 2025 Solid balance sheet with ample capacity for inorganic growth Non-current assets lower yoy from currency effects and termination of own bonds • Investment in own LINK01 bonds of NOK 843 million cancelled in Q4’24 • NOK 405 million from M&A add-on Receivables positively impacted by NOK 218 million related to US divestment • Earn-out settled with NOK 144 million • Seller’s credit partly repaid with NOK 74 million Cash balance of NOK 1.8 billion in Q2 25 and NOK 0.8 billion post SMSPortal • YoY decreases due to debt repayment, M&A, and share-buy back • Working capital facility of EUR 65 million secured in July Equity NOK 5 489 million and equity percentage of a solid 55% Net interest-bearing debt* reported at NOK 870 million • Leverage ratio decline QoQ to 1.1x adj.EBITDA • US divestment cash consideration received impact leverage QoQ positively • M&A in the quarter increase leverage** by 0.1x • Calculated according to bond agreement • **Net interest-bearing debt to adj. EBITDA (pro forma) Gross debt reduction following final refinancing of LINK01 bond in June’25 NOK in millions Q2 2025 Total liabilities 4.509 Q2 2024 Year 2024 6.057 5.344 Total liabilities and equity 9.997 11.555 10.722 Non-current assets 6.814 7.215 6.633 Trade and other receivables 1.392 1.821 1.610 Cash and cash equivalents 1.792 2.519 Equity 5.489 5.498 5.378 Long-term borrowings 2.632 4.188 1.458 Deferred tax liabilities 241 257 256 Other long-term liabilities 73 32 30 Total non-current liabilities 2.946 4.476 1.744 Trade and other payables Other short-term liabilities Short-term borrowings 15 6 2.020 Total current liabilities 1.563 1.582 3.600 2.479 Total assets 9.997 11.555 10.722 1.434 1.450 1.475 114 126 106
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21 Interim Report Q2 2025 Net cash out of NOK 843 million related to refinancing in Q2’25 LINK01 refinanced resulting in gross debt reduction during Q2’25 Adj.cash flow from operations was 77% of Adj.EBITDA in Q2’25 • Working capital impacted negatively in Q2’25 by large client • Global client receivables of NOK 90 million paid early Jul’25 • Working capital expected to normalize on LTM basis LTM Adjusted net cash flow from operations of NOK 757 million • Conversion rate of 96% from adj.EBITDA Q2’25 Capex level impacted by a one-time effect of 11 mnok • Fast-tracked development of CPaaS solutions due to market demand • Expected full year 2025 capex level of NOK 180-190 million Bond interest partly offset by interest income on cash • Two bonds outstanding totaling EUR 225 million after refinancing • Due in 2029 and 2030 (LINK02/LINK03) Q2’25 Cash flow impacted by closed M&A and refinancing • NOK 130 million net cash outflow related to acquisition of UK targets • NOK 843 million net impact from refinancing of LINK01 bond 136 55 78 130 218 42 Q1’25 Cash Operating cash flow Organic capex 3 Lease payment 2.446 2.524 862 1.792 Q2’25 Cash Q2 Cash pre Financing cash flow Free cash flow 2.612 US receivables 2.446 Exchange rate impact on cash M&A Financing cash flow ex.lease NOK in millions Q4 2024 Adj.EBITDA 213 Interest received 30 Other changes in working capital (3) Non-recurring costs M&A (43) Net cash flow from operating activities 181 Adj. cash flow from operations 225 Cash flow after capex and interest 129 Taxes paid (16) Add back non-recurring costs M&A 43 Q1 2025 LTM Q2 2025 198 790 19 121 (39) (51) (32) (103) (12) (105) 133 652 12 105 145 757 Capex (41) (46) (184) Lease and bond (55) (24) (140) 75 433 Q2 2025 212 17 (46) (21) (28) 136 28 164 (55) (57) 52 QoQ cash development (NOK ‘000) Q3 2024 166 55 37 (35) (22) 201 22 224 178 (42) (4)
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Appendix Q2 2025 20 August 2025
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23 Interim Report Q2 2025 Total LINK Revenue (mNOK) Gross Profit (mNOK) Org.growth ex.M&A Org.growth ex.M&A Adj.EBITDA (mNOK) *Netherlands moved from central Europe to Western Europe from Q1 2024 – historical segment financial have been updated accordingly Growth in fixed currency incl. M&A Q2’24 Q3’24 Q4’24 Q1’25 107 Q2’25 106 Q2’25 fixed curency 1.816 1.658 1.848 1.651 1.758 1.727 -11% -5% 379 357 436 409 20.9% Q2’24 21.5% Q3’24 23.6% Q4’24 24.8% Q1’25 24.0% 20 Q2’25 24.1% 21 Q2’25 fixed curency 422 417 +5% +10% 180 166 213 198 9.9% Q2’24 10.0% Q3’24 11.5% Q4’24 12.0% Q1’25 12.1% 10 Q2’25 12.1% 10 Q2’25 fixed curency 212 210 +11% +17% Org.growth ex.M&A Organic Acquired Margin
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24 Interim Report Q2 2025 Northern Europe Revenue (mNOK) Gross Profit (mNOK) Adj.EBITDA (mNOK) Growth in fixed currency 383 355 429 384 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q2’25 fixed curency 392 385 0% 109 100 113 104 28.4% Q2’24 28.1% Q3’24 26.4% Q4’24 27.2% Q1’25 26.6% Q2’25 26.8% Q2’25 fixed curency 104 103 -5% 69 63 75 64 17.9% Q2’24 17.9% Q3’24 17.4% Q4’24 16.6% Q1’25 17.7% Q2’25 17.8% Q2’25 fixed curency 69 68 0% Organic Margin
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25 Interim Report Q2 2025 Central Europe Revenue (mNOK) Gross Profit (mNOK) Adj.EBITDA (mNOK) Growth in fixed currency 453 410 448 415 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q2’25 fixed curency 407 403 -11% 109 109 132 121 24.1% Q2’24 26.5% Q3’24 29.5% Q4’24 29.2% Q1’25 29.2% Q2’25 29.2% Q2’25 fixed curency 119 118 +8% 76 74 93 88 16.8% Q2’24 18.0% Q3’24 20.8% Q4’24 21.1% Q1’25 21.3% Q2’25 21.3% Q2’25 fixed curency 87 86 +13% Organic Margin
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26 Interim Report Q2 2025 Western Europe Revenue (mNOK) Gross Profit (mNOK) Org.growth ex.M&A Org.growth ex.M&A Adj.EBITDA (mNOK) Growth in fixed currency incl. M&A 532 474 592 546 107 106 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q2’25 fixed curency 636 631 -1% +19% 130 112 152 145 20 21 24.5% Q2’24 23.6% Q3’24 25.7% Q4’24 26.6% Q1’25 24.8% Q2’25 24.8% Q2’25 fixed curency 158 156 +4% +20% 70 53 80 80 13.2% Q2’24 11.2% Q3’24 13.5% Q4’24 14.6% Q1’25 13.3% 10 Q2’25 13.4% 10 Q2’25 fixed curency 85 84 +6% +20% Org.growth ex.M&A Organic Acquired Margin
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27 Interim Report Q2 2025 Global Messaging Revenue (mNOK) Gross Profit (mNOK) Adj.EBITDA (mNOK) Growth in fixed currency 449 419 379 306 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q2’25 fixed curency 323 308 -31% 31 36 38 38 6.9% Q2’24 8.7% Q3’24 10.1% Q4’24 12.5% Q1’25 12.8% Q2’25 12.8% Q2’25 fixed curency 41 39 +27% 20 24 27 27 4.4% Q2’24 5.8% Q3’24 7.1% Q4’24 8.8% Q1’25 9.4% Q2’25 9.4% Q2’25 fixed curency 30 29 +48% Organic Margin
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28 Interim Report Q2 2025 Agreements signed & customer accounts Growing base over time with more than 50,000 customer accounts • NRS, Reach, SMS Works and Firetext acquisitions added ~6 000 accounts • Significant upselling potential beyond initial use-case to existing customers • High commercial success rate in second sale (~70% win-rate) • Normal variability in low-value SSU accounts was slightly positive in Q2’25 Customer accounts (‘000)* 51 52 52 55 54 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 57 Acquired 802 802 648 843 872 974 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 +21% New agreements signed in quarter Solid quarter in terms of agreements signed • 974 new agreements signed, corresponding to a growth rate of 21% yoy • The new agreements consisted of 754 signed direct customer contracts, 70 signed partner framework agreements and 150 new partner customers
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29 Interim Report Q2 2025 Contribution from acquired entities in the quarter NOKm Country Revenue Portugal Spain Company Inorganic contribution 2Q25 Consolidated from EZ4U 3.4 Jun’24 NRS 29.0 Oct’24 UK Reach Data 20.7 Nov’24 UK Firetext/SMS Works 53.9 May’25 Total revenue 107.1 Gross profit Portugal EZ4U 1.4 Jun’24 Spain NRS 8.1 Oct’24 UK Reach Data 3.0 Nov’24 UK Firetext/SMS Works 8.0 May’25 Total gross profit 20.5 EBITDA adj. Portugal EZ4U 0.8 Jun’24 Spain NRS 2.9 Oct’24 UK Reach Data 0.7 Nov’24 UK Firetext/SMS Works 5.9 May’25 Total EBITDA adj. 10.3
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Q&A 20 August 2025 linkmobility.com/investors