Interim report
Page 1
Q3 and YTD 2025 Financial report and status
Page 2
StrongPoint | Q3 and YTD 2025 2 StrongPoint | Q3 and YTD 2025 Key figures MNOK Q3 2025 Q3 2024 YTD 2025 YTD 2024 Year 2024 Revenue 320 313 1 017 969 1 309 Recurring revenue rolling 12 months 380 340 380 340 358 EBITDA 14 12 31 -3 2 EBITDA margin 4.3 % 3.9 % 3.1 % -0.3 % 0.2% EBITDA excluding option cost 14 12 34 - 6 Operating profit (EBIT) 3 2 - -34 -39 Ordinary profit before tax (EBT) 18 4 2 -39 -47 Cash flow from operational activities 23 10 52 16 93 Disposable funds 112 61 112 61 102 Earnings per share (NOK) 0.38 0.06 0.13 -0.67 -0.72 CEO’s Perspective Despite a volatile world, grocery retailers are growing accustomed to the climate we operate in – and this is good for retail technology providers like StrongPoint. Our third quarter saw a flat topline with 2% revenue growth, however with a 12% growth in recurring on a twelve-month rolling basis. Whereas most markets slipped relative to last year, the UK & Ireland business has risen to the occasion and achieved a more than doubling of its revenue. Our EBITDA improved slightly with third quarter delivering 13.8 MNOK vs. same quarter last year of 12.2 MNOK. In this context it is worth noting that our Nordic and Baltic business continue to deliver profitability at par with earlier quarters, whereas our UK & Ireland business – with its strong activity uptick – is now well into black figures. In Spain, a product mix shift away from own solutions and continued investments, holds back overall profitability in that market. Jacob Tveraabak CEO of StrongPoint In the third quarter of 2025, our topline grew 2% to 320 MNOK. The growth was solely driven by an exceptional strong quarter in the UK & Ireland, with 127% growth. The growth in the UK & Ireland was driven by the implementation of an AutoStore facility, and Electronic Shelf Label installations from VusionGroup at various grocery retailers and improved shop fitting activity. Recurring revenue, on a twelve-month rolling basis, was up 12% in Q3. The growth in recurring revenue is a combination of delivering on our Order Picking solution, other own and third party license revenues, as well as service contracts and rentals. Growing our recurring revenue base, in particular recurring revenue from our own proprietary software, is an important priority for StrongPoint going forward to build a more valuable, predictable and stable business. Our reported EBITDA for Q3 2025 was 13.8 MNOK, a slight improvement from 12.2 MNOK last year. The improvement is in full secured by the very strong UK & Ireland performance, which finally – and yet again – is well into black figures. Slower sales of own, proprietary products in our and partner markets, as well as continued investment in Spain holds back a further improvement in EBITDA. Our EBITDA margin in Q3 was 4.3%, an improvement from last year’s Q3 margin of 3.9%. Hence, understandably, we still have a significant job to achieve our long-term target of at least 10% EBITDA margin. We relentlessly work to make our customers more efficient and sustainable. With this in mind, we are excited to announce two new Vensafe anti-theft proof of concepts in the UK with leading grocery retailers. This means we are now running Vensafe proof-of-concepts for five top grocers in the UK to ensure a more efficient and sustainable way of merchandising their theft-prone products. Although it takes time to accustom both grocery retailers and their customers to new ways of shopping, we are enthusiastic about the value the Vensafe solution has the potential to bring to the UK grocers. Also in this quarter we are very pleased to announce that our Order Picking solution for grocery e-commerce has attracted another prestigious customer. Sonae MC, Portugal’s largest grocery retailer, decided to replace its current solution with our Order Picking solution. Following the introduction of additional specifications from Sonae MC, the solution will go live in 2026. With the ever more prominent customer wins for our Order Picking solution, and with our VusionGroup partnership, I strongly believe we have the opportunity to create the leading B2B software platform for grocery e-commerce. While our business performance has improved, and in particular the UK saw a very strong quarter, our efforts to build a more robust and stronger business foundation continue. Building stronger customer intimacy in our core markets in Scandinavia and the Baltics, as well as getting and keeping our other business units – such as the UK & Ireland and Spain – to satisfactory profitability levels is key. A part of this is also ensuring clarity on the future for our CashGuard Connect solution. Lastly, we are continuing to build on the positive momentum for our e-commerce portfolio, and Order Picking in particular, to win more and more customers globally. Although I am pleased with our improvement in the short-term business performance, it will be important for us to not let our guard down. There are both opportunities and challenges to tackle. For the medium and long term, the general expectation for retailers to invest more in technology in the future is positive for us. Furthermore, the sustained interest in our diverse solution portfolio and our continued trust by customers, makes me positive about the long-term success of StrongPoint. Finally, I would like to thank our shareholders, partners, and employees for their continued support and dedication. We are on a journey to further build and strengthen customer relationships through our grocery retail expertise and product leadership in grocery e-commerce. In short, we work to make grocers more efficient and sustainable. Stay safe, strong, and passionate! Highlights Financial performance 3rd quarter and YTD y Revenue increased by 2% to 320 MNOK (313) in the third quarter. This includes significant growth in the UK. Year-to-date, revenue increased by 5% to 1,017 MNOK (969). y Recurring revenue (rolling twelve months) increased by 12% to 380 MNOK, driven by increased license revenue from Order Picking. y EBITDA for the quarter ended at 14 MNOK (12), with EBITDA margin of 4.3% (3.9%), driven by improved performance in the UK and Sweden. Year-to-date, EBITDA ended at 31 MNOK (-3 MNOK). y Cash flow from operations was 23 MNOK (10) for the quarter and 52 MNOK (16) year-to-date. Customer success in priority areas y MC, Portugal’s top grocery retailer, replaced their order picking system with StrongPoint’s solution. y Two new Vensafe anti-theft pilots launched with leading UK grocery retailers. y UK-based retailer selected StrongPoint for their first AutoStore solution. Outlook and long-term ambitions y Continued improvement in EBITDA and recurring revenue, strengthening the long-term fundamentals of the company. y We continue to maintain our long-term ambitions of healthy revenue growth and an EBITDA margin of >10 %. 3
Page 3
StrongPoint | Q3 and YTD 2025StrongPoint | Q3 and YTD 2025 5 Revenue Q3 YTD Year MNOK 2025 2024 2025 2024 2024 Nordics 116.0 132.5 445.7 502.6 663.9 International incl Product 203.5 180.6 570.8 466.7 645.2 ASA/Elim - - - - - Total 319.5 313.1 1,016.6 969.3 1,309.1 StrongPoint Group Operating revenue per quarter (MNOK) EBITDA per quarter (MNOK) StrongPoint Group StrongPoint is a retail technology company offering both software solutions and hardware solutions with integrated software. Our focus is grocery retail, where we help customers drive efficiency across both in-store and e-commerce operations. EBITDA Q3 YTD Year MNOK 2025 2024 2025 2024 2024 Nordics 15.2 14.3 47.1 36.2 51.8 International incl Product 3.4 2.3 4.9 -18.6 -23.5 ASA/Elim -4.8 -4.4 -20.6 -20.6 -26.3 Total 13.8 12.2 31.4 -3.0 2.0 Number of employees end of quarter 510 512 510 512 497 Average number of FTEs 499 498 498 499 498 * The Q4 2023 EBITDA was -20.6 MNOK, which included non-recurring restructuring and M&A costs of 7.3 MNOK and write-downs 10.6 MNOK. Excluding these costs, the Q4 2023 EBITDA was -2.7 MNOK. ** The Q2 2024 EBITDA was -9.1 MNOK, which included restructuring cost and severance pay of 10 MNOK. Excluding these costs, EBITDA was 0.9 MNOK. 4 100 200 300 400 2025202420232022 200 400 600 800 1000 1200 201920182017 -20 -15 -10 -5 5 10 15 20 25 2025202420232022 20 40 60 80 100 120 201920182017 50 100 150 200 250 300 350 4kv. 2018 4kv. 2017 4kv. 2016 4kv. 2015 4kv. 2014 4kv. 2013 4kv. 2012 100 200 300 400 2025202420232022 200 400 600 800 1000 1200 201920182017 -20 -15 -10 -5 5 10 15 20 25 2025202420232022 20 40 60 80 100 120 201920182017 50 100 150 200 250 300 350 4kv. 2018 4kv. 2017 4kv. 2016 4kv. 2015 4kv. 2014 4kv. 2013 4kv. 2012 ** * Financial performance As a large share of total revenue relates to projects and roll-outs of multi-year contracts, revenue and profitability will continue to vary between the quarters. The key focus remains on generating profitable long term growth. Revenue overview In Q3 2025, the total revenue increased by 2% to 319.5 MNOK compared to the same quarter last year, with a 13% increase in the International segment driven by strong performance in the UK, offset by a 12% revenue decline in the Nordics segment. YTD, revenue increased 5% to 1,016.6 MNOK compared to YTD last year, with a 22% increase in the International segment and a 11% decline in the Nordics segment. Nordics segment The 12% revenue decline in the Nordics includes a reduction of 8%, 13% and 58% in Norway, Sweden and Finland, respectively. This was mainly driven by lower product sales of low margin ESL hardware, as several large rollouts were completed last year. YTD, the decline of 11% is a result of an increase of 18% in Sweden, a decline of 33% in Norway and a 39% decline in Finland. International segment The International segment had a revenue increase of 13% mainly due to an increase of 127% in the UK & Ireland due to ongoing installation of our first AutoStore project in the UK, as well as Vusion ELS installation work and increased revenue from Shop Fitting. This was partly offset by a 16% decline in the Baltics, 27% decline in Spain and 67% decline in the rest of Europe. YTD, the increase of 22% comes from an increase of 60% in UK & Ireland, an increase of 23% in the Baltics, a decline of 12% in Spain and a decline of 48% in the rest of Europe. Recurring revenue Recurring revenue (rolling twelve months) increased by 40 MNOK (12%) to 380 MNOK from the end of Q3 2024 to the end of Q3 2025. This is mainly attributed to a 27% growth in license revenues, including Order Picking and Self-Checkout. Our key priority is to continue to increase the recurring revenue base on our own solutions to increase profitability. Gross margin During the quarter, the gross margin increased from 42.7% to 44.9% compared to the same quarter last year due to product mix. This includes a higher share of services such as ESL and AutoStore installations, combined with a reduction of low margin ESL hardware sales. YTD, the gross margin increased from 40.9% to 43.5%. EBITDA The EBITDA increased to 13.8 MNOK (4.3% margin) in Q3 2025 (12.2 MNOK, 3.9% margin), mainly due to improved profitability in the UK & Ireland through the significant revenue growth, as well as cost and efficiency measures in Sweden. YTD, EBITDA increased to 31.4 MNOK (3.1%) compared to -3.0 MNOK (-0.3%) last year. Operating costs Personnel costs were 87.0 MNOK in Q3 2025 compared to 83.2 MNOK the same quarter last year. Other operating expenses increased for the period to 42.0 MNOK (38.3 MNOK). The increases are attributable to salary adjustments, inflation and higher IT and hosting costs to support growth in order picking. In the quarter, development costs of 7.0 MNOK were capitalized, of which 5.7 MNOK related to CashGuard Connect in Spain and 1.3 MNOK on POS in the Baltics. Total capitalized costs were 22.2 MNOK YTD. YTD, the personnel cost was 282.4 MNOK (283.6) and other operating expenses 125.9 MNOK (112.5). Debt As of end Q3 2025, the net interest-bearing debt was 45 MNOK, a decrease of 29 MNOK from 74 MNOK compared to Q2 2025. In June, we announced the sale on all our shares in 1X, a Norwegian based robotics company, for gross proceeds of 27 MNOK, with a net financial gain of 23 MNOK. This was closed in early Q3 2025 and was booked as a financial item in the profit and loss statement. Customer success in priority areas Leading Grocery Retailer in Portugal switches to StrongPoint Portugal’s leading grocery retailer, MC, has switched its order picking solution to StrongPoint. The decision followed an evaluation of whether to build an in-house solution, but MC ultimately chose to use StrongPoint’s solution. The full rollout is planned for the first half of 2026. Two new Vensafe pilots launched in the UK Two new Vensafe anti-theft proof-of-concepts have been launched in the UK with additional leading grocery retailers. Both pilots include the updated Vensafe solution with in-aisle product advertising and dispenser screens that can also show adverts, generating retail media revenue for the retailer. AutoStore installation in the UK StrongPoint was chosen by a leading UK retailer and distributor to design and install its first AutoStore installation and provide warehouse fit-out services. The customer is a leading retailer and distributor of household products in the UK & European markets. Long-term strategic projects Sainsbury’s Order Picking Update As previously communicated, the full rollout is expected to be completed by summer 2026. CashGuard Connect update The in-store pilot earlier communicated has ended on StrongPoint’s initiative. This was the result of not getting the necessary commitment StrongPoint requested from the potential customer. However, we have received inquries from several grocery retailers inside and outside of Spain expressing their interest in launching in-store pilots. In parallel, we are in the process of validating our solution to ensure both manufacturability and durability. Outlook and long-term ambitions We are seeing continued improvement in both EBITDA and recurring revenue, indicating a strengthening of the business’s core fundamentals and the long-term strategic direction of the company. We continue to maintain our long- term ambitions of healthy revenue growth and an EBITDA margin of >10 %.
Page 4
StrongPoint | Q3 and YTD 2025 6 Where We Operate StrongPoint at a glance NOK annual revenue (LTM) * of our business is grocery-related employees across Europe Proprietary SaaS solutions built in-house Retail technology in every shopping experience for smarter and better life Our purpose Impact on grocery retailer Impact on end consumer Driving efficiency savings Boosting margins Improving both the in-store and online experience for shoppers + y Direct operations in 9 core countries with full local support from sales to service. y Managing the entire value chain allows us to capture more revenue and build deeper customer relationships. In addition, StrongPoint supports grocery retailers in around 20 additional countries via a partner network. Sales Installation Service Support MNOK recurring revenue (LTM) * StrongPoint | Q3 and YTD 2025 1.4Bn 380 >80% ~500 Dev Team * Last Twelve Months. 7
Page 5
StrongPoint | Q3 and YTD 2025 8 9 Investing in developing new relations with leading grocery retailers UK & Ireland Growing through upselling and new partnerships Nordics Rolling out new point-of-sale systems Baltics Developing world- leading new cash management solution with leading grocery retailer in Iberia Spain Selling world-class SaaS-based e-commerce solutions Rest of World Our Solutions: Solving Five Everyday Grocery Retailer Problems Order Picking: our world-class grocery e-commerce solution StrongPoint | Q3 and YTD 2025 Outside core markets Investing for future growth Customer Intimacy Growth Sources of Revenue y SaaS-solution purpose-built by StrongPoint for grocery retailers. y Delivers the world’s fastest picking performance, keeping costs to a minimum. y Trusted by top grocery retailers across Europe, including Sainsbury’s in the UK, Carrefour in Belgium, and MC in Portugal as well as many grocery retailers in Sweden and Iceland. Recurring Revenue Includes software licenses, service contracts and hardware rentals. RECURRING REVENUE REPEAT BUSINESS NEW CUSTOMER REVENUE Repeat Business from Existing Customers Customers expand to more locations or upgrade existing solutions New Customer Revenue New customers and one-off projects such as installations, consultancy and automation deployments. 1 The cost of fulfilling online orders End-to-end E-Commerce SaaS-based Platform, Multiple Last Mile solutions and Automated Fulfillment with AutoStore. 2 The risk of theft and shrinkage Vensafe Select & Collect and AI-Powered In-Aisle and Self-Checkout Theft Detection. 3 The need to do more with fewer staff AI-Powered Next Generational Self- Checkout, Self-Scanning solution and ‘ShopFlow Logistics’, a SaaS-based in-store task management solution. 4 The complexity of pricing and promotions At shelf digital display solutions including Electronic Shelf Labels. 5 The operational burden of handling cash Developing revolutionary new cash management solution, CashGuard Connect and already well-established CashGuard.
Page 6
StrongPoint | Q3 and YTD 2025 10 11 Nordics The business segment Nordics currently consists of the operating business units in Norway, Sweden and Finland. The revenue also includes deliveries to Denmark, Iceland and Cyprus. Revenue Revenue in Q3 2025 declined 12% compared to the same quarter last year, comprised of a decrease of 8% in Norway, 13% in Sweden and 58% in Finland. These decreases were all driven by lower product sales of low margin ESL hardware, as several large rollouts were completed last year. There was an increase in sale of AI scales and Lockers, partly offsetting some of the total reduction. YTD the revenue declined by 11% compared to YTD last year, comprised of an increase of 18% in Sweden, a decline of 33% in Norway and a decline of 39% in Finland. EBITDA EBITDA increased from 14.3 MNOK in the third quarter last year to 15.2 MNOK this year, driven by cost reductions in Sweden. EBITDA YTD increased from 36.2 MNOK last year to 47.1 MNOK this year. Norway Revenue in Q3 2025 decreased by 8% compared to the same quarter last year due to a reduction in ESL product sales, following large roll-outs last year. This decrease was partly mitigated by an increased delivery of AI scales. Sweden Revenue in Q3 2025 decreased by 13% compared to the same quarter last year due to a reduction in ESL product sales, following a large roll-out to Alphamega, a Cyprus- based grocery retailer managed by the Swedish team. This increase was partly mitigated by an increase in the sale of grocery Lockers. Finland Revenue in Q3 2025 decreased by 2.1 MNOK compared to the same quarter last year due to generally lower activity. Q3 YTD Year MNOK 2025 2024 2025 2024 2024 - Norway 52.9 57.7 184.4 275.3 345.9 - Sweden 61.6 71.1 254.2 215.4 302.9 - Finland 1.6 3.7 7.2 11.8 15.1 Total Revenue 116.0 132.5 445.7 502.6 663.9 EBITDA 15.2 14.3 47.1 36.2 51.8 - In % 13.1 % 10.8 % 10.6 % 7.2 % 7.8 % EBT 13.1 13.4 39.9 31.6 46.1 - In % 11.3 % 10.1 % 9.0 % 6.3 % 6.9 % Q3 YTD Year MNOK 2025 2024 2025 2024 2024 Products 20.6 28.3 88.4 183.4 222.4 Services 32.2 29.4 96.0 92.0 123.5 Revenue 52.9 57.7 184.4 275.3 345.9 Q3 YTD Year MNOK 2025 2024 2025 2024 2024 Products 23.2 35.3 134.4 105.8 152.5 Services 38.4 35.8 119.8 109.6 150.4 Revenue 61.6 71.1 254.2 215.4 302.9 Q3 YTD Year MNOK 2025 2024 2025 2024 2024 Products 0.8 2.8 4.9 10.0 11.4 Services 0.7 0.9 2.3 1.8 3.6 Revenue 1.6 3.7 7.2 11.8 15.1 StrongPoint | Q3 and YTD 2025
Page 7
StrongPoint | Q3 and YTD 2025 13 Baltics Revenue in Q3 2025 decreased by 16% compared to the same quarter last year due to a reduction in Self-Checkout, impacting both product sales and installation services. This was partly offset by an increase in POS products sales. Spain Revenue in Q3 2025 decreased by 27%, relating to the sale of CashGuard and ESL product sales. This was partly offset by an increase in ESL installations and sale of Grocery Lockers. UK & Ireland Revenue in Q3 2025 increased by 127% compared to the same quarter last year. This is due to ESL and AutoStore installations, both of which are new revenue streams for the UK business unit this year. In addition, there was a 54% increase in Shop Fitting. Partners Partner revenue mainly relates to sale of CashGuard and Lockers outside of our core markets. In Q3 2025, revenue decreased by 67%. Q3 YTD Year MNOK 2025 2024 2025 2024 2024 Products 32.9 41.7 129.2 90.7 131.0 Services 30.7 33.7 98.8 94.4 128.3 Revenue 63.6 75.4 228.0 185.1 259.4 Q3 YTD Year MNOK 2025 2024 2025 2024 2024 Products 9.7 16.3 30.9 38.8 51.9 Services 6.2 5.4 17.5 16.3 22.2 Revenue 15.9 21.7 48.4 55.0 74.1 Q3 YTD Year MNOK 2025 2024 2025 2024 2024 Products 9.6 23.9 27.9 48.9 76.7 Services 1.4 9.8 4.7 13.8 10.2 Revenue 11.0 33.7 32.6 62.7 86.9 Q3 YTD Year MNOK 2025 2024 2025 2024 2024 Products 2.2 - 21.8 - 1.0 Services 110.8 49.8 240.1 163.8 223.8 Revenue 113.0 49.8 261.9 163.8 224.8 International incl. Product The business segment International incl. Product consists of the operating business units in the Baltics, Spain and UK & Ireland, in addition to partner sales in the rest of Europe and rest of world. The ongoing development activities for own products have been allocated to this segment. Revenue Revenue in Q3 2025 increased by 13% compared to same quarter last year, mainly due to a 127% increase in the UK & Ireland. The increase in the UK operations is attributed to the first ESL and AutoStore project revenue this year, as well as a 54% increase in Shop Fitting. The UK operations will continue to be an important market for future growth. There were decreases in the other markets, including a 16% decline in the Baltics due to large roll-outs of self-checkouts last year. YTD the revenue increased by 22% compared to YTD last year, due to an increase of 60% in the UK & Ireland and an increase of 23% in the Baltics, partly offset by a decline of 12% in Spain and a decline of 48% in rest of Europe. EBITDA EBITDA for Q3 2025 increased by 1.1 MNOK compared to the same quarter last year. This mainly consists of a significant improvement in the UK and continued positive contribution from the Baltics. We continue to invest in our product portfolio, including the Order Picking solution and the new cash management solution, CashGuard Connect, as we seek to leverage new opportunities from these positive commercial developments. YTD the EBITDA was 4.9 MNOK (-18.6). Q3 YTD Year MNOK 2025 2024 2025 2024 2024 - Baltics 63.6 75.4 228.0 185.1 259.4 - Spain 15.9 21.7 48.4 55.0 74.1 - UK & Ireland 113.0 49.8 261.9 163.8 224.8 - Rest of Europe 11.0 33.7 32.6 62.7 86.9 Total Revenue 203.5 180.6 570.8 466.7 645.2 EBITDA 3.4 2.3 4.9 -18.6 -23.5 - In % 1.7 % 1.3 % 0.9 % -4.0 % -3.6 % EBT -5.8 -7.2 -23.0 -46.7 -68.8 - In % -2.9 % -4.0 % -4.0 % -10.0 % -10.7 % StrongPoint | Q3 and YTD 2025 12
Page 8
StrongPoint | Q3 and YTD 2025 14 StrongPoint | Q3 and YTD 2025 E-commerce logistics Revenue in Q3 2025 decreased by 22% compared to the same quarter last year due to a reduction in product volume of Lockers through international partners. In-store Productivity Revenue in Q3 2025 increased by 12% compared to the same quarter last year, mainly due to ESL service revenue growth from the installation volumes in the UK on the back of the new partnership with Vusion Group. The reduction in products relates to a lower volume of ESL hardware in Norway and Sweden. Payment Solutions Revenue in Q3 2025 decreased by 9% compared to the same quarter last year due to lower volume of CashGuard, both in core markets and through partners. Check Out Efficiency Revenue in Q3 2025 decreased by 23% compared to the same quarter last year, driven by a reduction in product sales on Self-Checkouts in the Baltics, with a large part of the order reserve having been delivered the last 12 months. Shop Fitting Revenue in Q3 2025 for the Shop Fitting segment increased by 54% compared to the same quarter last year. The Shop Fitting segment relates entirely to the UK & Ireland. Other retail technology Other retail technology increased by 6% in Q3 2025 compared to the same quarter last year. This was mainly driven by increased product sales of POS in the Baltics. Q3 YTD Year MNOK 2025 2024 2025 2024 2024 Products 21.0 45.3 140.6 236.4 292.9 Services 58.5 25.9 135.2 82.9 111.9 Revenue 79.5 71.2 275.8 319.3 404.8 Q3 YTD Year MNOK 2025 2024 2025 2024 2024 Products 19.7 25.1 64.6 72.7 115.9 Services 31.1 30.4 92.9 89.5 120.6 Revenue 50.7 55.5 157.5 162.2 236.4 Q3 YTD Year MNOK 2025 2024 2025 2024 2024 Products 24.6 36.0 124.9 87.2 121.6 Services 16.6 17.3 49.6 44.2 60.6 Revenue 41.2 53.3 174.5 131.4 182.2 Q3 YTD Year MNOK 2025 2024 2025 2024 2024 Products - - - - - Services 64.6 42.0 153.6 144.4 196.1 Revenue 64.6 42.0 153.6 144.4 196.1 Q3 YTD Year MNOK 2025 2024 2025 2024 2024 Products 22.4 19.4 62.7 48.4 72.8 Services 24.3 24.9 80.2 74.8 102.3 Revenue 46.7 44.3 142.9 123.2 175.1 Q3 YTD Year MNOK 2025 2024 2025 2024 2024 Products 11.4 23.4 47.1 34.8 43.8 Services 25.3 23.5 65.2 54.1 70.6 Revenue 36.8 46.9 112.2 88.9 114.5 StrongPoint Group Relative share of revenue per segment (%) In-store Productivity Payment Solutions E-commerce logistics Check Out Efficiency Shop Fitting Other retail technology Segments Q3Q3202420232022 Lorem ipsum 21 7 11 18 12 2022 31 18 9 15 Q3 20242023 24 19 12 21 14 23 18 17 13 14 Q3 20252024 25 16 12 13 15 20 14 13 159 31 Recurring revenue consists of service and support agreements including spare parts, software license revenue and product rentals. The Q3 2025 recurring revenue increased by 12% compared to the same quarter last year. This is mainly due to a 27% increase in license revenue driven by the Sainsbury’s Order Picking contract. Recurring revenue rolling twelve months (MNOK) 50 100 150 200 250 300 350 400 2025202420232023 2024 2025 15 Products and solutions 400 350 300 250 200 150 100 50
Page 9
StrongPoint | Q3 and YTD 2025StrongPoint | Q3 and YTD 2025 16 17 Cash flow and equity Cash flow from operational activities in the third quarter was 22.9 MNOK (10.1), driven by improved profit before tax and changes in working capital and other accruals. The Group’s holding of own shares at the end of the second quarter amounted to 142,954 which represents 0.3 per cent of the outstanding shares. The Group has shareholder programs for the Board of Directors, the Group executive management and employees. 56,608 shares have been assigned in 2025 (186,746 in the year 2024). StrongPoint has a long-term incentive program for management and key employees. More information on the program can be found in note 6. Net interest-bearing debt The interest-bearing debt at the end of the quarter was 157 MNOK and mainly relates to two revolving credit facilities with Norion Bank for a total of 140 MNOK, of which 100 MNOK is classified as long-term interest-bearing liabilities and 40 MNOK classified as short-term interest-bearing liabilities. In addition, it includes a term loan in our Spanish subsidiary, booked in long-term and short-term interest- bearing liabilities. Of leasing liabilities, the IFRS 16 rent obligations are extracted from interest-bearing debt, as these are not interest-bearing. The remaining leasing liabilities relate to service cars and company cars from leasing institutions and are thus included in the interest-bearing debt. Any utilization of the working capital financing arrangement in Norway and Sweden is non-recourse and thus not included in net interest- bearing debt. The UK working capital financing is a factoring arrangement in which any withdrawn amounts will be included as net interest-bearing debt. As per the end of Q3 2025, nothing was withdrawn. As of end Q3 2025, the net interest-bearing debt was 44.9 MNOK, a decrease of 28.7 MNOK compared to Q2 2025. Disposable funds were 112 MNOK as of end of Q3 2025, comprising cash and cash equivalents. With the financing arrangements from Norion Bank, there is a 30% equity covenant. As per 30 September 2025, the equity ratio was 48%. KNOK 30.09.2025 30.09.2024 30.06.2025 31.12.2024 Long-term interest-bearing liabilities 101,311 5,215 101,323 1,318 Long-term lease liabilities 58,273 68,437 62,143 68,664 Short-term interest-bearing liabilities 42,318 2,926 43,839 128,163 Short-term lease liabilities 23,476 24,472 23,969 26,190 Bank overdraft (credit facilities) - 123,071 - - = Interest-bearing debt and leasing liabilities 225,377 224,121 231,275 224,336 Of which IFRS 16 rent liabilities not interest-bearing -68,486 -80,812 -73,457 -82,186 = Interest-bearing debt 156,891 143,309 157,818 142,149 Cash and cash equivalents -111,966 -34,015 -84,198 -82,490 = Net interest-bearing debt 44,925 109,294 73,620 59,659 Statement from the Board The Board and group CEO have today considered and approved StrongPoint’s financial statements for the third quarter and YTD 2025, including comparative consolidated figures for the third quarter and YTD 2024. This report has been prepared in accordance with IAS 34 on interim financial reporting as determined by the European Union, and with supplementary requirements pursuant to the Norwegian Securities Trading Act. The Board and CEO hereby declare, to the best of their knowledge, that the financial statements for the third quarter and YTD 2025 have been prepared in accordance with prevailing accounting principles and that the information in the financial statements gives a true and fair view of the assets, liabilities, financial position and profit of the group taken as a whole per 30 September 2025 and per 30 September 2024. To the best of their knowledge, the report gives a true and fair overview of important events during the accounting period and the impact of these events on the financial statements. The Board of Directors of StrongPoint ASA Oslo, 22 October 2025 Morthen Johannessen Chairman Ingeborg Molden Hegstad Director Pål Wibe Director Monica Aune Director Preben Rasch-Olsen Director Jacob Tveraabak CEO Key balance sheet items
Page 10
StrongPoint | Q3 and YTD 2025StrongPoint | Q3 and YTD 2025 18 19 KNOK Q3 2025 Q3 2024 Chg. % YTD 2025 YTD 2024 Chg. % Year 2024 Operating revenue 319,526 313,146 2.0 % 1,016,559 969,282 4.9 % 1,309,066 Cost of goods sold 176,138 179,328 -1.8 % 573,898 573,246 0.1 % 779,109 Personnel expenses 86,981 83,242 4.5 % 282,390 283,591 -0.4 % 366,508 Share based compensation 610 39 1465.4 % 2,957 2,974 -0.6 % 4,232 Other operating expenses 41,963 38,297 9.6 % 125,932 112,502 11.9 % 157,179 Total operating expenses 305,692 300,906 1.6 % 985,176 972,313 1.3 % 1,307,027 EBITDA 13,835 12,240 13.0 % 31,383 -3,031 1135.4 % 2,039 Depreciation tangible assets 7,584 6,942 9.2 % 22,542 22,015 2.4 % 29,261 Amortization intangible assets 3,042 3,105 -2.0 % 9,217 9,108 1.2 % 12,256 EBIT 3,209 2,193 46.4 % -376 -34,154 98.9 % -39,478 Interest expenses 4,862 3,620 34.3 % 15,092 10,652 41.7 % 13,798 Other financial income/currency differences 19,265 5,055 -281.1 % 17,279 5,990 -188.5 % 6,249 Profit from associated companies 95 201 -52.9 % 225 227 -1.1 % 245 EBT 17,706 3,829 362.4 % 2,035 -38,588 105.3 % -46,783 Taxes 629 1,156 -45.6 % -3,683 -8,725 57.8 % -14,853 Profit after tax 17,077 2,674 538.8 % 5,718 -29,863 119.1 % -31,930 Earnings per share: Number of shares outstanding 44,888,352 44,888,352 44,888,352 44,888,352 44,888,352 Av. number of shares - own shares 44,738,293 44,665,465 44,714,407 44,612,108 44,631,136 Av. number of shares diluted- own shares 48,638,293 48,785,465 48,614,407 48,732,108 48,726,136 EPS 0.38 0.06 0.13 -0.67 -0.72 Diluted EPS 0.35 0.05 0.12 -0.61 -0.66 EBITDA per share 0.31 0.27 0.70 -0.07 0.05 Diluted EBITDA per share 0.28 0.25 0.65 -0.06 0.04 Total earnings: Profit/loss after tax 17,077 2,674 538.8 % 5,718 -29,863 119.1 % -31,930 Exchange differences on foreign operations -2,925 15,155 -119.3 % 3,199 18,128 -82.4 % 16,207 Total earnings 14,152 17,829 -20.6 % 8,917 -11,735 176.0 % -15,723 Of which Majority interest 14,514 18,174 -20.1 % 11,138 -10,251 208.7 % -14,108 Minority interest -361 -345 -2,221 -1,484 -1,615 Consolidated income statement Consolidated balance sheet KNOK 30.09.2025 30.09.2024 30.06.2025 31.12.2024 ASSETS Intangible assets 163,655 141,185 161,432 152,326 Goodwill 182,038 180,931 183,127 179,875 Tangible assets 31,866 30,761 33,073 29,748 Right-of-use assets 81,749 92,908 86,112 96,647 Long-term investments 1,023 4,781 4,929 4,799 Other long-term receivables 891 1,205 899 896 Deferred tax assets 51,408 39,750 50,287 45,979 Non-current assets 512,629 491,522 519,859 510,270 Inventories 149,201 181,718 140,473 173,151 Accounts receivables 197,089 224,313 206,643 223,238 Prepaid expenses 23,638 18,541 32,575 28,236 Other receivables 10,754 15,937 13,695 10,351 Cash and cash equivalents 111,966 34,015 84,198 82,490 Current assets 492,647 474,525 477,584 517,467 TOTAL ASSETS 1,005,276 966,047 997,444 1,027,738 EQUITY AND LIABILITIES Share capital 27,831 27,831 27,831 27,831 Holding of own shares -89 -133 -99 -121 Other equity 449,860 440,045 434,919 437,493 Total equity 477,602 467,743 462,651 465,203 Long-term interest-bearing liabilities 101,311 5,215 101,323 1,318 Long-term lease liabilities 58,273 68,437 62,143 68,664 Other long-term liabilities 738 2,290 741 602 Deferred tax liabilities 16,547 18,111 16,547 16,547 Total long-term liabilities 176,869 94,053 180,754 87,132 Short-term interest-bearing liabilities 42,318 2,926 43,839 128,163 Bank overdraft (credit facilities) - 123,071 - - Short-term lease liabilities 23,476 24,472 23,969 26,190 Accounts payable 115,188 95,246 121,919 140,789 Taxes payable -4,635 -8,332 -3,595 -4,557 Other short-term liabilities 174,459 166,868 167,907 184,817 Total short-term liabilities 350,805 404,251 354,039 475,403 TOTAL EQUITY AND LIABILITIES 1,005,276 966,047 997,444 1,027,738
Page 11
StrongPoint | Q3 and YTD 2025StrongPoint | Q3 and YTD 2025 20 21 Overview of changes in the equity KNOK Share capital Treasury shares Other paid-in equity Translation variances Share Option Program Other equity Total equity Minority interest Total equity Equity 31.12.2023 27,831 -217 351,262 65,592 15,776 16,521 476,763 -1,911 474,852 Sale of own shares 97 1,755 1,852 1,852 Share Option Program 4,222 4,222 4,222 Profit this year after tax -30,435 -30,435 -1,495 -31,930 Other comprehensive income and expenses 1 16,327 16,327 -120 16,207 Equity 31.12.2024 27,831 -121 351,262 81,919 19,998 -12,159 468,729 -3,526 465,203 Sale of own shares 32 489 521 521 Share Option Program 2,961 2,961 2,961 Profit this year after tax 7,972 7,972 -2,254 5,718 Other comprehensive income and expenses 1 3,166 3,166 33 3,199 Equity 30.09.2025 27,831 -89 351,262 85,085 22,959 -3,698 483,349 -5,747 477,602 1) The balance sheet is converted with the closing rate at the balance sheet date, while the income statement is converted with the average monthly exchange rate. The net effect of the translation is recognized as translation differences in other comprehensive income and expenses. Statement of cash flow KNOK Q3 2025 Q3 2024 YTD 2025 YTD 2024 Year 2024 Ordinary profit before tax 17,706 3,829 2,035 -38,588 -46,783 Net interest 4,862 3,620 15,092 10,652 13,798 Tax paid -3,042 1,878 -2,012 2,771 4,953 Share of profit, associated companies -95 -201 -225 -227 -245 Ordinary depreciation 10,626 10,048 31,759 31,123 41,517 Profit / loss on sale of fixed assets -266 -14 -450 -126 -446 Realised profit on financial instruments -22,602 - -22,602 - - Change in inventories -9,769 36,798 25,249 56,919 64,709 Change in receivables 7,378 -23,820 25,404 26,714 27,868 Change in accounts payable -5,677 -16,241 -25,998 -70,531 -24,871 Change in other accrued items 23,804 -5,754 3,455 -2,980 12,604 Cash flow from operational activities 22,925 10,142 51,706 15,726 93,105 Payments for fixed assets -2,852 -2,234 -10,028 -6,385 -8,581 Payment for intangible assets -7,180 -5,934 -22,744 -16,972 -31,545 Divestments in other companies 26,603 - 26,603 - - Payment from sale of fixed assets 234 177 540 464 756 Dividends received from associated companies - - - 300 300 Interest received 329 1,911 806 2,941 3,503 Cash flow from investment activities 17,134 -6,080 -4,823 -19,651 -35,568 Purchase/sale of own shares 175 212 521 1,652 1,852 Change in short and long-term debt -6,347 -6,200 -2,061 -22,405 90,965 Change in overdraft -613 14,576 192 31,139 -91,799 Interest paid -5,192 -5,531 -15,898 -13,593 -17,301 Cash flow from financing activities -11,976 3,057 -17,247 -3,207 -16,282 Net cash flow in the period 28,083 7,118 29,636 -7,132 41,255 Cash and cash equivalents at the start of the period 84,198 25,603 82,490 39,340 39,340 Effect of foreign exchange rate fluctuations on foreign currency deposits -315 1,294 -160 1,808 1,896 Cash and cash equivalents at the end of the period 111,966 34,015 111,966 34,015 82,490
Page 12
StrongPoint | Q3 and YTD 2025StrongPoint | Q3 and YTD 2025 22 23 Key figures KNOK Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 YTD 2025 YTD 2024 Income statement Operating revenue 319,526 350,420 346,613 339,784 313,146 1,016,559 969,282 EBITDA 13,835 7,441 10,107 5,070 12,240 31,383 -3,031 EBITA 6,251 -144 2,733 -2,176 5,298 8,841 -25,046 Operating profit EBIT 3,209 -3,211 -375 -5,325 2,193 -376 -34,154 Ordinary profit before tax (EBT) 17,706 -4,416 -11,254 -8,194 3,829 2,035 -38,588 Profit/loss after tax 17,077 -3,063 -8,296 -2,066 2,674 5,718 -29,863 EBITDA-margin 4.3 % 2.1 % 2.9 % 1.5 % 3.9 % 3.1 % -0.3 % EBT-margin 5.5 % -1.3 % -3.2 % -2.4 % 1.2 % 0.2 % -4.0 % Balance sheet Non-current assets 512,629 519,859 506,940 510,270 491,522 512,629 491,522 Current assets 492,647 477,584 473,377 517,467 474,525 492,647 474,525 Total assets 1,005,276 997,444 980,316 1,027,738 966,047 1,005,276 966,047 Total equity 477,602 462,651 457,704 465,203 467,743 477,602 467,743 Total long-term liabilities 176,869 180,754 83,204 87,132 94,053 176,869 94,053 Total short-term liabilities 350,805 354,039 439,408 475,403 404,251 350,805 404,251 Working capital 231,101 225,198 225,552 255,600 310,785 231,101 310,785 Equity ratio 47.5 % 46.4 % 46.7 % 45.3 % 48.4 % 47.5 % 48.4 % Liquidity ratio 140.4 % 134.9 % 107.7 % 108.8 % 117.4 % 140.4 % 117.4 % Net interest-bearing debt 44,925 73,620 71,918 59,659 109,294 44,925 109,294 Net leverage multiples n.m. n.m. n.m. n.m. n.m. n.m. n.m. Cash Flow Cash flow from operational activities 22,925 20,438 8,343 77,379 10,142 51,706 15,726 Net change in liquid assets 28,083 -2,534 4,087 48,387 7,118 29,636 -7,132 Share information Number of shares 44,888,352 44,888,352 44,888,352 44,888,352 44,888,352 44,888,352 44,888,352 Weighted average shares outstanding 44,738,293 44,723,666 44,705,148 44,687,807 44,665,465 44,714,407 44,612,108 EBT per shares 0.40 -0.10 -0.25 -0.18 0.09 0.05 -0.86 Earnings per share 0.38 -0.07 -0.19 -0.05 0.06 0.13 -0.67 Earnings per share, excl. M&A amortization 0.45 0.00 -0.12 0.02 0.13 0.33 -0.47 Equity per share 10.68 10.34 10.24 10.41 10.47 10.68 10.48 Employees Number of employees (end of period) 510 508 506 497 512 510 512 Average number of employees 509 507 502 505 514 506 519 Average number of FTEs 499 499 495 494 498 498 499 IFRS 16 effects Reduced OPEX 6,723 6,851 6,741 6,535 6,422 20,314 20,043 Increased depreciation 5,653 5,728 5,590 5,427 5,303 16,972 16,643 Increased interest expenses 1,069 1,122 1,151 1,107 1,119 3,343 3,399 EBT - - - - - - - Cash flow from operational activities 6,723 6,851 6,741 6,535 6,422 20,314 20,043 Cash flow from financing activities -6,723 -6,851 -6,741 -6,535 -6,422 -20,314 -20,043 Note 1 Confirmation of reporting framework The condensed and consolidated quarterly financial statements are prepared in accordance with IAS 34 Interim Financial Reporting. The quarterly financial statements do not contain all the information required in an annual financial statement and should be read in connection with the Group financial statements for 2024. Note 2 Key accounting principles The accounting principles for the report are described in note 2 in the annual financial statements for 2024. The Group financial statements for 2024 were prepared in accordance with the IFRS principles and interpretations thereof, as defined by the EU, as well as other disclosure requirements pursuant to the Norwegian Accounting Act and the Oslo Stock Exchange regulations and rules applicable as at 31.12.2024. The quarterly report and the interim financial statements have not been revised by auditor. Note 3 Segment information Reporting segments Operating revenue by products and services * Services and licenses Note 4 Related parties No significant transactions between the Group and related parties had taken place per 30 September 2025. Q3 2025 Q3 2024 YTD 2025 YTD 2024 Year 2024 MNOK Revenue EBITDA EBT Revenue EBITDA EBT Revenue EBITDA EBT Revenue EBITDA EBT Revenue EBITDA EBT Nordics 116.0 15.2 13.1 132.5 14.3 13.4 445.7 47.1 39.9 502.6 36.2 31.6 663.9 51.8 46.1 International incl Product 203.5 3.4 -5.8 180.6 2.3 -7.2 570.8 4.9 -23.0 466.7 -18.6 -46.7 645.2 -23.5 -68.8 ASA/Elim - -4.8 10.4 - -4.4 -2.3 - -20.6 -14.9 - -20.6 -23.5 - -26.3 -24.0 Total 319.5 13.8 17.7 313.1 12.2 3.8 1,016.6 31.4 2.0 969.3 -3.0 -38.6 1,309.1 2.0 -46.8 Q3 2025 Q3 2024 YTD 2025 YTD 2024 Year 2024 MNOK Products Services * Products Services * Products Services * Products Services * Products Services * Nordics 44.6 71.4 66.3 66.2 227.7 218.1 299.2 203.4 386.3 277.6 International incl Product 54.5 149.0 82.9 97.7 209.8 361.0 180.3 286.4 260.7 384.5 Elim / ASA - - - - - - - - - - Total 99.1 220.4 149.2 164.0 437.5 579.1 479.5 489.8 647.0 662.1
Page 13
StrongPoint | Q3 and YTD 2025StrongPoint | Q3 and YTD 2025 24 25 Note 5 Top 20 shareholders per 30 September 2025 No. Name No. of shares % 1 STRØMSTANGEN AS 3,933,092 8.76 2 TOHATT AS 2,244,400 5.00 3 SOLE ACTIVE AS 2,221,717 4.95 4 MUEN INVEST AS 2,170,335 4.83 5 NORDNET BANK AB 1,447,726 3.23 6 ZETTERBERG, GEORG (incl. fully owned companies) 1,400,000 3.12 7 AVANZA BANK AB 1,344,622 3.00 8 RING, JAN 1,243,374 2.77 9 VERDADERO AS 1,081,285 2.41 10 JAKOB HATTELAND HOLDING AS 1,080,850 2.41 11 EVENSEN, TOR COLKA 740,000 1.65 12 WAALER AS 650,000 1.45 13 JOHANSEN, STEIN 610,000 1.36 14 SØLVIS HOLDING AS 600,000 1.34 15 MP PENSJON PK 561,402 1.25 16 EJA HOLDING AS 560,000 1.25 17 BANK PICTET & CIE (EUROPE) AG 556,432 1.24 18 SKANDINAVISKA ENSKILDA BANKEN AB 553,190 1.23 19 ALS KINGFISHER LIMITED 506,156 1.13 20 EUROPEAN RETAIL ENGINEERING LIMITED 506,156 1.13 Sum 20 largest shareholders 24,010,737 53.49 Sum 2 082 other shareholders 20,877,615 46.51 Sum all 2 102 shareholders 44,888,352 100.00 Note 6 Share option program Total costs and Social Security Provisions 2020-2024 2025 Total Total IFRS cost 22 350 2 961 25 311 Total Social security provisions 10 -5 5 Granted instruments: Activity Number of instruments Outstanding OB (01.01.2025) 4,095,000 Granted 280,000 Terminated -475,000 Outstanding CB (30.09.2025) 3,900,000 Of which vested CB 2,208,750 Method of valuation: The fair value of share options granted is estimated at the date of grant using the Black-Scholes-Merton Option Pricing Model. The model uses the following parameters; the exercise price, the life of the option, the current price of the underlying shares, the expected volatility of the share price, the dividends expected on the shares, and the risk-free interest rate for the life of the option. Vesting requirements: The vesting of the options is dependent on the participant still being employed at Strongpoint at the time of the vesting. Method of settlement: All StrongPoint ASA options are intended to be settled in equity, but can be fulfilled through a cash-out settlement at the Boards’ discretion. Vesting period The options will vest over three years, with ¼ vesting after one year, ¼ after two years, and the remaining 2/4 after three years. The split in vesting underpins the retention ambition of the program. Any non-exercised options expire five years after grant. Definitions Working capital Inventories + accounts receivables – accounts payable Equity per share Book value equity / number of shares Operating revenue Sales revenue EBITDA Operating profit + depreciation fixed assets and intangible assets EBITA Operating profit + amortization of intangible assets EBIT Operating profit EBITDA-margin EBITDA / operating revenue EBT Profit before tax EBT-margin EBT / operating revenue Equity ratio Book value equity / total assets Liquidity ratio Current assets / short-term debt Earnings per share Profit after tax / number of shares Diluted Number of shares minus own shares plus shares granted in share option program Earnings per share adjusted Profit after tax + amortization of intangible assets / number of shares Net leverage multiple Net Interest-Bearing Debt including IFRS 16 / 12 months rolling EBITDA Net change in liquid assets The total changes in cash flow from operational activities, investment activities and financing activities Minority interest The minority part of the net profit /equity in companies where StrongPoint owns between 50,1%-99% of the shares.
Page 14
StrongPoint | Q3 and YTD 2025 26 StrongPoint ASA | Brynsengveien 10, 0667 Oslo | strongpoint.com