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Why. CONFIDENTIAL AND COPYRIGHT © 2020 XPLORA TECHNOLOGIES AS. ALL RIGHTS RESERVED. Disclaimer The presentation (the “Presentation”) has been produced by Xplora Technologies AS (the “Company”) for information purposes only and does not in itself constitute, and should not be construed as, an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction. The distribution of this Presentation may be restricted by law in certain jurisdictions, and the recipient should inform itself about, and observe, any such restriction. Any failure to comply with such restrictions may constitute a violation of the laws of any such jurisdiction. This Presentation includes and is based, inter alia, on forward-looking information and contains statements regarding the future in connection with the Company’s growth initiatives, profit figures, outlook, strategies and objectives. All forward-looking information and statements in this presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industry in which the Company operates. These expectations, estimates and projections are generally identifiable by statements containing words such as “expects”, “believes”, “estimates” or similar expressions. Important factors may lead to actual profits, results and developments deviating substantially from what has been expressed or implied in such statements. Although the Company believes that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Presentation. The Company is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither the Company nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use. This Presentation speaks as at the date set out on herein and will not be updated. The following slides should also be read and considered in connection with the information given orally during the Presentation. 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. 1
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2 Q2 2025 Results Presentation Xplora Technologies AS Oslo, August 15
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Team presenting Q2 report today Sten Kirkbak CEO Knut Stålen CFO Kjetil Fennefoss CEO Doro / Director Group Revenues
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CONFIDENTIAL AND COPYRIGHT © 2019 XPLORA TECHNOLOGIES AS. ALL RIGHTS RESERVED. Today's agenda Q2/H1 2025 reporting 1. Q2 highlights 2. Financial update 3. Market & Performance update 4. Post quarter events 5. Outlook
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H1 key financial insight ✓ 207k watch activations, with stable LTM conversion rate at37% ✓ Pro forma group Gross Margin up 6pp, reflecting structural margin improvement from new generation products and favorable market conditions ✓ NOK 69m reported EBITDA, including approx. NOK 19m inone-offs (OPEX) related to Doro Acquisition
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H1 25 at a glance 6 Group revenue NOK 802m +160% y/y Recurring services NOK 161 m +26% y/y Reported EBITDA NOK 69m + NOK 47m Gross profit NOK 422m +165% y/y Subscriptions 393k (281k+112k) +40% y/y Cash balance NOK 530m +319%
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Q2 key takeaways 7 ✓ Recoveryforsell-in in Q2 for the Kids & Youth segment(was on our radar in Q1) ✓ Three important launchesAurora product launch (Senior),“Doro Connect” (Senior) and first Youth product featuring the Xplora Guardian App(end Q2) ✓ Overall strong financial results(EBITDA)in particular how our core service business are scaling at the current subscription level Key strengths this quarter: On our radar: ✓ Youth and Senior SIM and service launchwill start rollingout in H2. Focus to secure conversiondata, learnings and scale throughout Q3/Q4
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8 Financial update Knut Stålen CFO
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9 Q2 financial summary Xplora reported figures NOK million Q2 2025 Q2 2024 % change H1 2025 H1 2024 % change Subscriptions (k) 393 281 40% 393 281 40% Revenue 463 190 143% 802 308 160% Gross Profit 231 92 152% 422 159 165% Gross Margin 50% 48% 2pp 53% 52% 1pp EBITDA reported 51 18 191% 69 21 220% NOK 19m in one-offs (OPEX)
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10 Q2 financial summary Proforma comparison NOK million Q2 2025 Q2 2024 Proforma % change H1 2025 H1 2024 Proforma % change Subscriptions (k) 393 281 40% 393 281 40% Revenue 463 398 16% 802 713 12% Gross Profit 231 185 25% 422 335 26% Gross Margin 50% 46% 4pp 53% 47% 6pp EBITDA reported 51 38 34% 69 54 27% The combined pro forma results reflect the aggregated historical performance of both legacy entities, adjusted for alignment in accounting policies and currency. These are presented for informational purposes and do not represent actual historical results. NOK 19m in one-offs (OPEX)
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11 Group Key Figures Q2 25 Group revenue NOK 463m +NOK 273m y/y EBITDA NOK 51m + NOK 33m y/y Gross profit NOK 231m + NOK 139m y/y - 50 100 150 200 250 300 350 400 450 500 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Service revenue Device revenue Senior contribution 463 190 48% 50% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% - 50 100 150 200 250 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Gross profit Senior contribution Gross margin (%) 0 10 20 30 40 50 60 70 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 EBITDA 231 92 51 18 Q2: Xplora: Transaction costs = NOK 2.1m Doro: IVS provision = NOK 6.5m Q1: One-off transaction costs NOK 11m
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12 Segment - Kids & Youth Key Figures Q2 25 Revenue NOK 216m +13% y/y Service revenue ARR NOK 327m + NOK 64m y/y 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% - 50 100 150 200 250 300 350 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 ARR ARR gross margin (%) Gross profit NOK 116m + NOK 25m y/y - 50 100 150 200 250 300 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Service revenue Device revenue Inter segment 195 219 48% 54% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% - 20 40 60 80 100 120 140 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Gross profit Gross margin (%) 92 116
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13 Segment - Senior Key Figures Q2 25 Revenue NOK 247m +19% y/y Gross profit NOK 115m + NOK 22m y/y - 50 100 150 200 250 300 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Revenue (reported by Doro AB) Revenue 45% 46% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% - 20 40 60 80 100 120 140 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Gross profit (reported by Doro AB) Gross profit Gross margin (%)Note: Historic SEK figures converted to NOK. Service revenue 247 208 115 93 Launched mobile subscriptions and services for the senior customer base in the second quarter of 2025.
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14 Improving operational leverage Operating expenses (NOKm) ● Total operating costs of NOK 180m in Q2 25 ○ Kids and Youth of NOK 83m excluding newly introduced senior segment compared to NOK 74m in Q2 24 ○ Senior costs of NOK 99m including NOK 7m provisions from discontinued operations ○ Continued investments in organization and marketing in both segments. ● Operating costs as percentage of revenue on declining trajectory 0% 10% 20% 30% 40% 50% 60% 0 25 50 75 100 125 150 175 200 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Kids & Youth opex Senior opex LTM OPEX % of LTM revenue (Group)
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15 Profit & Loss ● EBIT improvement to NOK 37m from NOK 7m in Q2 24 ● D&A NOK 13m up from NOK 11m in Q2 24, down from NOK 24m in Q1 25, the final amortization quarter for Xplora Mobile customer contracts ● Net finance expenses of NOK 61m, driven by interest and admin fee (NOK 15m) and non-cash currency effects (NOK 38m) of the acquisition loan Q2 25 Q2: Xplora: Transaction costs = NOK 2.m Doro: IVS provision = NOK 6.5m Q1: One-off transaction costs NOK 11m
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16 Profit & Loss ● Net finance expenses of NOK 61m ● NOK 38m currency impact/translation loss ○ Non-cash impact of increase in EUR during the quarter ● NOK 15m interest and fees on acquisition loan ○ Full quarter of interest ○ Up to 75% of EURIBOR interest is hedged ● NOK 7m other net financial items Net finance expenses Q2 25 (NOKm) 38 15 7 61 Currency impact/translation loss Interest on acquisition loan Other net financial items Net finance items 0 10 20 30 40 50 60 70
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17 Balance Sheet Q2 25 ● Assets increased to NOK 2,066m from NOK 1,935m in Q1 25 ○ Mainly from inventory increase to NOK 321 from NOK 242m ○ Receivables NOK 282m up from NOK 222m in Q1 25 ● Bank debt of NOK 963m, relating to financing of Doro AB Acquisition with negative currency effects in Q2 25 ● Current liabilities to financial institutions NOK 74m up from to NOK 47m in Q2 25 ● Cash position of NOK 530m, down from NOK 545m in Q1 25
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18 Cash flow Q2 25 ● Non-cash currency effects on the acquisition loan of NOK 38m ● Investments in working capital of negative NOK 43m driven by the Senior Segment ○ Senior segment securing volumes of Leva feature phones, Kids & Youth inventories down in the quarter ● Capex of NOK 15m in Q2 25 vs NOK 16m in Q1 25 ● Increase in supply chain financing facility and acquisition loan-related payments, resulting in net cash flow from financing activities of negative NOK 1m 545 - 23 13 38 15 - 43 - 15 - 1 530 0 100 200 300 400 500 600 700
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CONFIDENTIAL AND COPYRIGHT © 2019 XPLORA TECHNOLOGIES AS. ALL RIGHTS RESERVED. Market & Performance update Kjetil Fennefoss CEO Doro / Director Group Revenue
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20 SENIOR ✓ Senior market (ages 65+) • Position: Category leader • Markets: 8 core with SIM • Size/TAM:119m seniors • Buyer: User + Family member • Focus: Introduce DoroConnect * Total Addressable Market
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21 Doro Q2 25: A shift in strategy - Smartphones ●Aurora smartphones launched on May 20 ●Supported by extensive digital marketing campaign ●Tailormade for the target group and physical needs ○Audio ○Vision ○Technical ●Successful launch and well received in the market
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22 The Leva series ● Continues to be a success ○ Main contributor to the 12.3% y/y growth ○ Holds a very solid position in the feature phone segment ● Shift from 2G to 4G drives volume ● HD Voice for better sound quality ● See caller ID without opening the phone ● Safety button for emergency contact and share GPS location
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23 Doro Connect launched on June 17
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24 Doro Connect rollout timeline
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Kids & Youth • Position: Existing + New Category • Markets: 9 core with SIM • Size/TAM*:+80 million • Buyer: Parents primarily • Focus: Kids conversion and migration ✓ Kids + Youth market (ages 5-15) * Total Addressable Market
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26 0 10 20 30 40 50 60 70 80 90 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Norway Sweden Finland Denmark Germany US UK Spain France Service revenue: 25% growth Q2 y/y Service revenue distribution (NOKm) ● Service revenue +25% YoY to NOK 82m in Q2 25 ● ARR (Annual Recurring Revenue): NOK 327m ● Service revenue from outside Nordics: ○ Q2 25: 20% ○ Q2 24: 13% ● Germany: High subscription growth in Q2 25 ○ 144% y/y growth ○ Our 3rd biggest service revenue market after Norway and Sweden ○ NOK 9.7m revenue in the quarter 82 66 +25% Nordics 80% of total
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27 37% of watches activated with recurring service 26% 33% 37% 0% 5% 10% 15% 20% 25% 30% 35% 40% 0 20 40 60 80 100 120 140 160 180 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Watch Activations LTM Conversion rate ● Watch activations ○ First time usage by the end-consumer ○ Combination of sell-out in the channels: • Xplora web shop • Amazon • Telco and retailers ● Service/watch conversion rate ○ Q2 25: 37% ○ Q2 24: 33% ○ Four quarters rolling average Service c𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜 𝑜𝑜𝑟𝑟𝑟𝑟𝑜𝑜 = 𝑁𝑁𝑁𝑁𝑁𝑁 𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠 𝑠𝑠𝑠𝑠𝑠𝑠𝑁𝑁𝑠𝑠 (𝐶𝐶𝑠𝑠𝑠𝑠𝑠𝑠𝑁𝑁𝑠𝑠𝑠𝑠𝑠𝑠𝐶𝐶𝑠𝑠𝑠𝑠𝐶𝐶+𝐵𝐵𝐵𝐵𝐵+𝑆𝑆𝑁𝑁𝑠𝑠𝐶𝐶𝑠𝑠𝑠𝑠𝑁𝑁 𝑓𝑓𝑁𝑁𝑁𝑁) 𝑊𝑊𝑠𝑠𝑠𝑠𝑠𝑠𝑊 𝐴𝐴𝑠𝑠𝑠𝑠𝑠𝑠𝐶𝐶𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠 Watch activations (k)
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28 Smartwatch unit sales (Kids & Youth) Sales ● 154k Units sold in the kids & Youth segment in H1 25 ○ Record high Q2 Units sold (k) by Kids & Youth segment Xplora Web 11% Amazon 13% Telco 47% Retail 29% Units sold Channel distribution H1 25 Nordic 26% Rest of Europe 72% North America 2% Units sold Regional distribution H1 25
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29 Smartwatch unit sales and activations ● 154k smartwatches sold in H1 25 ● 207k smartwatches activated in H1 25 ● LTM (last 12 months) activations now slightly higher than LTM units sold ○ Indicate three things: • On average over time, activations is equal to units sold • H1 sees build-up of demand from businesses, as inventories have been reduced from high end-user activations. • Because of seasonality (back-to-school and Christmas), the product demand is higher in H2 Sell-in vs. sell-out (k) in Kids & Youth segment 154 207 484 490 0 100 200 300 400 500 Units sold H1 25 Units Activated H1 25 LTM Units sold LTM Activations
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30 Service subscription base: 393k, +40% y/y Total subscription base (k) + 112k YoY Mobile subscriptions: 271k ● MVNO in 9 markets ● Single service with highest ARPU ● + 50k y/y (+ 22%) Premium – Activity Platform: 89k ● Value added service ● Bundled with mobile subscription or ● Stand-alone sales in Xplora app ● + 44k y/y (+ 97%) B2B subscriptions: 25k ● When telcos include their SIM ● Nordics, Germany and USA ● + 12k y/y (+ 102%) Service-fee: 8k ● For customers who opt-in for another SIM card than Xplora’s in Nordic retail channels ● +6k YoY 0 40 80 120 160 200 240 280 320 360 400 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 +40%
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31 DE 54% Nordics 28% ES 9% UK 7% US FR 1% 0 40 80 120 160 200 240 280 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Mobile Subscriptions: 271k, +22% y/y Mobile subscriptions (k) Net growth in Q2 25 50k y/y Germany with highest net growth of 27k y/y + 22% 271k 221k Mobile subscriptions y/y net growth
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32 ARPU (average revenue per user) +NOK 6 ARPU on mobile subscriptions (4Q rolling) ● ARPU increase: ○ +NOK 6 y/y ● ARPU drivers: ○ Increased sales of Xplora Premium subscriptions (higher priced) ○ New subscribers come in on a higher priced mobile price plan ○ Annual price increase on existing subscriptions ● Blended GM: 82% ● Annual revenue effect +19.5 NOKm 91 97 105 111 39 59 67 0 20 40 60 80 100 120 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Nordic ROTW 𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴 = 𝐴𝐴𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑅𝑅𝑜𝑜 𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑠𝑠𝑜𝑜𝑜𝑜 (𝐶𝐶𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑠𝑠𝑟𝑟𝑜𝑜𝑜𝑜𝑜𝑜𝑟𝑟𝐶𝐶 + 𝐴𝐴𝑜𝑜𝑜𝑜𝑃𝑃𝑜𝑜𝑅𝑅𝑃𝑃) 𝐶𝐶𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑠𝑠𝑟𝑟𝑜𝑜𝑜𝑜𝑜𝑜𝑟𝑟𝐶𝐶 𝑜𝑜𝑅𝑅𝑠𝑠𝑜𝑜𝑠𝑠𝑜𝑜𝑜𝑜𝑠𝑠𝑟𝑟𝑜𝑜𝑜𝑜𝑜𝑜 𝑠𝑠𝑟𝑟𝑜𝑜𝑜𝑜
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33 Youth – Fusion X1 Fusion X1 launched ● Launched in June: ○ Xplora´s D2C (Web and Amazon) ○ Elkjøp Nordic ○ Telia Finland, Elisa Finland ● EUR 5.99 service fee ● Mobile subscriptions starting from Q3 ´25
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CONFIDENTIAL AND COPYRIGHT © 2019 XPLORA TECHNOLOGIES AS. ALL RIGHTS RESERVED. Post Quarter & outlook
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35 Key highlights 1. Launching mobile connectivity in Canada 2. NewB2B Guardian App Contract 3. Strong demand across senior product lines 4. ARR Milestone
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36 Mobile Connectivity services in Canada Expanding to Canada with SIM Services We're excited to launch Xplora SIM services in Canada, marking a significant milestone in our North America growth strategy! ● Launching on Bell’s network ● Official launch in August through Xplora channels ● In-store presence starting September in 30 Best Buy locations across Canada
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37 B2B Service Revenue Milestone Platform Licensing with HMD Global Xplora has expanded its partnership with HMD Global, signing a new agreement to license the Xplora platform and Guardian App across a range of mobile products. This marks an important step beyond D2C — tapping into B2B service revenue by enabling partners to offer safer, smarter devices powered by our family IoT platform. First launch expected to take place in partnership with a major mobile operator Business model: High margin monthly license fee per user
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38 Strong demand across the Senior line-up Several sales order secured, with increased order intake! Leva series were introduced in Q1 and show very strong interest, in particular from France. This strengthen our position in the French market but also demonstrates the growing international demand for Leva Additionally, Doro currently enter Q3 25 with the highest order reserve to-date
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39 Passing the 400k subscription mark With 400k Subscriptions we have reached a new major milestone in our Service Revenues. 406k subscriptions 60k in SE / 50k in DE 90k Premium
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CONFIDENTIAL AND COPYRIGHT © 2019 XPLORA TECHNOLOGIES AS. ALL RIGHTS RESERVED. • Continued annual growth in the Kids & Youth segment • Launch Doro Connect through webshops in the other Nordic markets during Q3, and in additional European markets towards the end of Q4 Provide first conversion data for the Senior Segment • Focus on Service Revenue growth and increased profitability on EBITDA and EBIT level • Continue path to 1 million subscriptions and transition into a family IoT company as a product and service provider Outlook