Slides
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Q2 2026 Report Presentation Per Ottosson | CEO Fredrik Törgren | CFO Monday, August 31, 2026
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Presenters Fredrik Törgren | CFO Various CFO & Finance roles in large corporates and in Private Equity-backed Technology and SaaS companies Former Investment Banking experience with Handelsbanken Capital Markets and Pareto Securities. M.Sc. Business & Administration, Stockholm School of Economics Per Ottosson | CEO Has +25 years of experience from leading positions in the software and SaaS industry Most recently spent 10 years with IPSoft (Amelia) - US based vendor of enterprise AI solutions - as Chief Revenue Officer M.Sc. Business & Administration, Stockholm School of Economics
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CEO Update Q2 2026
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Q2 2026 Financing forward Per Ottosson, CEO | Teneo.ai
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Refinancing: debt eliminated in full Refinancing — 27 July 2026 • Full senior loan of ~290 MSEK, including accrued interest, restructured with Capital Four • Interest-bearing debt to the lender eliminated in its entirety • 10 MSEK shareholder bridge; ~8 MSEK set off against rights-issue shares • 25 MSEK subordinated loan set off against shares at up to 2.5× the issue price • Capital Four to hold 29.99%; the first 25 MSEK of value generated to shareholders goes to the former lender
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Rights issue: ~74 MSEK covered Resolved 10 August 2026 — SEK 0.05 per share • Preferential rights for shareholders; ~14.5 MSEK commitments (~20%) plus a Pareto guarantee of ~59.5 MSEK (~80%) — ~100% covered • Net proceeds up to ~64 MSEK after ~10 MSEK of transaction costs • Repayments: ~10 MSEK cash to the lender, ~2 MSEK bridge repayment and ~52 MSEK working capital • Funds operations and Teneo X development until positive cash flow, expected during Q1 2027 • Dilution: up to ~75% for shareholders not participating; a maximum of ~85% from the full refinancing • Board expects group cash needs to be met by the refinancing plus the Q2 and Q3 2026 cost reductions
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Restructuring: Spanish Cost Base Exit Spain: exit completes 31 August 2026 • Pre-insolvency negotiations at Artificial Solutions Iberia S.L.U. yielded no commercially acceptable outcome • Collective dismissal (ERE) ends all Spanish employment — payroll and operating costs exit the Group base from Q3 • FOGASA, the state wage guarantee fund, covers wages and statutory severance, containing Group cash outflow • One-off restructuring item; go-forward operating footprint is materially leaner • We are deeply sorry to part ways with colleagues who worked diligently for us
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Focus going forward • Teneo comes out of the summer with a lower cost base, no debt, a focused organization and a product customers, prospects and partners love • The company will focus on selling and serving Teneo, and on nothing else • The overarching focus is to become cash-flow positive, aimed for during Q1 2027 • Legal pursuits arising from this year's events will be run as separate ventures for the benefit of shareholders, formalized during the autumn • From here the work is growth: converting Teneo 10 preview enthusiasm into signed customers • ICP is broader thanks to a cost base that new technology keeps low
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SIMPLIFIED Path to profitability: September → February Revenue building toward a fixed 5.0 MSEK cost base 2.0 3.0 1.0 2.0 0 1 2 3 4 5 6 September February MSEK Base revenue (existing customers) Growth (existing projects) Cost base (staff + stuff) S E P T E M B E R 3.0 MSEK revenue −2.0 MSEK vs cost base Revenue below the 5.0 MSEK line F E B R U A R Y 5.0 MSEK revenue Break-even vs cost base Revenue meets the 5.0 MSEK line 8
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I N T R O D U C I N G Teneo X The tech update making the plan possible teneo.ai T e n e o . a i · P r o j e c t F e n i x · S t r i c t l y C o n f i d e n t i a l 9
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H O W C U S T O M E R S D E P L O Y Customers choose how much AI they want One platform serving every buyer . Each use case starts where the customer is comfortable and expands over time, growing our revenue per account. The left box is where buyers make decisions 01 AI-first Fastest to launch, widest coverage — quick time to value. BEST FO R: FAS T RO LLO UT , BRO AD Q &A 02 Balanced AI flexibility inside business rules and guardrails. BEST FO R: REG ULATE D, HIGH -VO LUM E J OURNEY S 03 Fully controlled Every customer path defined — predictable outcomes and cost. BEST FO R: SPE ED , LO W CO ST, Z ERO RISK MORE AI · FASTER TO VALU E MORE CO NTRO L · LOWER COST PER IN TER AC TI ON teneo.ai T e n e o . a i · P r o j e c t F e n i x · S t r i c t l y C o n f i d e n t i a l 12
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T e n e o X New platform, proven engine — built for margin. Hybrid AI: margin lever LLM only where it pays. A deterministic core holds latency and cost per interaction down, protecting gross margin as volume scales. Observability: enterprise unlock Full audit and decision-level trace — the control regulated buyers demand, shortening security review and sales cycles. Voice Gateway: wallet share Built-in telephony with a choice of voices and STT engines displaces third-party spend and lifts ACV per account. Authoring UI: faster payback Citizen-dev first, MCP-connected. Less implementation effort and services drag, so deployments pay back sooner . Testing Suite: retention Simulation and end-to-end scenario testing built in — fewer production failures, stronger renewals. Proven at scale Teneo 8 ran 120M+ interactions a year . Accuracy and scale already proven — now faster and at lower unit cost. teneo.ai T e n e o . a i · P r o j e c t F e n i x · S t r i c t l y C o n f i d e n t i a l 10
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Financials
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Key Metrics • Net sales in constant currency amounted to 6.6 MSEK (22.1), - 70% • SaaS ARR in constant currency amounted to 12.2 MSEK (65.2), - 81% • Total ARR in constant currency amounted to 21.4 MSEK (83.7), -74% • Gross margin amounted to 70% (88) • EBITDA adjusted amounted to -17.0 MSEK (-3.9) • Adjusted cash position on June 30, 2026 of 3.5 MSEK % SaaS** * % Recurring Revenues as % of Total Net Sales. ** % SaaS Recurring Revenues as % of Total Recurring Revenues. Key Financial Highlights in Q2 2026 Partner sales decline impacted our key metrics negatively % Recurring Revenues* 98% 58%
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1 1 3 6 8 11 14 15 18 19 23 27 35 41 52 69 69 65 67 58 26 12 18 19 23 24 23 22 25 27 37 44 53 57 64 70 80 96 94 84 83 71 39 23 Q1´ 21 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 Q3´ 25 Q4´ 25 Q1´ 26 Q2´ 26 SaaS ARR constant currency ARR constant currency Linear (SaaS ARR constant currency) Linear ( ARR constant currency ) SaaS and Total ARR Quarterly Average (MSEK) Constant Currency ARR Development Constant Currency Strong SEK impacted our USD revenues
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88% 87% 85% 79% 70% 88% 87% 85% 80% 71% Q2 ´25 Q3 ´25 Q4 ´25 Q1 ´26 Q2 ´26 GM Inc. Commissions GM Exc. Commissions Gross Margin Development +70% Gross Margin
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Annual OPEX Run Rate* MSEK • Monthly OPEX(*) in Q2 2026 of 9.5 MSEK • Projected OPEX(*) run rate after measures of 60 MSEK * OPEX adjusted for non -recurring items and cost of sales Projected OPEX Run Rate 2026 117 114 60 Q2´ 25 Q2´ 26 RunRate Sept 26
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Cash Position June 30, 2026. Adjusted • On June 30, 2026, cash and bank position amounted to 1.4 MSEK • Cash received from collected Accounts Receivables in Q2 2026 amounted to 2.1 MSEK • Adjusted cash & bank approximately 3.5 MSEK on June 30, 2026 • Fully secured rights issue of 74 MSEK ongoing and a debt free company Cash Position & Financing CASH ADJUSTED 3.5 MSEK 1 2 June 26
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New Cash Flow in and out of Teneo* *Before Transactional Costs
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S U M M A R Y Debt-free, leaner, on a path to profit. Debt eliminated The full senior loan of ~290 MSEK, including accrued interest, was removed in the July 2026 refinancing. ~74 MSEK secured The rights issue resolved in August 2026 is fully covered, funding the plan through the turn to profit. 5.0 MSEK cost base With the Spanish exit complete, the Group runs to a fixed monthly cost base that revenue is built against. >70% gross margin SaaS unit economics held through the restructuring — growth converts to contribution, not just revenue. Teneo X preview shipped A new platform built on tech proven at 120M+ interactions a year, built to expand margin and deal size. Profit in sight Revenue building into the fixed cost base targets profitability on the September-to- February path. teneo.ai T e n e o . a i · P r o j e c t F e n i x · S t r i c t l y C o n f i d e n t i a l 10
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Q&A
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Thank You! Per Ottosson | CEO Fredrik Törgren | CFO