Slides
Page 1
Q3 2026 Report Presentation Per Ottosson | CEO Fredrik Törgren | CFO Wednesday, October 21, 2026
Page 2
Presenters 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 Fredrik Törgren | CFO Various CFO and finance roles in large corporates and in Private Equity-backed technology and SaaS companies Former investment banker with Handelsbanken Capital Markets and Pareto Securities M.Sc. Business & Administration, Stockholm School of Economics
Page 3
CEO Update Q3 2026
Page 4
Every Q2 commitment delivered The rescue is done. Management now spends its time on one job: growing revenue to reach positive cash flow. senior debt eliminated ~290 MSEK monthly cost base from September 5.0 MSEK rights issue ~74 MSEK gross margin held in Q3 76% Spain exit completed 19 Oct break-even target, unchanged Q1 2027
Page 5
Teneo10 gets voice AI past sign-off and into production Typical voice AI • The language model generates facts and actions • Owners, security and compliance can't prove what it will do • It answers questions; a person still does the work Teneo10 • Facts and actions run through a controlled, tested, auditable layer • The language model only words answers already verified • The three roles who block projects can say yes Replaceable model Use a European or local LLM Deploy anywhere Cloud, private cloud or in-country Fixed per-minute price Cost is known before a line of code
Page 6
Teneo10 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 Teneo.ai · Project Fenix · Strictly Confidential 10
Page 7
A lean leadership team built for growth Johan Gustavsson Chairman of the Board Per Ottosson Chief Executive Officer Marie Angselius- Schönbeck CRMO Patrik Rosenberg Chief Operations Officer Fredrik Törgren Chief Financial Officer Andreas Wieweg Chief Technology Officer Eric Aili Head of Product, Teneo10 Ramazan Gürbüz Product Marketing Maria Kristina Sundling Head of Cloud & Operations
Page 8
M&A and legal sit with the board • M&A: the project is ongoing and managed by the board • Legal: we are working to find a financing partner for the case • Management: focused purely on growing revenue and reaching positive cash flow
Page 9
Medtronic Next-gen patient agent on Teneo10, writing into ServiceNow FGS, Türkiye Go-live in a local data centre, moved from September Teneo Cash-flow break- even target FGS, Türkiye Compressed onboarding; training B2B sellers now Nordic telco AI Call Guardian goes into production Q3 2026 October November December Q1 2027 Two telco go-lives by year-end
Page 10
Q4 priorities • Bring existing projects into revenue: FGS live in November, AI Call Guardian in December, Medtronic on plan • Hold strict cost control: positive cash flow is the overriding target, with break-even in Q1 2027 • Convert Teneo10 interest into signed contracts: regulated European banks, insurers, telcos and utilities • Enable selected partners: sign partners in Q4 to sell Teneo10 to smaller and mid- sized customers Next update: Q4 report, February 24, 2027
Page 11
Financials
Page 12
Key Metrics • Net sales in constant currency amounted to 5.5 MSEK (20.4), - 73% • SaaS ARR in constant currency amounted to 12.6 MSEK (66.3), - 81% • Total ARR in constant currency amounted to 21.4 MSEK (82.2), -74% • Gross margin amounted to 76% (87) • EBITDA adjusted amounted to -11.3 MSEK (-4.5) • Adjusted cash position on September 30, 2026 of 27.7 MSEK % SaaS** * % Recurring Revenues as % of Total Net Sales. ** % SaaS Recurring Revenues as % of Total Recurring Revenues. Key Financial Highlights in Q3 2026 Partner sales decline impacted our key metrics negatively % Recurring Revenues* 100% 60%
Page 13
SaaS and Total ARR Quarterly Average (MSEK) Constant Currency ARR Development Constant Currency 1 1 3 6 8 11 14 15 18 19 23 27 35 41 51 68 68 64 66 57 27 12 13 17 18 23 23 23 21 25 27 36 44 52 57 65 70 80 95 93 83 82 70 35 21 21 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 Q3´ 26 SaaS ARR constant currency ARR constant currency Linear (SaaS ARR constant currency) Linear ( ARR constant currency )
Page 14
86% 88% 87% 85% 79% 75% 76% 86% 88% 87% 85% 80% 75% 76% Q1 ´25 Q2 ´25 Q3 ´25 Q4 ´25 Q1 ´26 Q2 ´26 Q3 ´26 GM Inc. Commissions GM Exc. Commissions Gross Margin Development +75% Gross Margin
Page 15
Annual OPEX Run Rate* MSEK • Monthly OPEX(*) after cost reduction measures of 5.0 MSEK • Annual OPEX(*) run rate after cost reduction measures of 60.5 MSEK * OPEX adjusted for non-recurring items and cost of sales OPEX Run Rate 2026 113.2 117.5 60.5 Q3´ 25 Q2´ 26 RunRate Sept 26
Page 16
Cash Position September 30, 2026. Adjusted • On September 30, 2026, cash and bank position amounted to 25.8 MSEK • Cash received from collected Accounts Receivables in Q3 2026 amounted to 1.9 MSEK • Adjusted cash & bank approximately 27.7 MSEK on September 30, 2026 • Debt Free group Cash Position & Financing CASH ADJUSTED 25.8 1.9 September 26 27.7 MSEK
Page 17
SUMMARY 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. Teneo10 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 Teneo.ai · Project Fenix · Strictly Confidential 10
Page 18
Q&A
Page 19
Thank You! Per Ottosson | CEO Fredrik Törgren | CFO