Interim report
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Valuno reports net sales of € 107.4 million during Q3 ‘24/25 to compare with € 23.4 for the third quarter last year. This growth is due to increased transaction volumes via Valuno’s collaboration partners and customers. The gross margin amounted to 2.2 %. Third quarter, January – March 2025 in summary • Net sales totalled € 107.4 million (23.4). • Gross profit amounted to € 2.3 million (1.3) with a gross margin of 2.2% (5.4%). • Adjusted EBITDA was € 0.1 million (-0.2). • EBIT totalled € -0.6 million (-1.1). • Basic earnings per share amounted to -0.01 EUR (-0.01). Nine months period, July – March ‘24/25 in summary • Net sales totalled € 312.1 million (36.5). • Gross profit amounted to € 8.4 million (0.6) with a gross margin of 2.7% (5.1%). • Adjusted EBITDA was € 1.7 million (-2.9). • EBIT totalled € 0.4 million (-7.7). • Basic earnings per share amounted to 0.00 EUR (-0.09). Events during the quarter • It was decided at an Extraordinary General Meeting to change the company name from Quickbit eu AB (publ) to Valuno Group AB (publ), which was later approved by the Swedish Companies Registration Office. • Valuno announced a revenue update for December, January and March. • Valuno informed that the Swedish Financial Supervisory Authority (Finansinspektionen) has informed them of its intention to conduct an investigation into Valuno’s subsidiary, QB Europe AB, regarding compliance with anti-money laundering regulations. • Valuno stated that services by the provider Intergiro have been paused due to information indicating that Intergiro has been used for money laundering. • Valuno announced that a new agreement has been reached with Paysecure (Netgraph) concerning their previous contract. The agreement entails that no shares will be issued to Paysecure, and that Valuno will repay the loan of € 0.5 million along with a market-based interest component. • Valuno announced that CTO Wilhelm Eklund is leaving the company for new opportunities, and that Hugo Lang has been promoted to Head of Product and will join the management team. In addition, Jesper Sundström and Martin Samuelsson have been promoted to Chief Strategy Officer (CSO) and Business Area Manager Payment & Shopping, and Chief Innovation Officer (CIO) and Business Area Manager Partnerships, respectively. Events after the quarter • Valuno announced that Henrik Oscarsson, previously System Architect, is promoted to Chief T echnology Officer and takes in the Group Management.Financial Calendar Y ear-end report ‘24/25 27 Aug 2025 Annual Report ’24/25 4 Nov 2025 Annual General Meeting 2024 25 Nov 2025 JANUARY – MARCH 2025 € 107.4 million NET SALES Q3 ’24/25 € 2.3 million GROSS PROFIT Q3 ’24/25 This report is published in Swedish and English. In the event of any differences between the English version and the Swedish original, the Swedish version takes precedence. Financial summary Third quarter Nine month 12 months € MILLION Jan – Mar 2025 Jan –Mar 2024 Jul 2024 – Mar 2025 Jul 2023 – Mar 2024 Jul 2023 – Jun 2024 Net sales 107,4 23,4 312,1 36,5 88,2 Sales growth (%) 358% -60% 254% -84% -62% Gross profit 2,3 1,3 8,4 1,9 3,3 Gross margin (%) 2,2% 5,4% 2,7% 5,1% 3,7% Adjusted EBITDA 0,1 -0,2 1,7 -2,9 -4,0 Adjusted EBITDA margin (%) 0,1% -1,0% 0,6% -8,1% -4,5% Average Daily Volume (ADV) 1,2 0,3 0,9 0,1 0,2 See pages 15–16 for the definitions and derivations of the above alternative performance measures. INTERIM REPORT Q3 ’24/25 Valuno | Interim Report Q3 ’24/25 1
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COMMENTS BY THE CEO We continue to move forward – delivering on our strategy The first part of 2025 has been eventful for Valuno Group. Early in the quarter, we completed our name change to Valuno Group – a significant milestone that signals our new direction. At the same time, we launched our updated strategy and submitted our application for a MiCA license – an important step toward becoming a fully regulated player at the EU level. In the third quarter of 2024/2025, we achieved net sales of € 107.4 million (23.4), corresponding to a 358% growth compared to the same quarter last year. This is an outstanding result and a clear sign of how far we’ve come in just one year. I’m proud that we have now established ourselves at substan - tially higher revenue levels than in the previous year. Net sales decreased slightly compared to Q2, where we experienced unexpectedly strong growth that tested both our capacity and infrastructure. In Q3, we implemented key changes to our commercial strategy, focusing on sustainable growth and global expansion. We streamlined our transaction structure and still maintained transaction volumes in line with previous records. This demonstrates that we are now operating from a more robust and scalable platform – ready for continued growth. Gross profit amounted to € 2.3 million, with a gross margin of 2.2%. This is slightly lower than in previous quarters, primarily due to increased competition where pricing is a key factor, as well as somewhat higher costs related to acquiring banks. We are continuously and systematically working on optimizing our financial infrastructure, both operationally and in terms of cost-efficiency. One of the absolute highlights of the quarter was the submission of our MiCA application. This is the result of long-term efforts, with our legal team doing an outstanding job. The review process at the Swedish Financial Super - visory Authority is underway and progressing according to plan, but it is still too early to provide an exact timeline for approval. Once the license is in place, we will be able to offer our services directly to consumers and businesses across the EU – a major step forward. Organizationally, we have also strengthened our leadership team. Hugo Lang has joined as our new Head of Product. Jesper Sundström and Martin Samuelsson have been promoted to Chief Strategy Officer (CSO) and Business Area Manager Payment & Shopping, and Chief Innovation Officer (CIO) and Business Area Manager Partnerships, respectively. After the end of the quarter, we also promoted Henrik Oscarsson to Chief Technology Officer (CTO). These changes are fully aligned with our strategy to divide the company into clearly defined business areas – Payment & Shopping and Partnerships – which will give us greater focus, increased innovation capacity, and better scalability. I am also very pleased that we have finalized an agreement with Paysecure/Netgraph. After tough but constructive negotiations, we reached a solution that does not involve any further dilution for our shareholders. Instead of a share issue, we have agreed to repay the previous bridge loan, including market-based interest – a clear success for the company and a win for our shareholders. In summary, Valuno stands strong. We have a skilled team, a clear strategy, and a business model that is well- aligned with current market trends. We are now building a future-proof platform – not only for our own growth, but also to drive innovation in crypto payments and digital transaction services at large. With high energy and strong confidence in the future, we continue taking Valuno to the next level. Daniel Sonesson CEO, Valuno Group Valuno | Interim Report Q3 ’24/25 2
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Financial overview Net sales and gross profit Third quarter, January – March ‘24/25 Net sales amounted to € 107.4 million (23.4) during the third quarter, which is an increase of 358% Y oY . The main reasons for the high growth the last year are new collabo- rations and customers contributing to increased transac- tion volumes, as well as that Valuno’s inhouse developed products are contributing to increased sales. Gross profit totalled € 2.3 million (1.3) during the third quarter with a gross margin of 2.2% (5.4%). The margin is at a lower level compared to much of the previous year, which is due to products with higher margins constituting a proportionally larger share of total sales and that growth in recent quarters has primarily occurred regarding products with lower margins. The margin that Valuno can take in different transaction flows, i.e., the price for our services, is also a competitive factor in the market. Nine months, July – March ’24/25 Net sales amounted to € 312.1 million (36.5) during the period, which is an increase of 254 % Y oY . The main reasons for the high growth the last year are new collaborations and customers contributing to increased transaction volumes, as well as that Valuno’s inhouse developed products are contributing to increased sales. Gross profit totalled € 8.4 million (1.9) during the period with a gross margin of 2.7% (5.1%). The reasons for the lower margin are the same factors as mentioned above. Expenses Third quarter, January – March ‘24/25 Other external costs amounted to € -1.1 million (-0.8) during the third quarter. The increase during the quarter is mainly explained by slightly higher operating costs related to enabling continued operations and growth, primarily to prepare and submit the application for a MICA license. Personnel expenses totalled € -1.1 million (-0.7). During the quarter approximately € 0.15 million in personnel costs have been capitalized regarding continued development of Corporate Wallet. Nine months, July – March ’24/25 Other external costs amounted to € -3.6 million (-2.3) during the third quarter. The increase during the quarter is mainly explained by slightly higher operating costs related to enabling continued operations and growth, primarily to prepare and submit the application for a MICA license. Personnel expenses totalled € -3.1 million (-2.5). The increase compared to the same period last year, is due to new hires aimed at preparing the organization for continued growth. During the quarter approximately € 0.3 million in personnel costs have been capitalized regarding development of Corporate Wallet. Net sales € million Net sales, EUR million 0 20 40 60 80 100 120 140 Q3 '24/25Q2 '24/25Q1 '24/25Q4 '23/24 Periods prior to Q1 ’23/24 are not comparable due to Valuno’s revenues sice then being generated through new products and structures, as well as through new collaboration partners and customers. All figures in parentheses refer to the corresponding year-earlier period unless otherwise indicated. Valuno | Interim Report Q3 ’24/25 3
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All figures in parentheses refer to the corresponding year-earlier period unless otherwise indicated. Earnings Third quarter, January – March ‘24/25 Adjusted EBITDA was € 0.1 million (-0.2), corresponding to an adjusted EBITDA margin of 0.1% (-1.0%). One adjustment has been made related to currency exchange amounting to € -0,3 million (0,5). Depreciation and amortization of tangible and intangible assets amounted to € 0.4 million (0.5) and refers to amortization of capitalized expenses for product development and other intangible assets. EBIT totalled € -0.6 million (-1.1). The tax expense was € 0.0 million (0.0). Accordingly, net profit for the third quarter of the ‘24/25 financial year amounted to € -0.6 million (-1.1). Nine months, July – March ’24/25 Adjusted EBITDA was € 1.7 million (-3.0), corresponding to an adjusted EBITDA margin of 0.6% (-8.2%). One adjustment has been made related to currency exchange amounting to € 0,2 million (0,4). Depreciation and amortization of tangible and intangible assets amounted to € 1.1 million (4.3) and refers to amortization of capitalized expenses for product development and other intangible assets. EBIT totalled € 0.4 million (-7.7). The tax expense was € 0.0 million (0.0). Accordingly, net profit for the period amounted to € 0.4 million (-7.9). Financial position Other intangible assets amounted to € 1.7 million (1.6) and largely consists of in-house products. No write-downs affect this quarter. On March 31, 2025, other receivables in the consolidated balance sheet amounted to € 3.8 million (1.8). Cash flow Third quarter, January – March ‘24/25 Cash flow from operating activities during the quarter amounted to € -5.9 million (-0.1). This impact is mainly driven by changes in the working capital. Cash flow from investing activities amounted to € -0.7 million (0.0). Cash flow from financing activities € 0.2 million (-0.0). On 31 March 2025 the Group’s cash and cash equivalents amounted to € 2.1 million (0.8). Nine months, July – March ’24/25 Cash flow from operating activities during the quarter amounted to € -0.5 million (-1.5). This impact is mainly driven by the increase in operating result. Cash flow from investing activities amounted to € -0.9 million (-0.0). Cash flow from financing activities € -0.0 million (1.1). Valuno | Interim Report Q3 ’24/25 4
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Other information Parent Company Third quarter, January – March ‘24/25 The Parent Company’s third quarter net sales amounted to SEK 30.0 million (6.5). Inter-group services are eliminated in the consolidated accounts. Other operating income amounted to SEK 1.5 million (1.2). EBIT for the Parent Company totalled SEK 4.0 million (-15.3). Profit for the period totalled SEK 3.9 million (-15.3). Cash and cash equivalents amounted to SEK 17.5 million (3.8) on 31 March 2025. Nine months, July – March ’24/25 The Parent Company’s net sales for the period amounted to SEK 84.1 million (13.6) and is mainly inter-group services. Other operating income amounted to SEK 1.3 million (-1.0). EBIT for the Parent Company totalled SEK 1.0 million (-50.1). Profit for the period totalled SEK 0.9 million (-52.3). Employees The number of employees on payroll per 31 March 2025 were 32 (23) and the number of consultants with valid contracts per 31 March 2025 were 10 (6). During the third quarter, the average number of employees was 31,3 (24,6) and the average number of consultants was 10,6 (6). The workforce total averaged 41,7 (30,6). Risks and uncertainties General risks Valuno’s faces a number of risks and uncertainties that may directly or indirectly impact the company’s operations. These uncertainties include regulatory risks linked to changes in regulations and legislation in countries where Valuno operates. Valuno’s primary income is in euros, which thus entails a negative impact if the krona strengthens against the euro. Specific risks Liquidity risks The Board and management assess that Valuno now has sufficient liquidity and capital to continue operating for the foreseeable future. However, should the conditions for the business change, a certain liquidity risk may arise, whereas some form of capital injection might actualize. The share Valuno’s share has been listed on Nordic Growth Market Nordic SME since 11 July 2019. The listing price was SEK 3.20 and the final price paid on 31 March 2025 was SEK 2.30. During the period 1 January to 31 March 2025, share turnover totalled approximately 23 million with a value of around SEK 73 million, corresponding to approximately 17 % of the total number of shares in Valuno at the end of the period. The highest price paid during the period 1 January to 31 March 2025 was SEK 3.99 (19 February 2025) and the lowest price paid was SEK 2.18 kr (31 March 2025). On 31 March 2025, Valuno’s share capital amounted to SEK 1 399 802.48 kr (1 399 802.48). At the end of the third quarter, the number of shares totalled 139 980 248 shares, corresponding to a quotient value of SEK 0.01 per share. Valuno | Interim Report Q3 ’24/25 5
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Shareholders On 27 March 2025 Valuno had 9547 shareholders, an increase of 143 shareholders compared to the same period last year. The major shareholders as of 27 March 2025 are presented in the table below: SHAREHOLDERS % OF SHARES NUMBER OF SHARES AVANZA PENSION 10.55 % 14,764,452 TOBOR LIMITED 5.67 % 7,937,303 NORDNET PENSIONSFÖRSÄKRING AB 5.28 % 7,384,956 PETER LILJEROOS 3.28 % 4,590,000 PER ÖBERG, GENOM COELI WEAL TH MANAGEMENT 2.86 % 4,000,000 FURUHEM HOLDING AB 2.53 % 3,540,000 AB M10 INVESTMENT 2.14 % 2,993,951 WAEL MRAD 1.93 % 2,706,698 PIERRE FRICK 1.54 % 2,155,509 NILEZIA HOLDINGS LIMITED 1.50 % 2,092,737 THE 10 LARGEST SHAREHOLDERS 35.35 % 52,165,606 OTHER SHAREHOLDERS 64.65 % 87,514,642 TOTAL NUMBER OF SHARES 100.0 % 139,980,248 Related-party transactions No transactions with related parties have occurred during the quarter. Forward-looking statements This interim report contains statements concerning, inter alia, Valuno’s financial position and profitability, as well as statements about growth and long-term market potential that may be forward-looking. Valuno believes that the expecta- tions reflected in these forward-looking statements are based on reasonable assumptions. However, forward-looking statements include risks and uncertainties and actual results or consequences may differ materially from those stated. In addition to what is required by applicable law, forward-looking statements apply only on the day they are made and Valuno makes no undertaking to update any of them in light of new information or future events. Review This interim report has not been subject to review by the company’s auditor. Contact Daniel Sonesson, CEO T elefon: +46 73 530 30 25 E-mail: investor@quickbit.com Source: Monitor av Modular Finance AB. Consolidated and compiled data from Euroclear, Morningstar and Finansinspektionen, amongst others. Valuno | Interim Report Q3 ’24/25 6
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The board of Directors and the CEO declare that the undersigned interim report provides a true and fair overview of the Parent Company’s and the Group’s operations, their financial position and performance as well as describing material risks and uncertainties facing the Parent Company and other companies in the Group. Stockholm, den 21 Maj 2025 Signatures Peter Liljeroos Chairman of the Board Henrik Vilselius Board member Nickolaj Johansson Board member Mikael Fallström Board member Daniel Sonesson CEO Valuno Group AB (publ) Valuno | Interim Report Q3 ’24/25 7
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Consolidated income statement, condensed Third quarter Nine month 12 months Amounts in € million Note Jan – Mar 2025 Jan – Mar 2024 Jul 2024 – Mar 2025 Jul 2023 – Mar 2024 Jul 2023 – Jun 2024 Income Net sales 2 107.4 23.4 312.1 36.5 88.2 Other operating income -0.2 -0.1 -0.1 0.1 -0.0 T otal income 107.2 23.3 312.0 36.6 88.2 Operating expenses Purchase of cryptocurrency and other fees -105.1 -22.2 -303.7 -34.6 -84.9 Other external expenses -1.1 -0.8 -3.6 -2.3 -3.6 Personnel expenses -1.1 -0.7 -3.1 -2.5 -3.6 Depreciation and amortisation of PPE and intangible assets -0.4 -0.5 -1.1 -4.3 -4.8 Other operating expenses -0.0 -0.3 -0.0 -0.5 -0.4 EBIT -0.6 -1.1 0.4 -7.7 -9.1 Financial items Financial costs -0.0 -0.0 -0.0 -0.2 -0.2 EBT -0.6 -1.1 0.4 -7.9 -9.3 T ax on profit for the period 0.0 0.0 -0.0 0.0 0.0 Net profit for the period -0.6 -1.1 0.4 -7.9 -9.3 OTHER COMPREHENSIVE INCOME Items that may be reclassified to profit for the period: Exchange differences on translation of foreign operations 0.0 0.1 -0.3 0.3 0.2 T otal comprehensive income for the period -0.6 -1.1 0.1 -7.6 -9.1 Earnings per share, € Basic -0.01 -0.01 0.00 -0.09 -0.08 Diluted¹) -0.01 -0.01 0.00 -0.09 -0.08 Number of shares Weighted-average, before dilution 88,460,736 139,980,248 88,460,736 115,568,134 119,224,055 Weighted-average, after dilution 88,460,736 139,980,248 88,460,736 115,568,134 119,224,055 1) No dilutive effect arises from the conversion of warrants to ordinary shares if this would lead to an improvement in earnings per share, according to IAS 33. Valuno | Interim Report Q3 ’24/25 8
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Consolidated balance sheet, condensed Amounts in € million Note 31 Mar 2025 31 Mar 2024 30 Jun 2024 ASSETS Non-current assets Capitalised expenditure on development and similar work 1.9 2.9 2.6 Goodwill 0.2 0.2 0.2 Other intangible assets 1.7 1.6 1.6 Right-of-use assets 1.1 0.3 0.3 Equipment and tools 0.4 0.0 0.0 Other non-current receivables 0.4 0.3 0.3 Deferred tax assets 0.0 -0.1 0.0 T otal non-current assets 5.6 5.3 5.1 Current assets Inventory of cryptocurrency – 0.1 0.1 T rade receivables – – – Current tax assets 0.6 1.2 0.6 Other receivables 3.8 1.8 2.2 Prepaid expenses and accrued income 6.2 2.3 2.2 Cash and bank balances 2.2 0.7 3.4 T otal current assets 12.8 6.1 8.4 TOTAL ASSETS 18.4 11.4 13.5 EQUITY AND LIABILITIES Equity Share capital 0.1 0.1 0.1 Other contributed capital 13.2 13.2 13.2 Reserves -0.6 -0.6 -0.5 Other equity including net profit for the period -10.3 -9.1 -10.5 T otal equity 2.4 3.6 2.2 Non-current liabilities Deferred tax liability 0.0 0.0 0.1 Non-current lease liabilities 0.7 0.0 0.0 Other non-current liabilities 0.1 0.1 0.1 T otal non-current liabilities 0.9 0.1 0.2 Current liabilities Current tax liabilities 0.5 1.0 0.9 Current lease liabilities 0.4 0.3 0.3 Other current liabilities 13.7 3.0 7.9 Accrued expenses and deferred income 0.5 3.4 1.9 T otal current liabilities 15.1 7.6 11.1 TOTAL EQUITY AND LIABILITIES 18.4 11.4 13.5 Valuno | Interim Report Q3 ’24/25 9
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Consolidated changes in equity, condensed Amounts in € million Note Share capital Other contributed capital Reserves Retained earnings (incl. net profit for the period) T otal equity OPENING BALANCE ON 1 JUL Y 2023 0.1 11.8 -0.7 -1.2 10.0 Net profit for the period – – – -7.9 -7.9 Reserve – – 0.3 – 0.3 T otal comprehensive income for the period 0.1 11.8 -0.5 -9.1 2.4 Transactions with shareholders Earnout – – – – – Share issue, after issue costs 0.0 1.4 – – 1.4 Share-based payments to personnel – – – – - T otal transactions with shareholders 0.0 1.4 – – 1.4 CLOSING BALANCE ON 31 MARCH 2024 0.1 13.2 -0.5 -9.1 3.7 OPENING BALANCE ON 1 JUL Y 2024 0.1 13.2 -0.6 -10.5 2.2 Net profit for the period – – – 0.4 0.4 Reserve – – -0.2 – -0.2 T otal comprehensive income for the period 0.1 13.2 -0.7 -10.2 2.4 Transactions with shareholders Earnout – – – – – Share issue, after issue costs – – – – – Share-based payments to personnel – – – – – T otal transactions with shareholders – – – – – CLOSING BALANCE ON 31 MARCH 2025 0.1 13.2 -0.7 -10.2 2.4 Valuno | Interim Report Q3 ’24/25 10
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Consolidated statement of cash flows, condensed Third quarter Nine month 12 months Amounts in € million Notee Jan – Mar 2025 Jan – Mar 2024 Jul 2024 – Mar 2025 Jul 2023 – Mar 2024 Jul 2023 – Jun 2024 Operating activities EBIT -0.9 -1.2 0.3 -7.8 -9.2 Non-cash items 1.0 0.5 1.2 4.4 4.9 T ax paid 0.0 -0.0 -0.0 0.0 0.7 Interest paid -0.0 -0.0 -0.0 -0.2 -0.2 0.1 -0.8 1.4 -3.6 -3.8 Change in working capital Increase (-)/decrease(+) in operating receivables -1.6 -1.7 -5.2 -0.8 -1.0 Increase (+)/decrease(-) in operating liabilities -4.4 2.4 3.3 2.9 6.2 Cash flow from operating activities -5.9 -0.1 -0.5 -1.5 1.3 Investing activities Investments in non-current intangible assets -0.4 0.0 -0.5 -0.0 -0.0 Investments in PPE -0.3 0.0 -0.3 -0.0 -0.0 Acquisition of subsidiaries – 0.0 0.0 – – Investments in non-current financial assets – 0.0 -0.1 0.0 -0.0 Cash flow from investing activities -0.7 0.0 -0.9 0.0 -0.0 Financing activities Incease (-)/decease (+) of other financial liabilities – – – – – Incentive programme – – – – – Issue of shares – – -0.0 1.4 1.4 Principal elements of lease payments 0.2 -0.0 -0.0 -0.3 -0.4 Cash flow from financing activities 0.2 -0.0 -0.0 1.1 1.0 Cash flow for the period -6.4 -0.1 -1.5 -0.4 2.3 Opening cash and cash equivalents 8.3 0.9 3.3 1.1 1.1 Exchange difference in cash and cash equivalents 0.3 -0.0 0.2 0.0 -0.1 Closing cash and cash equivalents 2.1 0.8 2.1 0.8 3.3 Valuno | Interim Report Q3 ’24/25 11
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Parent Company income statement, condensed Third quarter Nine month 12 months Amounts in SEK million Note Jan – Mar 2025 Jan – Mar 2024 Jul 2024 – Mar 2025 Jul 2023 – Mar 2024 Jul 2023 – Jun 2024 Income Net sales 30.0 6.5 84.1 13.6 12.5 Other operating income 1.5 -1.2 1.3 -1.0 0.4 T otal income 31.5 5.3 85.5 12.7 12.9 Operating expenses Other external expenses -11.5 -2.7 -37.8 -17.8 -34.4 Personnel expenses -12.6 -14.2 -36.3 -33.7 -40.7 Depreciation and amortisation of PPE and intangible assets -3.4 -3.4 -10.2 -10.2 -13.6 Other operating expenses -0.0 -0.4 -0.1 -1.1 -1.6 EBIT 4.0 -15.3 1.0 -50.1 -7 7.7 Financial items Profit from participations in Group companies – – – – – Interest expense and similar profit/loss items -0.1 -0.0 -0.1 -2.2 -2.6 EBT 3.9 -15.3 0.9 -52.3 -80.4 Received Group contribition – – – – 16.5 T ax on profit for the period – – – – – Net profit for the period 3.9 -15.3 0.9 -52.3 -63.9 No items in the Parent Company are recognised as other comprehensive income and, accordingly, total comprehensive income for the period corresponds to net profit for the period . Valuno | Interim Report Q3 ’24/25 12
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Parent Company balance sheet, condensed Amounts in SEK million Note 31 Mar 2025 31 Mar 2024 30 Jun 2024 ASSETS Non-current assets Capitalised expenditure on development and similar work 28.1 38.0 34.6 Other intangible assets 0.0 0.0 0.0 Equipment and tools 4.2 0.4 0.3 Participations in Group companies 10.9 10.9 10.9 Other non-current receivables 0.9 – – T otal non-current assets 44.1 49.2 45.8 Current assets T rade receivables – – – Receivables from Group companies 27.1 – 35.7 Other receivables 4.7 3.4 3.9 Prepaid expenses and accrued income 2.3 1.7 2.7 Cash and bank balances 17.5 3.8 11.7 T otal current assets 51.6 8.9 54.0 TOTAL ASSETS 95.6 58.1 98.8 EQUITY AND LIABILITIES Equity Share capital 1.4 1.4 1.4 Fund for development expenditure 27.9 38.0 34.6 Share premium reserve 155.0 155.0 155.0 Retained earnings -173.6 -119.9 -116.5 Net profit for the year 0.9 -58.9 -63.9 T otal equity 11.6 15.6 10.6 Non-current liabilities Other non-current liabilities 1.3 1.3 1.3 T otal non-current liabilities 1.3 1.3 1.3 Current liabilities Liabilities to Group companies 45.4 11.4 50.6 Current tax liabilities 5.9 5.8 6.4 Other current liabilities 26.7 20.3 24.5 Accrued expenses and deferred income 4.8 3.6 6.3 T otal current liabilities 82.8 41.1 87.9 TOTAL EQUITY AND LIABILITIES 95.6 58.1 99.8 Valuno | Interim Report Q3 ’24/25 13
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Notes NOTE 1 ACCOUNTING POLICIES Valuno applies the International Financial Reporting Standards (IFRS) as endorsed by the EU. This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting. The application of the accounting policies is consistent with their application in the annual report for the ’23/24 financial year. The accounts for the Parent Company have been prepared pursuant to the Swedish Annual Accounts Act and RFR 2 Accounting for Legal Entities. The Parent Company applies the same accounting policies as the Group except in the cases listed in the section Parent Company’s accounting policies in the annual report for the’23/24 financial year. Group presentation currency As of 1 July 2021, the Group’s presentation currency is the euro (€). The Parent Company’s functional currency is the Swedish krona (SEK), unchanged compared with ’23/24. Unless stated otherwise, all amounts are given in million euro (€ million) for the Group and million krona (SEK million) for the Parent Company. A more detailed description of the accounting policies applied for the Group and the Parent Company in this interim report is available in the Annual Report for the ’23/24 financial year, available at www.investor.valuno.com NOTE 2 NET SALES The Group’s net sales pertain entirely to sales of crypto- currency and are recognised at a point in time. Net sales by operating segment, € million Solution for e-merchants 107.4 To t a l 107.4 Valuno | Interim Report Q3 ’24/25 14
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Derivation of gross profit and gross margin Third quarter Nine month 12 months Amounts in € million Jan – Mar 2025 Jan – Mar 2024 Jul 2024 – Mar 2025 Jul 2023 – Mar 2024 Jul 2023 – Jun 2024 Net sales 107.4 23.4 312.1 36.5 88.2 Purchase of cryptocurrency and other fees -105.1 -22.2 -303.7 -34.6 -84.9 Gross profit 2.3 1.3 8.4 1.9 3.3 Gross margin, % 2.2% 5.4% 2.7% 5.1% 3.7% Derivation of EBITDA and Adjusted EBITDA Third quarter Nine month 12 months Amounts in € million Jan – Mar 2025 Jan – Mar 2024 Jul 2024 – Mar 2025 Jul 2023 – Mar 2024 Jul 2023 – Jun 2024 EBIT -0.6 -1.1 0.4 -7.7 -9.1 Depreciation and amortisation of PPE and intangible assets 0.4 0.5 1.1 4.3 4.8 EBITDA -0.2 -0.7 1.5 -3.4 -4.3 Exchange differences 0.3 0.5 0.2 0.4 0.4 Writedown of receivables 0.0 0.0 0.0 0.0 0.0 Share-based incentive programme 0.0 0.0 0.0 0.0 0.0 Other items affecting comparability 0.0 0.0 0.0 0.0 0.0 Items affecting comparability 0.3 0.5 0.2 0.4 0.4 Adjusted EBITDA 0.1 -0.2 1.7 -3.0 -4.0 Adjusted EBITDA margin, % 0.1% -1.0% 0.5% -8.2% -4.5% Alternative performance measures This report contains financial metrics and alternative performance measures (APMs), which are not defined in IFRS. The company considers that this information, together with comparable defined IFRS metrics, is useful for investors as it provides increased understanding of the company’s operating results. The APMs should not be assessed in isolation from, or as a substitute for, financial information presented in the financial statements pursuant to IFRS. The reported APMs are not necessarily comparable with similar measures presented by other companies. Valuno uses the following APMs that are not derived from the financial statements: • Gross profit and gross margin • Adjusted EBITDA and Adjusted EBITDA margin Valuno | Interim Report Q3 ’24/25 15
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Definition Alternative performance measure Definition Reason Gross profit Net sales less purchases of crypto-currency and other fees. The APM is used to measure the company’s ability to charge for its products. Gross margin Gross profit in relation to net sales. The APM is a measure of the company’s earnings capacity in relation to net sales. EBITDA EBITDA comprises earnings before interest, tax, depreciation and amortisation. The APM is used to measure earnings from operating activities excluding depreciation, amortisation and impairment. Items affecting comparability Items affecting comparability pertain to material items and events that have no clear connection to ordinary operations. The item is excluded in the calculation of adjusted EBITDA. Separate reporting of items affecting comparability provides clarity in terms of the develop- ment of the underlying operations. Adjusted EBITDA EBITDA excluding items affecting comparability. The APM is used to monitor the underlying earnings trend over time and on a comparable basis. Adjusted EBITDA margin Adjusted EBITDA in relation to net sales. The APM is used to measure earnings from operating activities excluding depreciation, amortisation and impairment, and items affecting comparability in relation to net sales. Average daily volume (ADV) T ransaction volume in relation to the number of days in the period. The APM is used as part of the description of the sales trend. Merchants/ e-merchants Companies that have marketplaces accessible online and which can accept payment in crypto both for products and for services. The APM refers to the number of active merchants at the close of the period and is used as part of the description of future sales potential. Valuno | Interim Report Q3 ’24/25 16
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Sveavägen 31 111 34 Stockholm Sweden valuno.com Valuno apromotes a world where it should be easy and cheap to make quick and secure payments, wherever in the world you may be. We want it to be a matter of course for everyone to have access to a democratic and secure financial system. We want to eliminate economic exclusion and to remove complexity, by creating the most accessible and secure financial services, which allows everyone to participate in the new digital economy. Valuno | Interim Report Q3 ’24/25 17