Good morning and welcome to Codelab Capital's Q2 2026 presentation. My name is Anton Bondesen and I'm the CEO of Codelab Capital and with me today I have our CFO, Christoffer Mathiesen, who will dive into the numbers a bit later.

We will take a recording of today's meeting and it will be shared afterwards and it can be downloaded, etc. I just want to say that we will do a Q&A session after the today's presentation.

If you have any questions, please use the button in the down-right corner, is a dotted button where you can put in questions, and then we will look at them after the presentation. Today, we'll cover this quarter's highlights, the status of our portfolio companies, our M&A pipeline, and close off with our investment case.

Let's get going. The disclaimer, please do read it.

Yeah. Q2 Q2 was a very strong quarter.

We now have an ARR of 52 million, up 53%, and an ARR visibility of almost 70 million Norwegian kroner. End of June, we had almost 14 million cash at hand.

Three things defined the quarter: first, we completed the Agil Helse transaction, which of course strengthens our occupational health vertical and open up tons of cross-selling opportunities for Qube, and brings in estimated revenue between 20 and 25 million. Second, we executed a private placement and did a settlement of shares in the transaction at 4 Norwegian kroner and 4.4 in share settlement shares.

Both issued above market price. Very satisfied with that transaction and, of course, getting the whole Agil company into the structure.

Generally speaking, a very strong financial performance and, most importantly, I'm very proud of it, according to plan, the plan which we set out 1.5 year ago when we started this revitalization of Codelab. We've actually managed to deliver on the plans which we set out to do.

Both Cloudia and Qube with growth and profitability expansion, and we really look forward to show you the numbers later. We keep signing contracts, converting into recurring revenue.

Again, tracking to plan. Very, very good quarter.

Yes. Thank you.

Codelab Capital at a glance, for future investors and people not knowing us from before: what are we? We are a listed investment company with a clear and disciplined strategy.

We pursue opportunistic M&A deals through both greenfield initiatives and add-ons. We try to deploy our infrastructure capital, that's the team in Codelab and the listed company, across the portfolio companies.

Today, we have more than 3,500 customers, 1,500 added in the recent quarter through the Agil acquisition, and we operate across service, SaaS, and reseller business models. As I mentioned, we now have ARR of 52 million.

48 of the company is owned by employees. It secures great alignment with all shareholders, and this is what we do.

We try to deliver value creation on a day-to-day basis, and very strong alignment in the management with all the other shareholders. Let's look at what we have today.

Today, we have four companies. We have Qube, which we own 100%.

We have Agil Helse, 100%. Cloudia, a majority stake, 50.1%.

Uniscale, 100% as well. Qube delivers health, safety, and environment software for a range of customers, almost 1,500, and occupational health services as well.

Then our recent add-on, Agil, which is a pure occupational health play, that's a very great fit to the Qube portfolio. People keep joining and it plings here.

Then Cloudia, the AWS reseller with fast growth and clear profit expansion since we acquired them, and they are performing very, very well. Very satisfied with the development in Cloudia and Qube, and still getting to know Agil, but we've come off to a good start with the management and the people in the organization.

I'm very pleased with seeing everybody's being motivated, joining the whole new ownership structure. As you can see, Christoffer and I are off-site.

We're sitting at a meeting facility here in downtown Oslo, and we have a workshop later today with all the teams. Then, last but not least, we have Uniscale, which we own the 100% of, which holds some IP rights to a B2B software tool and a large tax carried forward upside as well, no operations currently.

That's what we own today. We're even more excited to talk about what's ahead, let's look at our pipeline for a few minutes.

The next 12 months will fundamentally shape the future for Codelab and our business units. We're right now in dialogue with nine different targets that combined have more than 350 million Norwegian kroner in revenue.

We work across three parallel tracks: building out the occupational health business with add-on acquisitions to Qube and Agil, expanding our service software offering with products to Qube's customer space, and establishing the last vertical, which is e-health. As some of you might know, e-health is a very big thing for us.

That's how Codelab Capital was originally listed with PasientSky, which was later sold, and that's been a space where I've been working for most of my adult life. We are really eager to continue to see if we can get a presence in that market once again.

Right now, we are in due diligence with a Scandinavian target who operates out of Norway. We announced the term sheet before the summer holidays, and yeah, things are progressing.

By acquiring or getting a good position within e-health, we now fulfill the vertical which we set out to do, having occupational health, software, and adding the e-health solution, we can become our own best customer in primary care, because so many of the professionals which are working on the occupational health side of things, they can use the potential add-on we are acquiring now. Then we can build a really, really strong service offering, improving the whole operational model of occupational health in Norway.

Super excited about it. Then, of course, potential add-ons to Qube and occupational health.

I think that's it. Super excited.

More news will come soon. I think, Christoffer, you can jump to the next one.

Why did we do the Agil Helse transaction? Why does it make sense?

Qube started out being a software company and then they expanded into occupational health by doing small acquisitions before our ownership some years ago. The bottleneck for really expanding and increasing the quality of the delivery, that is adding the right people.

Agil was just a perfect match. They didn't have a software solution today and they needed that, and we needed the right people to really get the growth going within that space.

That was the rationale. Now we have people working both with software and expanding the whole service side of things, and we really see a great cross-sell potential already, Qube addressing Agil customers and Agil doing the upsell to current Qube customers.

Yeah. Christoffer, next slide.

The team, I've mentioned already: it's me; it's Christoffer, our CFO; Lasse; Tatjana on accounting; and then we have our recent hire, Svein [Stormoen?] , who joined us from August 1st.

He's been working with us for quite some time already as a third-party contractor to Qube helping scale that organization's sale and professionalizing it through a great partner of ours called Brave. Very satisfied with Svein joining us now and really putting speed on our commercialization.

That's us. I'll let Christoffer show you the numbers.

Enough talking from me.

Thank you, Anton. I'll be happy to go through the numbers.

Really pleased with posting 17.7 million in revenues for the quarter. Bear in mind that the financial report contains the actual reported numbers, while this presentation is more focused on the pro forma and pro rata development, meaning that as if we had owned both Agil and all the other companies throughout the entire period that we're looking at.

In that way, you can compare apples to apples. Basically, all our companies that we own now grew their revenue from 13.3 to 17.7 million year-over-year, and we also posted a loss of 1 million in cash EBITDA, which we are rather pleased with given that we spent almost 2 million on growth initiatives, being digital marketing and sellers in the quarter.

Please note that there are two rather noticeable seasonality effects in the occupational health segment. You have normally a very good and strong fourth quarter.

You can see that clearly in the graph for 2025. We also expect that to be the picture for this year.

The other seasonality effect is on the cost side, where you have a second quarter with lower costs in your P&L than you have in the other quarters given that you pay out holiday pay. You miss one month of salary expense in your P&L.

If we dig more into the revenue side of things, we are really pleased to see that it's the recurring revenues that are the driving force behind the positive development, which increased with 74% year-over-year and also constitutes 74% of top revenues. With the base we have now and what we have already signed, and without further growth and what we see in the pipeline, we already see that we have close to 70 million in recurring revenues as a visibility base, which gives us great comfort and visibility going into the next periods.

A small comment to the fourth quarter 2025, I mentioned the seasonality effects on the previous slide, you can clearly see here that it's the service element within the occupational health that is driving the uptick in revenues. Yes.

If we focus more on the cost side, the total operating expenditures and personnel expenses for the quarter ended at 10 million. We are doing what we said we would do: we would invest in the right things, we have increased the costs in growth initiatives with over 100% year-over-year.

What we also are quite focused on is cost control on the other elements, and pleased to see that the other costs are down year-over-year and Codelab costs are in line with the second quarter for 2025. We expect that the team we've set now and the cost base that we have established is scalable going forward.

If we focus more on the company-specific numbers, let's start with Qube, which had a great quarter. Qube is continuing to grow based on the strong sales momentum they've had historically, basically increasing the top line to 4.3 million with recurring revenues growing over 30% year-over-year.

The new sales value is 2.9x higher than the comparable period last year. Probably the graph and the development which I'm most satisfied with is the cash EBITDA development, which is 1.2 million and 2.3 million before growth costs.

Even taking into account around, let's say, 700k in salary costs that are missing from these numbers, Qube has reached a milestone being self-funded, at least proven for the second quarter with a great cash flow in production. Cloudia, it's the same story all over again.

The growth is really, really strong, growing from a one-man team to a two-man team for the first half in 2026. Have great momentum and has started to onboarding also international customers, and I would say also more complex enterprise kind of customers on longer contracts.

Really pleased with the development and the pipeline looks extremely strong. Cloudia alone has secured over 15 million in recurring revenues, and I would expect that number to increase quite dramatically in the second half of this year.

Furthermore, which is a win-win situation for the company and for us obviously, is that even though you're growing almost exponentially, you also get improved margins from AWS tweaking their partner strategy, but also in the fact that Cloudia is delivering better and more high-quality services, taking on projects, and also adding competence to their team and stakeholders around the company, which translates into higher margins and higher profitability. Obviously looking forward also to the next quarter presentation where we plan to show you more actual numbers on Agil as well, even though we've only owned that for a month now.

I'll let Anton wrapping things up before we go to Q&A.

Yes. Thank you, Christoffer.

As you can tell, we are executing. We're doing our utmost best to deliver on what we said we wanted to do, and I think we are proving that we are able to deliver on our targets.

I'm really glad the CEO of Codelab and a happy owner of our portfolio companies. I'm really pleased to see how all of the people working in the business are aligned, shares the same interest, and we get very valuable feedback in making the right decisions when we look to the future and doing add-ons and discussing, getting great insights into both the industry, especially occupational health, where we learn a lot and get inputs on how to position for making a profitable journey into that space.

Yeah. As you can tell, the pipeline is active, the platform is taking shape, and we look forward to update you again next quarter.

We're still working on improving our investment relations side of things, but right now we are keeping the cash we have in the company. We spend it to grow and want to make profits for our shareholders first, and then we can invest even more into investor relations later.

That's us. As you're always welcome to reach out to me or Christoffer directly, either through mail, phone, or whatnot.

This is what we do, and I think we can start with our Q&A session now. Any questions?

If people have a hard time finding the button, look at the bottom down-right. Should be able to see.

Christoffer, I don't see any questions. Maybe we gave a such a good presentation that we answered everything.

Please do ask if you have any. If not,

No. It's just a comment.

We are obviously also available after this call if anyone wants to reach out. So

Absolutely. Please do follow Codelab closely the next few weeks because things is about to happen, and the targets we're looking at are very, very interesting.

Cool. Thank you so much, everyone.

Thank you for joining in. Enjoy rest of your day.