Hello everyone, and welcome to this quarterly presentation, Q2 2026 of Huddlestock. My name is Leif Arnold Thomas.

I'm the CEO of Huddlestock. Today I have with me the chairman of the group, Øyvind Hovland.

I have with me Ramtin Matin, who is my new colleague from July, and also Simon Lange from Gigabroker that will share some perspectives during the presentation. The presentation is set for 30 minutes, including a Q&A session of 5 minutes at the end.

There is a button on the top where you can type in questions during the presentation, and we will answer those at the end of the session. Both myself and Øyvind and Ramtin will be available for that part.

As always, this presentation will be recorded, and it will be available on our websites later on today. That was the start.

Once again, welcome everybody, and thanks for joining. First, we have a new face here today, and that's my new colleague, Ramtin.

Ramtin, please introduce yourself and share a little bit about your views and why you chose to join Huddlestock.

Thank you very much, Leif Arnold. As my name is Ramtin.

I have taken the role as COO and CTO of Huddlestock. My experience is 20 years within technology, consulting, and finance.

Latest my position was as the VP of Innovation and Partnerships within SpareBank 1 Sør-Norge, former SR-Bank. I've been approached on why I chose to join Huddlestock as part of the management team.

The fact is that the business model and the value proposition that we in Huddlestock are providing is to me a game-changing enough that I wanted to be a part of it. As my experience within the finance industry the past 10 years has shown me how all the processes works behind the scenes.

It's safe to say that there are room for improvements. Seeing what we have in our toolbox with our licenses, our compliance structure, our competency, and most importantly the technology, it was an easy choice for me.

We have the right pieces of the puzzle to make a real difference within the market. I would like to share a couple of perspectives on this if you could share the presentation, Leif Arnold.

Exactly. Because from the outside, it might look very easy that we're just providing an app.

The fact is that this is a quite complex machinery, which the team led by Robert in Germany has created in a very lean and agile way. Ranging from the licenses which we have been issued by the financial authority BaFin in Germany to our API-first architecture, all the way to how we handle the custom supports and complaints tickets, shows the span of tasks that we're actually handling today, which is quite many.

What real industry problems do we actually solve? If you go into a partnership with us, regulation suddenly does not become a hurdle anymore because we have the right competency and the licenses in place in order to provide that.

We also reduce the time to market from years to months because we have done all the hard work and have the building blocks to provide our partners and customers with a multi-tenant solution, which takes into account both data protection and security and can deliver this in a very, very smooth way. Also, if you want to grow within the different countries of Europe, you can easily passport our solution across there, there's a very, very good possibility to take different types of markets.

If you want to go into the decentralized and tokenized space, we also have the tools and licenses for that. The silver lining here, which is to a certain extent maybe been under-communicated, is that we do all this for a fraction of the price, and we do it as a service.

That is feedback we have gotten from several prospects, which shows that we have providing legitimate value in the market. Who are we dealing with here?

Our current focus is mainly within wealth managers and in independent financial advisors. We also see that our offering fits extremely well within these segments, ranging from neo-brokers and digital investment platforms to large enterprises and system integrators seeking to use our technology and infrastructure.

This was just a quick overview of the different segments that we're working with. I think I have spoken enough for now, but if you have questions, please don't hesitate to contact us.

I'll give the mic back to you, Leif Arnold.

Thanks very much, Ramtin. Let's jump right into the most important projects we are working on.

This summer has definitely not been a calm summer. It has been hard work over the last weeks for sure for very many people.

Gigabroker is our first customer on the white-label solution. During June and July, we continued to expand the user group during the summer.

The objective was to make sure that the trades that was initiated from the platform was executed successfully, which they did. Then now in August, and going into the September, we will continue to develop and finalize features in the app.

We will increase the number of users to see that we receive more and more feedback from the ones that are using the app, both on the UX, but also from the functionality perspective. We are preparing the marketing and commercial preparations.

Of course, since this is about securities, we will also do a very important penetration and security testing as part of the whole thing. What we have seen during the summer is that we have received very much valuable feedback and areas where we want to improve, and also add some extra requirements.

That has added some complexity, but at the same time it's easy when you have good feedback from the customers that should be taken into account to also include that in the final product in order to have the best platform in the market when we go live. The live is now planned for October.

One of the participants in this project that are of course very important is Gigabroker, and Simon Lange, who is the CEO of Gigabroker. He is with us today, and please, Simon, I would like to, if you can, share some of your perspectives.

That would be very nice and hopefully interesting for the audience as well.

Good morning, Leif. Hello everyone.

I'm Simon Lange, the CEO of the Gigabroker GmbH and the Co-CEO of AVL. Really, thanks for inviting me back to Huddlestock's quarterly investors presentation.

I hope everyone has had a great summer. From our side, it's safe to say it's been a busy one.

The project teams at Giga and Huddlestock have been working hard with one clear goal in mind: getting the Giga app ready for launch in Germany. As I did in May, I would like to give you a brief update on where we are and what we have been working on together.

What we are building is much more than just another investment app. Together, we are creating a modern investment platform with ambitions well beyond the initial launch that requires solid regulatory, technical, and operational foundations as well as a platform that is robust, scalable, and ready to [unclear] support long-term growth.

Our focus has never been to launch as quickly as possible, but to launch something we can be proud of and continue building on for years to come. Over the summer, Leif, Robert, Ramtin, and I have been in close contact working through progress and priorities.

During the ongoing user testing, we have received valuable feedback and identified several improvements and additional requirements. This has added some complexity, but it also helping us to build a stronger and robuster platform.

What has been particularly encouraging is the way that the Huddlestock team has approached these challenges: solution-orientated, proactive, and focused on maintaining momentum. That collaboration continues to be one of the key strengths of the project, to be honest.

Based on the feedback from the ongoing user testing, the improvements identified, and the remaining launch readiness work, we are now targeting a public launch in October. I'm really excited about what we are building together with Huddlestock and look forward to sharing more progress with you in the months ahead.

Thank you really much, guys, and keep the strong work going forward, and I'm sure we will be successful in my point of view.

Thank you very much, Simon, for sharing your perspectives with us. Then let's continue.

We have now talked very much about Investment-as-a-Service. As you all know, we also have another part of the group, which is the consulting business.

For the consulting business, we have set ambitious targets for 2028, where we had ambitions of reaching 100 million in revenues, more than that, and also have a profitability above 20%. The strategy and the activities and the road to that goal is two-divided.

Number one is to grow the current business. I'm pleased to announce today that the Visigon business in the second quarter of '26 is 20% above last year.

We are working on expanding the business out of the Nordics. We have established a Polish entity to have access to skilled resources there.

We are now also exploring to be more visible in other markets, and have decided to participate at a fintech conference in Germany in October. In addition to growing the existing business both in Nordics and in Central Europe, we have also part of the strategy to explore new initiatives.

Yesterday we announced a news about that we have acquired the assets in a software company called Dolan in Denmark. As part of that business, we have agreed a five-year agreement with a bank called Merkur Andelskasse.

Perhaps, Ramtin, you could share a few words about that case.

Yes. I spent quite considerable time beside the Giga project in July and August with our team in Copenhagen.

I was fortunate to work closely with Lars and Jens to acquire Dolan here, which provides sustainability reporting to Merkur Andelskasse. This for us has been a very deliberate and strategic expansion in order to provide managed services in the Nordic financial market.

It strengthens our position within the banking alliance, but also shows that we have the competency and merits in order to actually do so. It provides us basically from day one with new revenue streams within the sustainability reporting.

The good thing is here that we can utilize our already established sales channels within Copenhagen, Stockholm, Norway, and Germany in order to tell the market how we can provide these services. It will give us an increased cash flow and profit for Visigon, and it's a very good candidate for recurring revenue increase over the coming years.

As Leif Arnold said, we have entered the five-year agreement with Merkur Andelskasse, which gives us a foreseeable time in order to actually make this work. From what I've seen until now, the technical solution is quite good and quite promising.

Things are moving forward here.

Thank you. Yes, as you have seen, there's a lot of activities going on, whether it's the white-label app together with Giga, it's about to grow the Visigon business, to explore new initiatives, but of course in parallel to grow the business and to get more customers and more revenues is of the most important thing for us.

Now with the Investment-as-a-Service as one vertical, we have the Visigon Cloud as another vertical, and by yesterday's news, we also now have sustainability reporting as another vertical. We have decided to put this under one umbrella, and then have a joint participation at a conference called DKM in October in Germany.

That is how we will then try to increase awareness in the market of the totality we have within this group that by this time is quite impressive, I would say. We are of course working with sales all over the place, and we are also working closer and closer across the company since, as Ramtin said, we are present in Norway, Sweden, Denmark, and Germany.

We have also been more active on using social medias. What we have seen over the last months is that also increases interest for our offering.

I would say we are working good, and we see that we have a lot of activities on that side as well. Of course still, we need to sign some contracts.

I can promise you, we are working on doing so as soon as possible, since that is an important part of growing our business. Then let's go over to the financials.

With all the activities we have and pushing both projects, pushing growing the business in Visigon, and pushing sales, it is of an extremely importance for us to keep costs down. We have done a lot of activities also late in '25 to keep operating expenses as low as possible, which has resulted in a decrease in the operating expenses of approximately 30% from last quarter until this quarter.

The revenues is mainly coming from the consulting business, and as or perhaps you don't know, but then I can tell, the consulting business and revenues are fluctuating during the year and have seasonal differences. Even though we have had traditional or expected decrease from Q1 to Q2, we have been able to keep the EBITDA stable because of the strong cost focus.

Still, as I said earlier, most important to emphasize, I think, is that the quarterly results and the revenues from Visigon is 30% higher than last year. Below EBITDA, we have now a leaner cost base that has ended up in an improved bottom line.

Cash flow: the second quarter started with a cash of 3.8 million. We have had cash outflow from operations mainly to support the European Investment-as-a-Service area, almost no investments due to the asset-light business model we have.

The 8.6 million in financing reflects the net between the new loan facilities and the quarterly down payment of existing loans. Then if we combine the cash out of the quarter, 4.6, plus access to secured loan facilities, we ended the quarter with 9.6 millions in liquidity reserves.

During Q2 and in July, we have secured loan facilities of a total of 15 million. The facility is backed by a guarantee consortium that is backed by the company's key shareholders, and we are very thankful for that support.

What will happen if we look forward? On the Investment-as-a-Service area, we will continue to have more users on the platform to get more feedback and experience.

We will put in more features in the app and then launch the app in October. We will continue to work on sales and business development, as we do already, but we'll just continue and work hard on that part.

Ambition is to turn the business area cash flow positive early '27. On the consulting business, we reconfirm our targets for 2028 with a revenue of more than 100 million and with an EBITDA margin more than 20%.

In addition to grow the current business, we will explore and expand what we now have acquired through the Dolan acquisition as part of the road to meet the financial targets for '28. Of course, in addition to work in the Nordics, it's important for us to grow the business outside the Nordics, and we have already a lot of initiatives on that part to grow it, and of course then utilize the team and the competence and skills and network we already have in Germany through our colleagues in Munich.

That was a quick walk-through of today's report, and now we will be available for questions.

We have some questions in the Q&A. You want me to read them up, Leif Arnold, or you can see them?

I can see them. Let me see.

Yeah. "Loan facilities of 23.5 million secured in Q2.

Since the guarantee fee will be settled in new shares at the lower of 60 øre or the market price before maturity, what is the maximum potential dilution for existing shareholders? Where can we see the quantification of the guarantee fee?"

Øyvind, if you would like to answer that?

I can answer that. Or I can't be specific, but first of all, I would like to tell Geir a bit of the background why we are choosing to have this loan structure.

That's to fund the gap between launching and going into black numbers and starting to get revenue on the technology side of our operation. Me and also Frank as the other board member are large shareholders, we are in the same boat as all the share owners of the company, we are looking to find the cheapest type of funding that we think that we can get.

For the time being, we think that it's a good idea to have this loan facility and fund our company through this type of operation. Back to the fee structure, as we said, we are putting the share price on 60 øre.

Now it's maybe 60 øre today, but when it was settled, it was lower, and it's a good reason why it's just shareholders in Huddlestock that are a part of this deal. That's because the fee and so on are not on the very exciting side of it, I think you need to be a shareholder to find this interesting to be a part of.

When that's said, we are doing this in tranches, and every tranche have a bit different structure, but it's in the same ballpark. That's why we are not specific.

If somebody want to be a part of this type of structure, please take contact with Leif Arnold or me or whatever.

Okay. Another question from Geir Karlsen as well.

"You guide towards positive EBITDA in '27, but with continued negative EBIT, negative operating cash flow, and a limited liquidity runway, when do you expect the group to become self-funded without requiring additional loans, guarantees, or equity issuances?" It's correct that what we say is that the Investment-as-a-Service area, which is the German business entity, is planned to become cash flow positive in early '27.

We have then the Visigon that is positive. We are working on Investment-as-a-Service from the Germany, and we are having a very lean cost on top of that.

We will not give any guidelines on when we will become cash positive or EBITDA positive as a group, but we indicate how we are working. It's important for us to do the Investment-as-a-Service area as cash positive as early as possible.

Even though we have big ambitions in Germany and we have Gigabroker and we're working on sales, we see that we have a very, very efficient setup in Germany with very few people. That will be able to handle a lot of new customers without increasing the cost in the same way.

Okay. Then we have a question from Joakim Vetland.

"You maintained ambition of turning the European Investment-as-a-Service business area cash flow positive from early '27. With Giga now launching publicly in October and assuming typical sales cycles of 12 to 18 months for regulated financial infrastructure deals, most new customers signed in '26 would realistically only contribute revenues late '27 or in '28.

What is the specific bridge to Investment-as-a-Service cash flow break-even by early '27? How much of it comes from Giga scaling?

How much from Modern Finance Nation? How much from customers not yet signed?

What is the sensitivity if Giga ramps up 6 months slower than planned?" I cannot comment everything here, but as said, what we have now is a very lean organization in Germany that are very effective.

We have a attractive business model and profit sharing model together with Giga that is setup so that it will be profitable quite soon when we get investors on the platform. With the setup, the cost structure and the organization we have in Germany now, is able to handle a lot more customers before we need to increase the costs.

It's a very scalable setup we have in our German business. Let's see.

More. Joakim Vetland again: "The Gigabroker public launch has moved from June to October.

Two questions on the revenue impact. First, what concrete revenue contributions do you expect from Giga in Q4 '26 and first half '27?

What are the underlying assumptions on active users or monthly trades volumes?" Unfortunately, I cannot comment that except from that we are working on having it as big as possible.

"Second, since the software contract is volume-based on trades and customers, can you share how many monthly active traders Giga needs to reach your share of the revenue to become material at the group level, say 5 million per quarter?" That is also a question that we will not comment on.

What will be interesting is of course to present KPIs on trading volumes and more insight that we can share at a later stage, but at this point we have decided not to go into or comment such details. Okay.

That was the questions received for today. Thank you very much, everybody, for participating.

You are always welcome to contact us if you have questions, and we'll answer them. That applies for Øyvind, myself, and also from now, you're also welcome to contact Ramtin.

Again, thank you very much for participating. Thank you for supporting Huddlestock, and I hope that you are as energized as we are as this train is moving forward now in a big, big speed.

Thank you very much, and have a nice day.