Hello everybody, and welcome to Huddlestock Fintech's Q3 '25 quarterly presentation. Today, I have with me our chair of the board, Øyvind Hovland, that most of you probably have met before, and a new face, and that is Sabine Merky, our new group CFO.

Perhaps Sabine, you would like to introduce yourself with a few words?

Thanks a lot. I'm very happy to be here now with you.

Very shortly about myself, as you maybe already have heard, I'm German, grown up in Munich actually, and I lived and worked in a couple of European countries, in France, Switzerland, Sweden, and now Norway. My background is from a diversity of tech companies, multinational most of them, and in different industries.

I have an experience both from working at group level and also at country level. I'm looking forward to be part of that great journey together with you and others.

Thank you very much Sabine, and for those who have not met me before, my name is Leif Arnold Thomas, and I am the group CEO of Huddlestock. Let's start.

Here you are. This year has been a very interesting and a very good year, I would say, and a lot have happened during the year.

Of course, the most important thing is this restructuring we have been through and divested all our Nordic Investment-as-a-Service business. Just as a recap of who we are today: well, we are a company with a asset-light model for expansion of our services in continental Europe.

We have already started with the first customer signed, the second LOI is signed. Following the divestment of the Nordic IaaS platform, we find ourself in a better position when it comes to finance, reduced cash burn, and more financial flexibility.

We have strengthened the management with appointing Sabine as the new group CFO, and we're also strengthening the board with two new board members. One of them is German with network in Germany where our European business starts from.

We also have a Visigon, a consultancy business, and we have strengthened that organization with a new commercial resource. We are now working on delivering on the new growth strategy that I will come back to later on.

Huddlestock is a company listed on Euronext Growth. We have two business areas: one within technology and one within consulting.

We are represented in all the Scandinavian countries and also in Munich, which is our base for our European expansion and European business. We are 24 FTEs, we are a small company when it comes to headcount.

Market cap is approximately 200 million Norwegian kroner. We are working with a model that we find very attractive.

It's a combination of our own licenses within the securities area in combination with partners, which we call an ecosystem. When we combine the licenses with products and services from our ecosystem, we are able to deliver attractive services to our customers, what we call B2B partners.

We are constantly working on both sides of this model. We are working with sales to attract new prospects and new customers in the European area, but also on the ecosystem side.

For example now, we are happy to announce that a company called Modern Finance Nation is our new ecosystem partner. That is, for the first time, a partner that will be able to deliver products through our platform to our customers.

This model is attractive because it demands little investment from outside, and it's easier for us to always be able to put together the services that our customers would like to have. Time to market is short and we see little need for heavy investments.

A good thing, this is a model that is quite familiar for the Nordic region. What we see now is that as the European landscape are also becoming more and more automated and demanding more and more automated solutions, we are now in the position where we can reach a market that is much, much higher and bigger than we see in the Nordics.

We find ourself with a good model in a big and growing market. We create value for our B2B partners, our customers, by providing them with a combination of licenses and technology so that they can be in business and have an attractive value proposition for their customers without having their own license or having their own technology.

That makes it possible in 2025 and going forward to move fast in a changing environment. We, from our side, find it's attractive because then we are able to have different partners, meaning that we can support different needs and use different systems and not being dependent on only selling and defending some investment we have been doing before.

We have two two main areas of where we get our revenues. Of course, it's the number of customers.

That is one source of revenues and important for us. Also, and that is even important and perhaps in some cases, and it could be in many cases, even more important, and that is that our customers, direct customers, they have end customers.

The more the end customers of our customers are asking for more products, are providing more AUM, whatever, that will also be part of our revenue model. We signed the first customer in Q1 this year, and just very lately, I think it was this week actually, we published that we had entered into an LOI with a customer number two.

What we do expect is that as we are going forward and are demonstrating for the market that we are getting more and more customers, the timeline for getting new customers will also shorten down between the different customers. We have a start, and we are very positive about the way going forward.

From before, we have built our business around the licenses under the MiFID regime, which makes it possible for us to handle traditional securities. I'm very happy to announce also now, this has been announced in the market a very short time ago, that we also have received confirmation from the German FSA, BaFin, that we now are accepted to both accept and transmit orders within the crypto space.

Huddlestock is one of the first companies in Germany that has received that confirmation. That marks a milestone for us, and I'm very proud of it.

The reason why it's a milestone for us is because then we can be even more relevant for our existing customers, and of course, the market opportunity for us open ups even more. Now we have a fully range of licenses that cover even more.

That license will broaden up the market for us even more. That is very, very important, and I'm very proud of that achievement.

Working with Europe as our now not playground, but our area who we'd like to succeed, we have our first customer, Giga Broker, which will have a soft launch of the platform that we provide with selected products and selected investors. The soft launch is, as I mentioned, planned mid-December.

We are then putting on more and more products and more and more investors, and the broad launch of that platform in the market is planned to be during the first half of '26. As I have mentioned before, that will be combined with a marketing campaign from Giga Broker.

They have from before 65,000 investors that will be introduced for the platform, of course including potential new customers. We have said before that we have had an ambition to sign a second LOI within this year, and I'm very happy to see that we made that achievement.

We entered into an LOI with a German financial company in November. We will probably say more when a final agreement is in place.

Already now, I would like to announce that we have an ambition to sign the third customer early in '26. The work we've been doing now over the last months with prospects and leads and being present and network and everything, now we see that it starts to pay off.

I'm very happy to see that. It's very important for me to have a lean organization and keep costs down.

Of course, when the business grow, we probably need to enlarge that organization. That is a natural consequence of having success and having more customers.

For the time being, and always going forward, we will have very, very strict cost control. Ambition is to turn the European IaaS platform, meaning the Huddlestock GmbH, cash positive during '26, probably late '26.

It's a clear roadmap to profitability on the European business of ours. We have two business areas.

I've now talked about the technology side of it, but we also have a very interesting consultancy business, and the name of that company is Visigon. Visigon is a company that are important for our financials.

They have been in the business for many years, and they have now, the management have together with us, worked with a strategy for the next coming years. What is so interesting is that we see that we have a lot of potential in that business.

Visigon has a lot of very well-known financial institutions. You can see very strong brand names.

These customers have shown loyalty over many, many years, it's a sticky business. What we now would like to do is of course to enlarge and get these existing customers to buy more services from us, but also of course to attract new customers in the market.

That is both in the Nordic region, but perhaps even more interesting, in continental Europe. In addition to grow our business at our existing customers, we have been working on the business model and started to turn our revenues from hourly-based rates and, if I can set it that way, until take more responsibility, what we call managed services.

Doing so, some different things happens. Number one, the revenues become more recurring.

That is one thing. We see that we are able to increase margins.

That's also another thing. We are also becoming a more important provider of services to these customers.

Both working structured with sales and also to change and shift a little bit about how we are delivering our services is one of the backgrounds for a growth strategy. When we grow, it will be important to have enough manpower.

The plan is of course to support this consultancy growth with some new employees at Visigon. We also want to do that in combination with using subconsultants.

That is especially important when we are talking of an expansion out of the Nordic region. We do have a lot of experience and insight from the Nordic region, where we are very automized, but we see also a need for our services and our experience in the continental Europe.

Being present there already with our business in Germany, with our basis in Munich, that's a very good bridge to introduce also Visigon's business into the German market or other European markets. We will use our strong footprint and experience in the Nordics, good relationships and long-term relationships with big and well-known and recognized financial services to expand our services in continental Europe, combining own employees and also using subcontractors to keep costs down.

We believe, based on where we are today, our history, our skills, feedback from customers, long-term relationships with customers, that we are able to double our current business in '28 compared to '25. In addition to that, we see a lot of products and services close related to the services and the business we deliver today that also has a potential.

If we combine these two things together, we have decided that it is fully possible to reach 100 million Norwegian kroner in '28 and increase our EBITDA margin from today's 10% until 20%. This is a clear goal that we are looking forward to deliver on.

Of course, what is very important for me to emphasize is that from today until 2009 2028 will not be a straight line. It will be a periods where we have lower performance, lower EBITDAs, but the objective in '28 is clear.

It would not be linear route to that objective, but objective is very clear. I'm very proud of what we have achieved through that process and our analysis, and see that this is fully possible to reach.

Then I will give the word to you, Sabine, on the financials.

Yes, I will switch on the camera again. As we've heard, a lot has happened so far this year.

The reported figures are still very much impacted by the restructuring. We are now today completely different company that we were 1 year ago, and still during the different quarters, there was a lot happening.

The comparability is very limited. In the first part in Q2, we had the first part of the transactions in April, and then in the end of August in Q3, we had finally the final part of the divestment of Investor Services.

That makes the quarters not really comparable to each other. Just I'd like to mention anyway when it comes to the net financial items line here, please keep in mind that these are very much driven by the volatility of the market value actually of the Done AI shares, and that's also something that will continue going forward.

If we look at the pro forma figures then, we're happy actually to see that we are now at a more sustainable cost level going forward, very much in line with our asset-light strategy that Leif Arnold was mentioning before as well. After adjustments and eliminations now here on the revenue income level, we see that this is on the right-hand side in the pro forma figures mainly consisting of Visigon revenue, which still was impacted by the summer months now in Q3 and therefore on a slightly weaker level than normal.

With positive top-line contributions now looking forward, we are now really moving into the right direction when we look at this slide. Right.

Thanks. After all, we see ourselves now in a strong position, both financially and operationally, as when we started the year actually.

We started the year with 11 million in cash, and since then, we used around 24 million in cash from operations, and that was mainly driven still by the divested companies. The investment part here is mainly R&D related to Nordic IaaS, which was now divested as well.

The financing part of 12 million was done by conversion of warrants, and all of that now left us with a cash of 2 million by the end of September. However, with the divestments, we have now access to liquidity through tradeable shares from Done AI with a market value of around 40 million by the end of September.

Out of these 40 million, we will now distribute 20% to our shareholders. All together, we are having a better cash position now than in the beginning of the year, and especially if we take into account the decreased cost base now already in Q4 and especially also going forward.

Yes, I started to say that we are now finished with the divestment process of the Nordic IaaS platform. It was announced in April, and there have been some closings and activities really from there.

Now in Q4, the last part is being delivered, and that is to distribute the Done shares to the Huddlestock shareholders. As Sabine said, it is 20% of the received shares that will be distributed.

The main part of it will be distributed start of December this year. We estimate December the 2nd.

Then the rest is distributed April in April next year. The reason why it is divided in two is that we need some information from all the investors that we need to receive in order to be able to deliver and distribute these shares.

The main portion will now be distributed very soon, and the rest will be then distributed in start of April. Anyway, and this is the last part of the divestment process, and my point of view is now this company now is final restructured after that transaction.

Now everything is looking forward, and that is where we use all our energy. Meaning that we have now set some clear targets for the consulting business in '28, targeting 100 million in revenue and an EBITDA margin more than 20%.

We have a European IaaS platform that we now are on the start to scale. The first customer is signed, and we are about to do the first soft launch.

We have been able to sign an LOI with customer number two, and the ambition is to have a final agreement within this year. We are working hard on sales in Europe and in Germany, and we expect to see results of that work soon.

We have a clear ambition to turn the European business of ours to turn that cash positive late in '26. That is now putting everything behind us of the history, now looking forward, two clear business legs, and already, in my opinion, a good way, a good path on that road already.

With that said, I will do like this. Stop sharing.

Go back to the meeting. If there are any questions?

Yes, Leif Arnold. Joakim, and we forgot to mention that in the beginning, please go on the Q&A section if you have any questions.

Joakim [Vetter?] , he have two questions.

One of them is he is asking about the uniqueness of what we are doing in the German market. In short terms, the uniqueness is that we are delivering Investment-as-a-Service to the B2B market.

We are delivering a space where a lot of different companies can come to us and we can serve them in terms of license, back-office technology, and front-end technology. Now we can do tokenized trading, we can do equities, and we can do crypto.

We have everything. We know that it's unique in that term.

We also offer a revenue split, it's easy to come to us. Going forward, I think when we can talk more about the new customers that are coming and so on, we will see that we will use this platform to widen our reach.

I hope that that's a okay question. Do you have anything to add in, Leif Arnold?

No, we can look at Huddlestock as an enabler. We are an enabler for our customers that would like to be attractive in the market.

We can give them licenses, we can give them products, we can give them technology, so that within a very short time, they are able to be in business. That is one very strong value proposition.

You're also an enabler for our business partners on the ecosystem side, because there we have companies that are delivering technology or products, and we are an enabler, a channel, for also their products and services. We have this value proposition on both sides of that model, and that is a strong value proposition.

For us, it means full flexibility with low investment needs, and we can move fast forward, and we are very, very flexible in our service offering.

Good. Then Joakim have another question, and that's regarding do we need to do a private placement moving forward?

As Sabine mentioned, we have a lot of Done shares, and that's something that we are going to use going forward to fund our investments in the German market. Then Visigon is cash flow positive, so that's good going forward.

We don't have any plans. "Is Huddlestock allowing to sell Done..."

Yeah. Yes, we are allowed to sell shares going forward.

We are going to use the Done shares when we need it. Okay.

I think that was all, Leif Arnold. I'm not sure, Leif Arnold or Sabine, do you have any comments?

No, not for the questions. I just would like to conclude this presentation with repeating a few key takeaways.

Number one: finalizing Q3, also finalizes the restructuring of Huddlestock. That is not done, and we look forward.

Number two: we have started the journey on our European expansion, with one customer soon in production and letter of intent with customer number two. Takeaway number three: we have, together with management of Visigon, worked with the potential of the consulting business, and has set clear goals for '28, reaching 100 million kroner and an margin of 20%.

That is the three main takeaways as I see it. I am so energized for the journey ahead, together with Sabine, that Sabine and I already work very, very well together.

Thank you everybody for all you investors as well that support us every day. I'm appreciating your feedback, positive, negative, good advices, bad advices, everything.

It's energizing and so happy to be part of management of Huddlestock. Thank you everybody for joining, and as always, contact us if you have questions.

Thank you, and goodbye.

Thank you. Thank you.