Slide 1: Q2 2026 Investor Presentation
INVESTOR PRESENTATION Q2 2026 presentation 28 August 2026 CodeLab Capital
Slide 2: Disclaimer
THIS PRESENTATION (THE "PRESENTATION") HAS BEEN PRODUCED BY CODELAB PROVIDED IN THIS PRESENTATION ARE SOLELY OPINIONS AND FORECASTS THAT ARE SUCH INFORMATION. THE INFORMATION CONTAINED IN THIS PRESENTATION SHOULD BE CAPITAL AS ("CODELAB", AND TOGETHER WITH ITS SUBSIDIARIES, THE "GROUP") SOLELY UNCER
Slide 3: Second quarter highlights
Q2 2026 PRESENTATION Second quarter highlights 52.0m +53% 69.1m 13.8m NOK ARR NOK in ARR visibility NOK cash at end of June 01 Acquisition 02 Financing 03 Trading Acquired 100% of Agil Helse, strengthening the Shares issued at substantial premiums Strong financial performance, according OHS vertical
Slide 4: CodeLab Capital at a glance
Q2 2026 PRESENTATION CodeLab Capital at a glance Our strategy for creating shareholder value CodeLab Capital today Opportunistic M&A plus operations More than 3,500 customers (+1,500) Greenfield and add-ons for scale Service, SaaS, and reseller models Infrastructure capital and operations NOK ~52m i
Slide 5: Portfolio companies operate independently, but with support from CodeLab
Q2 2026 PRESENTATION Portfolio companies operate independently, but with support from CodeLab PARENT ROLE TEAM FOCUS CodeLab Capital Holding company 4 FTEs (5 FTEs from 1 August 2026) Cross-portfolio synergies and best practice targeted 100.0% 100.0% 50.1% Uniscale AS 100.0% HSE and OHS to Norwegian
Slide 6: Active M&A pipeline across three parallel tracks
Q2 2026 PRESENTATION Active M&A pipeline across three parallel tracks to complete the platform we set out to build TARGETS IN DIALOG COMBINED REVENUE The next 12 months will fundamentally shape CodeLab and its business units 9 NOK 350m 01 Continuing building the OHS 02 Expanding our software offerin
Slide 7: The acquisition of Agil Helse lifts the core OHS business
Q2 2026 PRESENTATION The acquisition of Agil Helse lifts the core OHS business and makes every Kuba product a cross-selling opportunity Value creation in the core OHS business From day one Cross-selling and product packaging ~1,500 customers Better margins Improved quality HSE Chemistry register Les
Slide 8: The CodeLab team provides infrastructure capital
Q2 2026 PRESENTATION The CodeLab team provides infrastructure capital, areas where many companies seek support A lean team supports every portfolio company with skills across disciplines each would otherwise staff on its own. Anton Lorenz Bondesen CEO Entrepreneur, venture investor and founder of te
Slide 9: Pro forma revenue & cash EBITDA
Q2 2026 PRESENTATION Pro forma revenue & cash EBITDA Quarterly development* Comments Revenue Cash EBITDA In NOK 000s Revenue is all organic development and assumes that CodeLab acquired Kuba, Cloudya and Agil with financial effect from 2Q25 18,948 17,653 OHS with noticeable seasonality, with 4Q usua
Slide 10: Recurring revenues are driving the growth and create visibility
Q2 2026 PRESENTATION Recurring revenues are driving the growth and create visibility Pro forma development per revenue type In NOK 000s ARR visibility of close to NOK 70m** In NOK 000s Recurring Variable Add-ons 18,948 +17,013 69,091 17,653 14,787 52,077 13,331 11,709 74% 2Q25 3Q25 4Q25 1Q26 2Q26 2Q
Slide 11: Satisfactory opex development with decrease in overhead
Q2 2026 PRESENTATION Satisfactory opex development with decrease in overhead and larger share of costs being growth driven Pro forma development per opex* type In NOK 000s Comments Growth costs Other costs CodeLab costs CodeLab costs in line with previous quarters, but +102% YoY −3% YoY In line with
Slide 12: Kuba is showing early signs of improvement
Q2 2026 PRESENTATION Kuba is showing early signs of improvement and the potential for further growth and profit expansion is clear Recurring revenue growth NOK 000s New sales volume* Indexed Cash EBITDA development NOK 000s Recurring Variable Other Cash EBITDA Pre growth costs +32% YoY +191% YoY +48
Slide 13: Cloudya continues to grow while profits expected to improve
Q2 2026 PRESENTATION Cloudya continues to grow while profits expected to improve YoY revenue development NOK 000s ARR bridge and visibility NOK 000s GP and margin expansion NOK 000s Gross margin, 0–7% scale 5.7% 4.5% 5.6% 8,461 +18,916 69,737 3.8% 2.1% +16,980 50,821 476 3,822 33,841 315 233 170 80
Slide 14: Why invest in CodeLab Capital and closing remarks
Q2 2026 PRESENTATION Why invest in CodeLab Capital and closing remarks Creating lasting shareholder value by building sustainable profit growth through organic and inorganic activities 01 Attractive development 02 Low risk operations and 03 Successful M&A execution 04 Aligned incentives and and fina
Slide 15: Q&A
Q2 2026 PRESENTATION Q&A NEX T PRESENTATION 26 November 2026 Sources: Company information 15