Huddlestock Fintech As · OSL:HUDL
Huddlestock Fintech As — Q3 2025 Earnings Presentation
25 slides from Huddlestock Fintech As's earnings presentation, Nov 21, 2025
Slide 1: Q3 2025 Third quarter results presentation
Q3 2025 Third quarter results presentation | November 21, 2025 Leif Arnold Thomas, Group CEO Sabine Merky, Group CFO
Slide 2: Reshaped for future growth in Europe
Reshaped for future growth in Europe Asset light expansion into continental Europe HUDL HQ • First customer, GIGA Broker, secured in March Visigon (Consulting) • LOI with potential second customer achieved in November European IaaS • Modular Investment-as-a-Service for B2B partners Strategic divestm
Slide 3: Huddlestock in numbers
Huddlestock in numbers Powering the future of investing Focus on portfolio optimization, resource efficiency, and long-term value creation across business areas Euronext growth NOK 181 million Oslo, Norway Market Capitalization1 2 businesses NOK 31 million Wholly owned Pro-forma cash and Group Manag
Slide 4: Expanding our ecosystem-partner network to strengthen our offering and increase market access
Expanding our ecosystem-partner network to strengthen our offering and increase market access Leveraging existing technology, knowhow and relations… …to enable services at the forefront of digital finance Ecosystem B2B Partners GmbH European Investment-as-a-Service New Platform Securities license su
Slide 5: A modular provider for regulated and non-regulated B2B partners
A modular provider for regulated and non-regulated B2B partners Regulated, modular and ready to use Dual growth opportunities in a scalable partner model • Strategic focus on direct drivers for growth through signing of new Ecosystem Liability umbrella customers Partner Contractual Contractual • Exp
Slide 6: Expanding regulatory foundation under MiCAR
Expanding regulatory foundation under MiCAR Building a robust regulatory foundation that supports Client crypto-asset order services1 innovation and trust in the evolving financial landscape Huddlestock GmbH has received confirmation from BaFin that its Investment brokerage notification pursuant to
Slide 7: Ramping up while maintaining a lean organization
Ramping up while maintaining a lean organization Large market with long-term scaling potential European IaaS Platform profitability will follow J-Curve Illustrative cash flow (CF) • GIGA Broker soft-launch, with selected products, scheduled to Harvest period launch mid December 2025. • Broad platfor
Slide 8: Visigon at a glance
Visigon at a glance Shaping tomorrow’s financial markets Capital markets and treasury specialized consultancy “We bridge the gap between finance and technology in the evolving landscape of capital markets and treasury” #1 Nasdaq Financial Technology partner in the Nordics Finance and technology expe
Slide 9: Visigon: A growing integrated partner servicing top tier financial institutions across the Nordics
Visigon: A growing integrated partner servicing top tier financial institutions across the Nordics Strategic shift to managed services accelerates value Client share expansion through increased service offering offering potential for existing and new clients Total client IT spend, Potential new clie
Slide 10: Visigon: Bringing a Nordic mindset to Continental Europe
Visigon: Bringing a Nordic mindset to Continental Europe Technology disruption increasing home market demand … … and driving European need for specialized skills • Nordic financial sector at the forefront of digital • Building on expertise from market leading position of transformation Nasdaq Calyps
Slide 11: Visigon targeting NOK 100 million revenue and EBITDA margin above 20 per cent in 2028
Visigon targeting NOK 100 million revenue and EBITDA margin above 20 per cent in 2028 Re-expanding the growth journey to capture new markets Baseline 2028 ambitions • Building on a proven ability to execute on market penetration Revenue • Doubled revenue through organic growth from 2018 to 2023 as V
Slide 12: Financial review
Financial review
Slide 13: Reported profit and loss impacted by restructuring of Huddlestock
Reported profit and loss impacted by restructuring of Huddlestock Reported profit and loss Unaudited, NOK million Q3 2025 Q2 2025 YTD 2025 Q3 2024 • Note the effects from divestments in the financial figures: • Previously divested companies1 recognized until 24.04.2025 Total operating income 9.7 14.
Slide 14: Pro-forma EBITDA
Pro-forma EBITDA Pro-forma EBITDA Unaudited, NOK million • The adjusted Q3 2025 pro-forma figures exclude: Q3 2025 Pro-forma Q3 2025 adj • Extraordinary costs associated with the Done.ai Total operating income 9.7 7.8 transaction • Expenses relating to discontinued operations following Personnel cos
Slide 15: Strengthened financial and operational position post transaction
Strengthened financial and operational position post transaction YTD 2025 cash flow and current market value of Done.ai shares Unaudited, NOK million • Operational cash flow impacted by legacy Nordic IaaS business and one- 7.8 offs related to the divestment ~ 33.0 • Investments reflecting developmen
Slide 16: Nordic IaaS Platform divestment progressing as planned
Nordic IaaS Platform divestment progressing as planned Transaction timeline Shareholder distribution dynamics 14 Apr Announcement of sale of Nordic Investment as a Service platform • 20% of all received Done.ai shares to be distributed to Huddlestock shareholders First Closing: Cash settlement for a
Slide 17: Outlook
Outlook HUDL HQ Visigon (Consulting) Visigon introducing clear 2028-targets European IaaS • Targeting NOK >100 million revenue in 2028 with >20% EBITDA margin • Ambition to finance growth through operational cash flow • Ramp-up will require periods of lower performance Scaling European IaaS platform
Slide 18: Q&A
Q&A Leif Arnold Thomas Sabine Merky CEO CFO
Slide 19: Appendix
Appendix
Slide 20: Consolidated income statement
Consolidated income statement Unaudited in NOK Q3 2025 Q2 2025 QoQ Q3 2024 YoY Operating income Other operating income 9 717 807 14 060 940 -31 % 15 538 083 -37 % Total operating income 9 717 807 14 060 940 -31 % 15 538 083 -37 % Operating expenses Cost of materials/subcontractors 0 0 0% 0 0% Person
Slide 21: Consolidated statement of financial position
Consolidated statement of financial position Unaudited in NOK EQUITY AND LIABILITIES 30.09.2025 31.12.2024 ASSETS 30.09.2025 31.12.2024 Equity Non-current assets Paid-in capital Intangible assets Share capital 531 620 441 886 Research and development 24 509 958 48 689 939 Own shares -14 -14 Goodwill
Slide 22: Consolidated statement of cash flows
Consolidated statement of cash flows Unaudited in NOK Q3 2025 Q2 2025 YTD 2025 YTD 2024 FY 2024 Profit/loss before tax -41 816 233 -35 852 242 -96 282 759 -55 523 735 -99 686 260 Depreciation and amortisation 7 644 042 7 159 653 26 477 495 36 542 193 71 837 302 Unrealised loss/gain on financial asse
Slide 23: Disclaimer 1/2
Disclaimer 1/2 This presentation has been prepared by Huddlestock Fintech AS (the Huddlestock) solely for the use at the presentations to investors held in connection with the presentation of the past results of the certain period and anticipated future performance. This presentation is being made o
Slide 24: Disclaimer 2/2
Disclaimer 2/2 Any statement, estimate or projections included in this presentation (or upon which any of the conclusion contained herein are based) with respect to anticipated future performance (including, without limitation, any statement, estimate or projection with respect to the condition (fin
Slide 25: Huddlestock
hddlestock
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