Codelab Capital As · OSL:CODE

Codelab Capital As — Investor Presentation (February 2026)

21 slides from Codelab Capital As's investor presentation, February 2026

  1. Slide 1: Investor presentation

    Investor presentation February 2026

  2. Slide 2: Disclaimer

    THIS PRESENTATION (THE "PRESENTATION") HAS BEEN PRODUCED BY CODELAB CAPITAL AS (“CODELAB", AND TOGETHER WITH ITS SUBSIDIARIES, THE "GROUP") SOLELY FOR INFORMATION PURPOSES. THIS PRESENTATION, AND THE INFORMATION CONTAINED HEREIN, DOES NOT CONSTITUTE OR FORM PART OF, AND IS NOT PREPARED OR MADE IN CO

  3. Slide 3: CodeLab Capital at a glance

    CODELAB CAPITAL COMPANY PRESENTATION FEBRUARY 2026 CODELABCAPITAL.COM CodeLab Capital at a glance Our strategy for creating shareholder value CodeLab Capital today Combine opportunistic M&A with operational improvements More than 2,000 customers Greenfield and add-ons providing diversification and s

  4. Slide 4: Strengthened revenue base driven by organic growth with over 90% recurring revenues

    CODELAB CAPITAL COMPANY PRESENTATION FEBRUARY 2026 CODELABCAPITAL.COM Strengthened revenue base driven by organic growth with over 90% recurring revenues Reported revenue (unaudited) Pro forma revenue* ARR visibility of over NOK 50m** In NOK 000s In NOK 000s In NOK 000s 20 186 54 055 8 981 9 000 217

  5. Slide 5: Current legal structure: group companies operate independently, but with support from CodeLab

    CODELAB CAPITAL COMPANY PRESENTATION FEBRUARY 2026 CODELABCAPITAL.COM Current legal structure: group companies operate independently, but with support from CodeLab Introduction to the group companies—cross-portfolio synergies and best practice targeted CodeLab Capital AS • Holding company • Listed o

  6. Slide 6: The CodeLab team provides infrastructure capital

    CODELAB CAPITAL COMPANY PRESENTATION FEBRUARY 2026 CODELABCAPITAL.COM The CodeLab team provides infrastructure capital, areas where many companies seek support The team Infrastructure capital Anton Lorenz Bondesen CEO Entrepreneur, venture investor and founder of B2B tech companies Administration Sa

  7. Slide 7: 2025: Transformative year for CodeLab Capital

    CODELAB CAPITAL COMPANY PRESENTATION FEBRUARY 2026 CODELABCAPITAL.COM 2025: Transformative year for CodeLab Capital, from restructuring to forward-leaning and growth-oriented Stabilization and reset Capitalization and Kuba Cloudya and organization M&A pipeline and IR • Clean up legacy business • Acq

  8. Slide 8: Kuba: Professionalizing founder-reliant operations to support structured growth

    CODELAB CAPITAL COMPANY PRESENTATION FEBRUARY 2026 CODELABCAPITAL.COM Kuba: Professionalizing founder-reliant operations to support structured growth Introduction Focus / situation • From Tønsberg, Norway Pre CodeLab acquisition Key • Occupational health services and software for health, safety, and

  9. Slide 9: Cloudya: Building the foundation for scalable operations and future growth

    CODELAB CAPITAL COMPANY PRESENTATION FEBRUARY 2026 CODELABCAPITAL.COM Cloudya: Building the foundation for scalable operations and future growth Introduction Focus / situation • From Oslo, Norway Pre CodeLab acquisition Key • Certified partner and reseller of Amazon Web Services, serving SMBs facts

  10. Slide 10: M&A playbook: situations where CodeLab's approach can create real shareholder value

    CODELAB CAPITAL COMPANY PRESENTATION FEBRUARY 2026 CODELABCAPITAL.COM M&A playbook: situations where CodeLab’s approach can create real shareholder value What we look for and what we offer Kuba and Cloudya and our offering Issue CodeLab • Opportunistic M&A strategy • Limited topline growth • Commerc

  11. Slide 11: M&A pipeline and near-term realistic opportunities

    CODELAB CAPITAL COMPANY PRESENTATION FEBRUARY 2026 CODELABCAPITAL.COM M&A pipeline and near-term realistic opportunities Current M&A pipeline M&A 1—indexed M&A 2—indexed 120 470 350 • 4 targets, of which 1 in advanced discussions Greenfield • NOK 50m revenue in total 120 170 145 • Tech and service w

  12. Slide 12: Pro forma revenue & cash EBITDA

    CODELAB CAPITAL COMPANY PRESENTATION FEBRUARY 2026 CODELABCAPITAL.COM Pro forma revenue & cash EBITDA Quarterly development* Comments In NOK 000s • Revenue is all organic growth and assumes that CodeLab 8 724 9 000 acquired Kuba and Cloudya with effect from 4Q24 7 884 • Revenue adjusted down to refl

  13. Slide 13: Recurring revenues are driving the growth and creating visibility

    CODELAB CAPITAL COMPANY PRESENTATION FEBRUARY 2026 CODELABCAPITAL.COM Recurring revenues are driving the growth and creating visibility Pro forma development per revenue type QoQ Kuba In NOK 000s In NOK 000s 3 790 • Driven by good sales 9 000 2 767 37% momentum 8 724 7 884 3 258 • Still upside from

  14. Slide 14: Establishing support functions and increased sales & marketing impact opex

    CODELAB CAPITAL COMPANY PRESENTATION FEBRUARY 2026 CODELABCAPITAL.COM Establishing support functions and increased sales & marketing impact opex, but proof of scalability and underlying profitability Pro forma development per opex* type Opex* excluding CodeLab Capital In NOK 000s In % of sales In NO

  15. Slide 15: Kuba is showing early signs of improvement and the potential for further growth

    CODELAB CAPITAL COMPANY PRESENTATION FEBRUARY 2026 CODELABCAPITAL.COM Kuba is showing early signs of improvement and the potential for further growth and profit expansion is clear New sales volume by invoice date Super profit from year 2 Cash EBITDA development In NOK 000s In NOK 000s In NOK 000s 84

  16. Slide 16: Cloudya continues to grow while profits expected to improve

    CODELAB CAPITAL COMPANY PRESENTATION FEBRUARY 2026 CODELABCAPITAL.COM Cloudya continues to grow while profits expected to improve ARR bridge and visibility Growing gross profit already covering opex Margin expansion expected In NOK 000s In NOK 000s 500 4 998 Gross profit on estimated ARR (pre growth

  17. Slide 17: Balance sheet & funding strategy

    CODELAB CAPITAL COMPANY PRESENTATION FEBRUARY 2026 CODELABCAPITAL.COM Balance sheet & funding strategy Balance sheet as of Dec 31 Funding and cash strategy • M&A funded through shares, cash and sellers’ credit Comments Intangible assets Equity • Avoid and reduce interest bearing leverage pre proven

  18. Slide 18: Outlook and targets

    CODELAB CAPITAL COMPANY PRESENTATION FEBRUARY 2026 CODELABCAPITAL.COM Outlook and targets Execution priorities and financial targets (12–24 months) M&A Organic Funding and communication • Short-term 1-3 new deals • Double digit ARR growth • Run rate group > 12 months • Target to do 2-5 deals p.a. wi

  19. Slide 19: Revenues could be substantially higher a year from now if we continue to grow

    CODELAB CAPITAL COMPANY PRESENTATION FEBRUARY 2026 CODELABCAPITAL.COM Revenues could be substantially higher a year from now if we continue to grow organically and through M&A Illustrative run rate revenue given continued growth and successful M&A In NOK 000s >100 000 22 671 15 706 20 186 35 999 4Q

  20. Slide 20: Why invest in CodeLab Capital & closing remarks

    CODELAB CAPITAL COMPANY PRESENTATION FEBRUARY 2026 CODELABCAPITAL.COM Why invest in CodeLab Capital & closing remarks Creating lasting shareholder value by building sustainable profit growth through organic and inorganic activities Attractive development in all group Successful M&A execution and Ali

  21. Slide 21: Slide 21

CodeLab Capital AS — Investor Presentation (February 2026) on 6ix