Investor presentation
February 2026
Our strategy for creating shareholder value
Conservative capital structure and 4 FTEs
CodeLab Capital today
CodeLab Capital at a glance
Combine opportunistic M&A with operational improvements |
More than 2,000 customers |
Greenfield and add-ons providing diversification and scale |
Service, SaaS, and reseller business models |
Providing infrastructure capital and operational excellence |
NOK ~34m in ARR |
Profitable growth by supporting strong companies |
Limited AI threat and great market dynamics |
~48% employee ownership |
Strengthened revenue base driven by organic growth with over 90% recurring revenues
4Q25
3Q25
2Q25
1Q25
4Q24
0
4
61
3 462
8 981
In NOK 000s
Reported revenue (unaudited)
In NOK 000s
217%
7 884
8 724
9 000
4 247
2 837
4Q24
1Q25
2Q25
3Q25
4Q25
Pro forma revenue*
In NOK 000s
20 186
54 055
33 869
4Q recurring,
annualized
Signed, not
delivered
Adj base ARR
ARR visibility of over NOK 50m**
Current legal structure: group companies operate independently, but with support from CodeLab
Introduction to the group companies-cross-portfolio synergies and best practice targetedHolding company
Listed on Euronext Growth
4 FTEs
CodeLab Capital AS
HSE and OHS to Norwegian SME
B2B model with ~90% recurring revenues
Focus on new sales and churn
Kuba Norge AS
IP to a B2B software tool
Large tax carried forward
No operations currently
Uniscale AS
AWS reseller in Norway
Single digit margins, but with tangible margin uplift short term
Fast growth and profit expansion
Cloudya AS
The team
System and
process optimization
Data and
reporting
Accounting
CodeLab provides
shared services, enabling focus on operations and growth
Business
development
Sales and
marketing
Administration
Infrastructure capital
Anton Lorenz Bondesen CEO Entrepreneur, venture investor and founder of B2B tech companies |
Christoffer Mathiesen CFO Commercial CFO, capital markets background |
Lasse Brenden CBDO Operations, system architecture, business intelligence and processes |
Tetyana Breivik CAO Accounting, reporting, and financial control |
The CodeLab team provides infrastructure capital, areas where many companies seek support
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
New majority owner
New Board and new management Reverse share split
Change auditor
New strategy
•
•
•
Acquisition of Kuba
Capital raise
Focus on operations and opportunities for improvement
•
•
Insourcing of tasks
Integration and implementation
Acquisition of Cloudya (all share
transaction)
•
•
Strengthen team
Insourcing of accounting to
increase quality & control across
the Group
Implementation of infrastructure capital
Building M&A pipeline
2H report-first presentation with
new strategy and acquisitions included
•
•
•
•
Healthy M&A pipeline
Options to key employees
Quarterly reporting / presentations Focus on value creation
Introduction
Focus / situation
Post CodeLab acquisition
System and data consolidation
Sales & Marketing to 30% of costs
Professionalized sales organization
Product and pricing
strategy
Dedicated CSM
function
Efficiency through
automation
Pre CodeLab acquisition
Poor data quality and integration
Limited internal systems
Limited sales focus
Bundling
No CSM function
Manual processes
Key facts |
|
Business model |
|
The CEO |
|
Kuba: Professionalizing founder-reliant operations to support structured growth
Introduction
Focus / situation
Post CodeLab acquisition
Automated core processes
Professionalized reporting
Professionalized systems
Dedicated sales
resource
Centralized finance
functions
Efficiency through
automation
Pre CodeLab acquisition
Limited growth capacity
Limited internal systems
No sales resources
Reactive execution
Limited visibility
Founder-only
operation
Key facts |
|
Business model |
|
The CEO |
sales to SMBs and large enterprises |
Cloudya: Building the foundation for scalable operations and future growth
M&A playbook: situations where CodeLab's approach can create
real shareholder value
•
•
•
•
•
•
•
•
•
•
Opportunistic M&A strategy
Driven by unlocking identifiable and underlying value creation potential
Preference for non-cyclical, sticky businesses with limited AI risk CodeLab is not the exit, but the start of a new beginning Preference for majority ownership, but not required
Active pursuit of synergies across group companies
Targets where CodeLab's capabilities solve real operational issues Emphasis on shared value creation and strong collaboration culture Conservative leverage unless supported by proven cash flows
Use CodeLab equity as currency with sellers who believe in the story
What we look for and what we offer
Kuba and Cloudya and our offering
Super-growth with a one-man shop-Cloudya needed strategic and operational support to deliver on ambitions
Support/admin function established
Enabling hired sales rep
Strategic direction
High growth
No organization
Admin tasks hampering future growth
Cloudya
Kuba just needed new impulses and clear direction, but the core team is still the
same and owners are large shareholders in CodeLab
Commercial mindset
Infrastructure capital
Financial and operational focus
Strengthen support/admin functions
Limited topline growth
Limited operational progress
Great product and service offering
Data quality
Kuba
CodeLab
Issue
• xxx
Current M&A pipeline
4 targets, of which 2 in
advanced discussions
NOK 40m revenue in total
Portfolio and/or legal entities
Driven by super-profit or synergies
Add-ons
4 targets, of which 1 in advanced discussions
NOK 50m revenue in total
Tech and service with high share of recurring revenues
Greenfield
145
120
170
100
New platform
w/add-on
Shorter T2M Revenue potential
pre new bus
Potential greenfield investment, add-on in place
Unexploited potential of GF alone and add-on provides fast T2M internationally
Both companies cash EBITDA positive pre synergies, but great value creation potential in increasing growth initiatives
M&A 2-indexed
120
470
350
100
As is
w/add-on
Potential rev Revenue potential
synergies pre new bus
Large and strategic add-on with substantial cross synergies
Breakeven pre cost & revenue synergies
M&A 1-indexed
Both opportunities are in active negotiation with key terms under discussion. Transactions are subject to due diligence and final payment structures, likely combining cash and equity. Targeted completion is Q1 or early Q2.
M&A pipeline and near-term realistic opportunities
Pro forma revenue & cash EBITDA
Underlying cash EBITDA
Revenue
4Q25
3Q25
2Q25
-3 214
1Q25
-2 893
4Q24
-2 265
-1 855
-990
2 837
4 247
7 884
9 000
8 724
In NOK 000s
Quarterly development*
Revenue is all organic growth and assumes that CodeLab acquired Kuba and Cloudya with effect from 4Q24
Revenue adjusted down to reflect a divestment of a small portfolio in Kuba (90k per quarter)
All legacy revenue and large one-off costs related to the
restructuring in Uniscale and CodeLab removed
Strong underlying development in revenue and cash EBITDA in all group subsidiaries
CodeLab bearing some overhead costs for its group companies
NOK 1.3m spent on growth initiatives in 4Q25 (sale & marketing), vs NOK 847k in 4Q24
Comments
Recurring revenues are driving the growth and creating visibility
6 919
Add-ons
Recurring Variable recurring
4Q25
3Q25
2Q25
1Q25
4Q24
2 316
4 080
2 837
8 467
8 645
4 247
7 884
9 000
8 724
In NOK 000s
Pro forma development per revenue type
37%
QoQ Kuba
3 258
2 246
45%
4Q24
4Q25
Recurring Variable recurring Other
Driven by good sales momentum
Still upside from reducing churn and increase add-on sales
QoQ Cloudya
2 767
3 790
In NOK 000s
In NOK 000s
5 210
5 210
70
4Q24
4Q25
Recurring Variable recurring Other
Achieved with 1 resource
Added one dedicated seller in December + significant volume signed end of year
Establishing support functions and increased sales & marketing impact opex, but proof of scalability and underlying profitability
Admin & finance S&M Development Other costs
4Q25
3Q25
2Q25
1Q25
4Q24
4 772
5 090
5 442
6 264
6 215
55%
54%
55%
123%
150%
70%
62%
61%
146%
179%
In % of sales
Pre growth costs
In NOK 000s
Pro forma development per opex* type
Admin & finance S&M Development Other costs
4Q25
3Q25
2Q25
1Q25
4Q24
2 705
3 955
4 395
4 363
4 410
34%
37%
29%
79%
126%
49%
45%
34%
103%
155%
In % of sales
Pre growth costs
In NOK 000s
Opex* excluding CodeLab Capital
Kuba is showing early signs of improvement and the potential for further growth and profit expansion is clear
In NOK 000s
1.9x
862
544
452
367
391
4Q24
1Q25
2Q25
3Q25
4Q25
Substantial increase vs previous periods
More resources on sales vs pre acquisition
Partner model showing promising results
High upside on add-on sales
New sales volume by invoice date
Yr 5
Yr 4
Yr 3
Yr 2
-4 000
Yr 1
9 261
8 820
8 400
8 000
In NOK 000s
New sales with high cost in Yr 1 (incl. all S&M,
provision etc.), with negative net margin
From Yr 2 and onwards the marginal cost is zero and all revenue equal profit
Increasing growth = neg. profit contribution
Super profit from year 2
In NOK 000s
840
-329
-1 096
-1 943
4Q24
4Q25
Cash EBITDA
Cash EBITDA pre growth costs
Significant improvement in cash EBITDA
NOK 840k underlying profitability in the quarter
excluding growth investments
Reduced overhead & dev costs + rev growth
Cash EBITDA development
Cloudya continues to grow while profits expected to improve
In NOK 000s
15 706
56 228
19 684
40 522
20 839
4Q25 ARR
Signed, Secured ARR Pipeline at YE, Est ARR pre
10% weight 2026 growth
NOK 21m by YE and NOK 20m signed, not delivered
giving short term visibility of NOK 41m in ARR
10% weighted value of pipeline added
NOK 56m ARR pre 2026 growth
ARR bridge and visibility
In NOK 000s
500 4 998
2 755
487 1 743
610
646
A
B
C
D
4Q25 AGP Signed Pipeline
Est AGP
pre 2026 growth
Tangible Incentives Pro forma
margin /projects
uptick
AGP
Estimated ARR yields NOK 1.7m in GP which covers
the current opex run rate
Self funded business with expected short term AGP on estimated ARR of NOK 5.0m
Growing gross profit already covering opex
A
Gross profit on estimated ARR (pre growth)
with 4Q net margin on consumption
revenue of 3.1%
AWS incentive program and company
B certificates yielding increased margin on all accounts
Incentives from AWS, marketing support
C and revenue sharing from consulting with 100% margin for Cloudya
D Blended AGP-margin around 8% in the short
term (months)
Margin expansion expected
Comments
Total assets of NOK 57.6m
NOK 33.7m in goodwill following two transactions
NOK 14m in cash
Equity of NOK 28.2m
NOK 4.6m in debt in Kuba
Deferred contingent payments related to earn-outs valued at NOK 10.9m
Balance sheet as of Dec 31
TOTAL EQUITY AND LIABILITIES 57 605
TOTAL ASSETS 57 605
Balance sheet & funding strategy
M&A funded through shares, cash and sellers' credit
Avoid and reduce interest bearing leverage pre proven cash flow generation
Supportive majority shareholders, but aiming for better liquidity in the share and more professional shareholder structure
Medium term group companies shall be self-funded and support further organic and inorganic initiatives.
Option to settle deferred payments in shares
But expect capital markets initiatives to fuel M&A and growth initiatives in the short term
CF the most important KPI, but willing to invest in growth
Funding and cash strategy
Intangible assets | Equity | |||
Research and development | 1 916 | Share capital | 35 699 | |
Brand & customer relations | 3 892 | Other equity | -6 807 | |
Goodwill | 33 712 | Minority | -654 | |
Total intangible assets | 39 520 | Total equity | 28 238 | |
Tangible assets Property, plant & equipment | 8 | Provisions and long-term liabilities Deferred tax | 1 128 | |
Total tangible assets | 8 | Liabilities to financial institutions | 3 350 | |
Liabilities to other companies | 1 243 | |||
Total fixed assets | 39 528 | Deferred contingent payments | 10 947 | |
Total long-term liabilities | 16 668 | |||
Current assets Trade receivables | 2 244 | Current liabilities | ||
Accrued revenue | 1 631 | Trade payables | 3 231 | |
Other receivables | 70 | Public duties payable | 2 278 | |
Prepaid expenses | 163 | Other accrued expenses | 1 747 | |
Cash and bank deposits | 13 969 | Deferred revenue | 5 443 | |
Total current assets | 18 077 | Total current liabilities | 12 699 |
Outlook and targets
Reverting back to quarterly presentations, and key announcements
M&A driver for capital markets
funding
Run rate group > 12 months
•
•
Funding and communication
M&A
•
•
Short-term 1-3 new deals
Target to do 2-5 deals p.a. with
majority being add-ons
Focus on tech/service with low
risk
Organic
•
•
•
Double digit ARR growth
Cost optimization
Positive operational cash flow in group companies
Execution priorities and financial targets (12-24 months)Operational improvements, M&A and synergies -> improved growth, margins, and cash flow while reducing operational liquidity requirements
Revenues could be substantially higher a year from now if we continue to grow organically and through M&A
YE 26 run rate
Synergies
Acquisitions
26' growth = 25' growth
Pipeline ARR
Signed ARR
4Q annualized
35 999
20 186
15 706
22 671
>100 000
In NOK 000s
Illustrative run rate revenue given continued growth and successful M&AWhy 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 companies with attractive financial profile
High share of recurring revenues
Strong growth
Scalability and profitability
Strong market positions and attractive market dynamics
Low risk operations
Limited leverage
Successful M&A execution and
valuable M&A pipeline
Shares, cash and sellers' credit
as payment
2-5 acquisitions per year Accretive and synergetic SaaS, service and resell
Aligned incentives
High management ownership and incentives through options
Hands on and execution focus Cost control and scale on
current setup
Increasing investor relations efforts, reverting back to quarterly presentations
Q&A
Next presentation 27 May
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