Q3 2025 results and investor update

‌Q3 2025‌

Leif Arnold Thomas, Group CEO Sabine Merky, Group CFO

‌Reshaped for future growth in Europe

HUDL HQ

Visigon (Consulting)

European IaaS

Asset light expansion into continental Europe

• First customer, GIGA Broker, secured in March

• LOI with potential second customer achieved in November

• Modular Investment-as-a-Service for B2B partners

  Strategic divestment of Nordic IaaS platform

• Significantly reducing cash burn and financial flexibility

• In part funding the European expansion

  CFO appointment and strengthening of Board of Directors

• Sabine Merky appointed Group CFO, started 1 October 2025

• Strengthening of Board of Directors after reshaping of the Group

  Execution on new Visigon strategy (Consulting division)

• Contract expansions with key customers

• Strengthened with commercial resource in Q3 2025

‌Huddlestock in numbers

Powering the future of investing

Focus on portfolio optimization, resource efficiency, and

Euronext growth

Oslo, Norway

NOK 181 million

Market Capitalization1

long-term value creation across business areas

2 businesses

Wholly owned

4 offices

Oslo, Stockholm,

Copenhagen C Munich

24 FTEs

Proforma, in wholly

owned companies

NOK 31 million

Pro-forma cash and cash equivalents at 30. Sep 2025 (excl. distribution shares)2

NOK 8 million

Market value of Done.ai shares at 30. Sep 2025 to be distributed to HUDL shareholders3

1) Based on closing price 17.11.2025. 2) Cash position at period end of NOK 1.9 million and market value of 80% of shares received in connection with Divestment of Nordic IaaS Platform as of 30,09.2025. 3) Market value of 20% of the shares received in connection with the Divestment of Nordic IaaS Platform as of 30.09.2025.

‌Expanding our ecosystem-partner network to strengthen our offering and increase market access

Ecosystem

B2B Partners

GmbH

New

European Investment-as-a-Service

Platform

Securities license supports offerings in any European Economic Area (EEA) member state

• Reducing time-to-market in high growth segments

• Limited development expenses and legacy

• Access to a wider range of clients across Europe

• Significantly higher volumes than in the Nordics

  
  
  

  ‌A modular provider for regulated and non-regulated B2B partners

  Regulated, modular and ready to use Dual growth opportunities in a scalable partner model

  Liability umbrella

  GmbH

  Contractual relationship

  B2B-Partner

  
  
  

  Ecosystem

  Partner model

  • Strategic focus on direct drivers for growth through signing of new customers

Contractual relationship

• Enabling partners to build complete securities offerings for end customers without their own license or technological infrastructure

• Customizable solution ensuring high flexibility, suiting the individual B2B partner needs

• Scalability through expansion of the ecosystem and efficient use of resources creating an edge in the European IaaS market

  • Expected increase in frequency of new B2B partner signings following

launch of first customer platform with GIGA

• Secondary growth consideration through indirect expansion of B2B

  partners' end-customer base

  Illustrative growth expansion: new customer signings traction1

  1st customer

  signed Q1 2025

  2nd LOI

  Q4 2025

  2025

  2026

  2027

  2028

  1) Illustrative pipeline for customer traction, based on company assumptions

  
  
  

  • Facilitated through ecosystem expansion and product quality

    ‌Building a robust regulatory foundation that supports innovation and trust in the evolving financial landscape

    Huddlestock GmbH has received confirmation from BaFin that its notification pursuant to article 60 of the MiCAR (Markets in Crypto-Assets Regulation) is complete1:

    • Enabling Huddlestock GmbH to "accept and transmit orders for

      crypto-assets on behalf of clients"

    • Marking a milestone in Huddlestock's strategic ambition to offer

      fully regulated digital investment solutions across Europe

    • Complementing Huddlestock's existing offering, strengthening the regulatory infrastructure within the IaaS ecosystem

1. With reference to press release published 10.11.2025

Expanding regulatory

foundation under MiCAR

Client crypto-asset order services1

Investment brokerage

Contract brokerage

Investment advice

Financial portfolio management

‌Ramping up while maintaining a lean organization

Illustrative cash flow (CF)

Ambition to turn European

IaaS Platform cash flow positive during 2026

• GIGA Broker soft-launch, with selected products, scheduled to

  launch mid December 2025.

  Positive CF

  • Broad platform launch planned during first half of 2026, with more than 65,000 AVL customers to be introduced to platform. In addition, significant marketing spend to be deployed to attract new customers.

• Met ambition of achieving LOI with second customer this year

  • Entered LOI with a German financial services company in November1

  • Next ambition to sign LOI with third customer early 2026

• Lean organization and operational efficiency while ramping up

  Negative CF

  • Currently 3 employees at Huddlestock GmbH

  • Ambition to turn the European IaaS Platform (Huddlestock GmbH)

cash flow positive during 2026

1. With reference to press release on 17.11.2025

‌Visigon at a glance

Capital markets and treasury specialized consultancy

#1 Nasdaq Financial Technology partner in the Nordics

"We bridge the gap between finance and technology in the evolving landscape of capital markets and treasury"

Finance and technology experts

Receiver of Børsen's 'Gazelle' in 2022 and 2023

Offices in Copenhagen and Stockholm

EBITDA margin

Projects

Large potential in Europe

‌Visigon: A growing integrated partner servicing top tier financial institutions across the Nordics

Client share expansion through increased service offering

Strategic shift to managed services accelerates value offering potential for existing and new clients

• Historically high Customer Lifetime Value (CLV) and loyalty in targeted markets

• Transition to an integrated partner lessening growth in the short term

• Rapid technology advancement increases need for specialized expertise and implementation knowhow

Trusted by leading Nordic financial institutions

Focused execution on primary drivers for growth

• Recurring customer contracts and relationships with increased share of IT services covered by Visigon

  • Solid customer retention and wallet share expansion

  • Winning new key customers

• Increased scale and offering through increase in FTEs and expertise

  
  
  
  
  
  
  
  
  

  ‌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 transformation

  • Strategic repositioning as an integrated partner meets demand in a shifting market dynamic

  • Increasing consolidation among financial institutions drives need for implementation advisory

  • Clients seeking end-to-end partners to navigate technology

    and market infrastructure transformation

  • Increase in demand for niche competence following consolidation trend

‌Visigon targeting NOK 100 million revenue and EBITDA margin above 20 per cent in 2028

Revenue

Current business

2025

> 2x in existing service offering

Organic growth in adjacent products and services

Explore initiatives for additional growth

Total 2028 revenue target

> 100 NOK million

EBITDA margin

10 % YTD

> 20 %

‌Strengthened financial and operational position post transaction

Unaudited, NOK million

10.9

1.9

~ 33.0

• Operational cash flow impacted by legacy Nordic IaaS business and one-offs related to the divestment

• Investments reflecting development expenses related to Nordic IaaS platform, which was offset by cash received in the sale of subsidiaries

• Financing mainly reflects the conversion

  of warrants

• End of period market value of Done.ai shares, excluding shares for distribution to Huddlestock shareholders, is NOK

  31.1 million

• Done.ai shares to be a part of funding for European expansion, sensitive to share

Cash

31 Dec '24

Operations

Investments

Financing Cash

30 Sep '25

Market value

of Done.ai shares

30 Sep '251

Market value

of distribution shares

30 Sep '252

Pro-forma cash

and equivalents 30 Sep 2025

price development

1. 4,647,608 Done.ai shares received following the conversion of seller credit notes. Done.ai share price used is SEK 7.89 and FX 1.0606 (30.09.2025).

   
   
   

2. 20 per cent of the total number of Done.ai shares to be distributed to Huddlestock's shareholders, in total 929,522 Done.ai shares, with reference to stock exchange announcement on 29 October 2025. Done.ai share price used is SEK 7.89 and FX 1.0606 (30.09.2025).

14 Apr

Announcement of sale of Nordic Investment as a Service platform

24 Apr

First Closing: Cash settlement for and transfer of Huddlestock AB and

Huddlestock Technologies AB

6 Aug

Share settlement for Huddlestock AB and Huddlestock Technologies

AB, receiving 4.57% of shares in Done.ai1

July

Approval from the Norwegian Financial Supervisory Authority for the

transfer of Huddlestock Investor Services AS

25 Aug

Share settlement for Huddlestock Investor Services AS

Q4 2025

Distribution of 20% of the total 4,647,608 Done.ai shares

received in the transaction to Huddlestock shareholders2

1. Total shares outstanding in Done.ai following the conversion of seller's credit notes issued in relation to recent acquisitions are 82,377,614, with

   reference to its stock exchange announcement on 14 April 2025.

2. Resolved distribution of 929,522 Done.ai shares, with reference to stock exchange announcement on 29 October 2025.

‌Nordic IaaS Platform divestment progressing as planned

• 20% of all received Done.ai shares to be distributed to Huddlestock shareholders

• Distribution expected to be finalized as of 2 April 2026, with the first tranche of the distribution expected to be finalized on or around 2 December 20252

‌HUDL HQ‌

Visigon (Consulting) European IaaS

Outlook

Visigon introducing clear 2028-targets

• 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

• GIGA Broker soft-launch, with selected products, scheduled to launch mid December 2025

• Ambition to sign final agreement with second customer to before YE 2025

• Continued commercial expansion ramp up of new sales in 2026

• Ambition to turn the business area cash flow positive within late 2026

‌Q&A

Leif Arnold Thomas CEO

Sabine Merky CFO

‌Appendix‌

‌Consolidated income statement

Unaudited in NOK

‌Consolidated statement of financial position

Unaudited in NOK

‌Consolidated statement of cash flows

Unaudited in NOK

‌Disclaimer 1/2

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‌Disclaimer 2/2

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