LINK Mobility Group Holding

Investor Presentation • Aug 14, 2024

Financial presentation

Q2 2024

14 August 2024

LINK in short

Market leader in Europe - Global ambitions with strong track record for growth • Attracting and serving customers locally with local languages • Creating stickiness and upsell opportunities • Consistent strong double-digit growth over the last 4 years • Expanded throughout Europe from the Nordics since 2016

European #1 for enterprise digital messaging

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Proven M&A achievements with more than 30 acquisitions

600 employees, 29 offices, 18 countries serving more than 50,000 customers

Revenue NOKm

Adjusted EBITDA NOKm

* CAGR growth

LINK's recurring and growing business model

Solid European footprint in growing markets supported by megatrends and increased adoption rates

Recurring business with more than 50,000 customers in Europe

Net retention rate (NRR) and customer churn (%)

Scalable business model

Megatrends support digital messaging growth

Diversified use cases and industry exposure

Q2 2024 highlights – another strong quarter • Organic growth in fixed FX at 17% • Enterprise growth at 15% with strong solid growth in Central and improvement in Northern • Organic growth in fixed FX at 12% • Higher demand for more profitable CPaaS products and OTT channels • Strong organic growth in fixed FX at 16% • Continue to deliver on the scalable business model with prudent opex growth • All-time high with continued strong traction on CPaaS solutions

Solid growth from high contract backlog

Revenue at NOK 1,816 million

• Closed acquisition of EZ4U and expanding footprint to Portugal

Gross profit at NOK 379 million

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Adjusted EBITDA at NOK 180 million

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Strong commercial results with NOK 48 million in closed won gross profit

Strengthening Iberian peninsula footprint through accretive M&A

Organic growth specification

NOKm	Q2 2023	Organic growth	FX effect	Acquired	Q2 2024
Revenue	1 557	260	-3	2	1 816
Organic growth (%)		17%
Gross profit	337	42	-1	1	379
Organic growth (%)		12%
Adjusted EBITDA	155	25	0	1	180
Organic growth (%)		16%

Double digit organic gross profit growth

Gross profit growth in the high end of expectations

Group organic gross profit development (NOKm)

Group gross margin (%)

Enterprise segments delivering growth of 13%

- demand and CpaaS offerings and volume growth

• Strong organic growth momentum in Western Europe of 16% driven by higher • Central Europe delivering high digit growth of 14% due to solid volume growth • Northern Europe improved growth momentum to 10% through improved volume growth QoQ and Marketing Platform license revenue • More volatile business than enterprise • Extraordinary low-margin traffic volumes impacting negatively by 0.9pp • Positive impact from richer channels like RCS and What's app • Underlying customer margins remain stable

Global Messaging growing 4% and supporting enterprise routing

Gross margin impacted by high growth in low-margin volumes

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New contract wins – increased demand for OTT channels

Good momentum on both traditional SMS and advanced CPaaS solutions in the second quarter

LINK signed 802 new and expanding agreements in Q2 24

• Good mix of various sized contracts
• CPaaS solutions and new channels continue to impact both closed contracts and pipeline positively

New agreements signed in quarter Gross profit contribution from new contract wins

Continued strong growth in CPaaS contracts sold +167% YoY

- CPaaS contracts mainly from OTT and Marketing automation A2P contribution of NOK 32 million or 7% growth yoy

High growth for CPaaS and OTT channels Key metrics per product – Q2 closed won deals: • Internet distributed channels like RCS, What's App and Viber • Main use cases: Customer care and Marketing • Margin level between 20-50% • Omnichannel Marketing automation solution with Enterprise SME focus • Margin level close to 100% for license only • Main use cases: Marketing and Notifications

Strong market demand for richer OTT channels positively impacts closed won contracts

OTT

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MyLINK Marketing

- MyLink Connect (bot-solutions), e-mail, security solutions) • Average margin level of 40-60% • Main use cases: Notifications and Marketing

Other CPaaS

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RCS support on iPhone to drive increased demand

LINK expect increased demand for RCS when all consumers can be reached on the channel

Apple iOS penetration across LINK's main markets*

RCS support expected on iOS autumn 2024

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- iOS RCS support will be available starting from iOS 18 • Local operator support required, rolled out gradually • Demand for RCS should spike when all consumers can be reached, not just Android users

* Source: World Population Review

La Roche Posay skin care assistant through RCS and bot

Use case objectives

- La Roche Posay offers a digital skincare assistant to help consumers understand the products adapted to their

Campaign details

• Approximately 150k customers were targeted for the first campaign in June 2024
• 1/3 of recipients own an RCS enabled phone

Key learnings

• Brand exposure is 18 times higher with RCS vs SMS / Webexperience
• Engagement rate is 3 times higher with RCS vs SMS / Webexperience
• 50% of people who started a conversation have completed the whole scenario and been offered a voucher

Executing on M&A pipeline in Europe • Founded in 2010 with HQ in Porto • Serving >500 clients on SMS, OTT, e-mail, IVR and bots • Enterprise value of EUR 3.5 million • LTM EV/cash EBITDA multiple of 7x

Ambition for inorganic growth to add 10% of adjusted EBITDA annually

EZ4U acquired in Portugal

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Prioritized targets progressing

- Pipeline of 10 target whereof 3 targets in DD process • Combined EBITDA up to EUR 40 million • Combination of smaller bolt-ons and larger level ups

M&A play-book guidelines

- Strong local market position and strong telecom operator relationships • Cash EBITDA positive and cash accretive to LINK from day one

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• Solid, well-diversified customer portfolios with low churn • ~80% overlapping technology strong commercial enterprise focus • Synergy potential to create further value • Target valuations between 6-9x cash EBITDA before synergies pending growth momentum

LINK positioned for strong FCF growth in 2024 and beyond • Organic gross profit growth in high single digits historically • Organic adjusted EBITDA expected to grow at higher rate than organic gross profit • Net debt not exceeding 2 - 2.5x adjusted EBITDA range when refinancing in 2025 • Bolt-ons in Europe priority to realize further scale • Several potential level-up cases in Europe and beyond including the US

LINK's European business is scalable and highly cash generative

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Diverse M&A pipeline with additional EBITDA potential > NOK 200 million in Europe alone

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Financials

Q2 2024

14 August 2024

First half 2024 delivered in high end of expectations

Double digit growth in gross profit and adj.EBITDA

Organic growth in stable currency	1H 2024
Revenue growth	18%
whereof enterprise	15%
Gross profit growth	12%
whereof enterprise	12%

13 Interim Report Q2 2024

Reported revenue YoY growth 17%

Revenue growth supported by strong volume growth existing and new clients

Reported revenue NOKm

Reported volume (mill transactions)

Organic revenue growth of 17% in fixed FX

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• Enterprise segments grew 15% organically in fixed FX • Northern Europe growing 5% with improved growth trend QoQ • Central Europe with strong growth of 31% from high volumes • Western Europe continued strong growth supported by volume and OTT growth • EZ4U acquisition contributes NOK 2 million • Global Messaging segment with organic growth of 22% in fixed FX • Strong growth in SMS messaging at 24% • Higher value channels like RCS and WhatsApp continue to grow at high pace

Reported volume growth for Q2 24 at 23%

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14 Interim Report Q2 2024

Reported gross profit YoY growth 12%

Solid enterprise growth of 12% with contribution from all regions

Gross profit NOKm

Enterprise gross margin (%)

Organic gross profit growth of 12% in fixed FX

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• Enterprise segments delivered 13% organic growth • Northern growth of 10% - QoQ increase from topline and SaaS licenses • Central Europe growth of 14% from strong topline and CPaaS contribution • Western Europe with continued contribution from new richer channels • RCS with increased contribution quarter by quarter • NOK 1 million in acquired gross profit from EZ4U acquisition
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Enterprise gross margin stable around 26% over time

• Extraordinary low-margin volumes in Q2 impacting negatively by 1.2pp yoy • Positive effect from new richer OTT channels and CPaaS solutions • Growing strongly from a lower base with increased market demand
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Reported adjusted EBITDA YoY growth 16%

Adjusted EBITDA growth in stable currency of 16% and above gross profit growth of 12%

Organic growth in adjusted EBITDA 16% in fixed currency • Adjusted EBITDA growth of NOK 25 million YoY in fixed currency • NOK 42 million from organic gross profit growth • Opex growth mainly related to inflation in salaries and other cost • Inorganic contribution from EZ4U acquisition • Negative impact from extraordinary volumes of lower-margin traffic on • Lower opex to sales YoY related to cost initiatives and scalable model

Adjusted EBITDA NOKm

Enterprise adjusted EBITDA margin (%)*

* Excluding Global Messaging and group opex

Enterprise margin expanded 0.3pp YoY to 15.7%

- gross margin partly offset by increased share of OTT channels

• M&A costs of NOK 2 million • Costs related to restructuring NOK 5 million • Share-option cost of NOK 5 million • Depreciation of intangible assets from R&D NOK 21 million • Depreciation of PPA's NOK 56 million • Depreciation of leasing and fixed assets NOK 7 million P&L – Interest costs on bond partly offset by deposit interest

NOK in millions	Q2 2024	Q2 2023	YTD 2024	YTD 2023	Year 2023
Total operating revenues	1 816	1 557	3 488	2 890	6 282
Direct cost of services rendered	(1 437)	(1 220)	(2 753)	(2 244)	(4 934)
Gross profit	379	337	735	646	1348
Operating expenses	(199)	(183)	(397)	(361)	(735)
Adjusted EBITDA	180	155	338	285	613
Non-recurring costs	(12)	(48)	(31)	(62)	(135)
EBITDA	168	106	308	223	478
Depreciation and amortization	(84)	(86)	(166)	(163)	(338)
Operating profit (loss)	84	20	141	60	140
Net financials	(6)	(43)	277	(113)	(89)
Profit (loss) before income tax	78	(22)	419	(53)	51
Income tax	(16)	7	(104)	16	(13)
Profit (loss) from cont. operations	62	(16)	315	(37)	38
Profit (loss) from discont. operations	(0)	(0)	(0)	24	29
Profit (loss) for the period	62	(16)	315	(13)	67

17 Interim Report Q2 2024

Non-recurring costs of NOK 12 million 6 282

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• 1348
• Quarterly LTIP options cost of NOK 3 million including positive correction of NOK 3 million • Social security cost accrual increase of NOK 2 million • Net currency loss of 1 million • Net interest costs of NOK 9 million • Other financial items positive NOK 4 million (735)
• 613

Depreciation and amortization NOK 84 million 478

• (338)
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Net financials negative NOK 6 million 51

• (13)
• 38
• Correction of Message Broadcast transaction price 29

Solid balance sheet supporting further growth • Non-current assets increase yoy from own bonds purchased • NOK 40 million in consideration for acquisition of EZ4U in Portugal

NOK in millions	Q2 2024	Q2 2023	Year 2023
Non-current assets	7 215	6 638	6 372
Trade and other receivables	1 821	1 219	1 380
Cash and cash equivalents	2 519	1 042	1 097
Current assets held as available for sale	-	3 047	2 832
Total assets	11 555	11 946	11 681
Equity	5 498	5 647	5 514
Deferred tax liabilities	257	271	274
Long-term borrowings	4 188	4 281	4 008
Other long-term liabilities	32	46	38
Total non-current liabilities	4 476	4 598	4 321
Trade and other payables	1 450	1 326	1 494
Other short-term liabilities	132	56	55
Short-term liabilities held as available for sale	-	319	297
Total current liabilities	1 582	1 701	1 846
Total liabilities	6 057	6 299	6 167
Total liabilities and equity	11 555	11 946	11 681

Receivables related to US sale reclassified to short-terms receivables from Q2 24 • Trade and other receivables includes NOK 397 million related to US divestment • Seller's credit NOK 109 million payable June 2025 • Earn-out NOK 288 million payable April 2025 • NOK 593 million cash outflow related to buybacks of own bonds in Q2 • NOK 141 million cash outflow related to buybacks of own shares in Q2

• 1 380
• 1 097
• 2 832

Cash balance QoQ impacted by share and bond buy-back programs 5 514

• 274
• 4 008

Equity NOK 5 498 million and equity percentage 48% 4 321

Net interest-bearing debt* NOK 922 million 55

• 297
• Excludes seller's credit receivable of NOK 109 million due to bond terms • Net interest-bearing debt excluding share buy backs at NOK 742 million • Leverage ratio of 1.4x adjusted EBITDA 1 846

18 Interim Report Q2 2024

Cash flow impacted by working capital build in the quarter • Working capital impacted by normal timing effects LTM free cash flow NOK 270 million – normalized close to 400 million • Includes US financing costs of ~ NOK 30 million for 2H '23 • Underlying negative working capital impact LTM of NOK 65 million • Deposit interest earned 1H'24 not received NOK 30 million • Excess cash deposited in banks at interest > bond coupon • Receivable deposit interest due in 2H Conservative financial policy net debt 2 - 2.5x adjusted EBITDA • Free cash flow to further strengthen cash position

Working capital expected to normalize over time

NOK millions*	Q3 2023	Q4 2023	Q1 2024	Q2 2024
Adj.EBITDA	147	181	158	180
Change working capital	-80	92	19	-61
Taxes paid	-20	-8	-19	-26
Non-reccuring costs M&A	-2	-21	-5	-7
Net cash flow from operating activities	45	244	153	87
Add back non-recurring costs M&A	2	21	5	7
Adj. cash flow from operations	47	264	158	ਰੇਤੇ
Capex	-28	-31	-34	-34
Lease and bond	-5	-80	-6	-76
Cash flow after capex and interest	15	154	118	-16

Cash conversion in Q2 negatively impacted by WC

• Remaining bond EUR 296 million to be refinanced when appropriate

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Bond interest partly offset by interest income on cash

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Buy back programs progressing as planned • Representing 20% of total outstanding bond • Average price on buy backs at 98% • Attractive yield of 4.6% compared to EUR deposit interest of <3.5% • Annual run rate interest on bond holdings of EUR 2.5 million • Cash impact in Q2 of NOK 593 million and total NOK 848 million

Acquired 20% of own bond and finalized 60% of share-buy back program • Own shares holdings of 9.5 million by Q2

Own bonds holdings currently at EUR 74 million

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- Buy back cap of 233k shares per day

Share buy back at 60% of total frame of 17 million shares

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20 Interim Report Q2 2024

Appendix

Q2 2024

14 August 2024

Northern Europe

Central Europe (restated*)

Western Europe (restated*)

Global Messaging

Recurring revenue supported by high NRR and low churn • Supporting growth in recurring revenue • Enterprise churn below 2% over time and 1.3% in Q2 24 • Total churn 2.9% in Q2 24 impacted by Global Messaging • Sticky integrations and high transition costs for clients

Customers stay with LINK and increase their usage

Net retention rate (NRR) and customer churn (%)

Net retention stable well above 100%

Customer churn consistently low

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Steady growing base with more than 50,000 customers

- Significant upselling potential beyond initial use-case to existing customers • High commercial success rate in second sale (~70% win-rate) • EZ4U acquisition added 1.400 accounts in Q2 24

26 Interim Report Q2 2024 * Customer accounts pre Q2 2023 have been corrected for inactive accounts.

Customer accounts ('000)*

Q&A

linkmobility.com/investors

14 August 2024