Huddlestock Fintech

Investor Presentation • Jun 1, 2023

Presentation of 1Q23 results Capital Markets Day

1 June 2023

Empowering our clients by delivering "Investment as a Service"

Disclaimer regarding forward looking statements

Disclaimer regarding forward looking statements

This presentation speaks only as of their date, and the views expressed are subject to change based on a number of factors, including, without limitation, macroeconomic and equity market conditions, investor attitude and demand, the business prospects of the Huddlestock and other specific issues.

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 (financial or otherwise), prospects, business strategy, plans or objectives of the Huddlestock and/or any of its affiliates) may prove not to be correct.

No representation or warranty is given as to the completeness or accuracy of any forward looking statement contained in this presentation or the accuracy of any of the underlying assumptions.

Nothing contained herein shall constitute any representation or warranty as to the future performance of the Huddlestock, any financial instrument, credit, currency rate or other market or economic measure.

Information about past performance given in this presentation is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance.

Neither the Huddlestock not any of its affiliates has verified the achievability of any estimate or forecast of future financial performance contained herein (including, without limitation, any estimate of potential cost savings and synergies, nor of any of the methods underlying the preparation of any such estimate of forecast).

Neither the Huddlestock nor the Managers assume any obligation to update or revise the Presentation or disclose any changes or revisions to the information contained in the Presentation (including in relation to forward-looking statements).

Huddlestock Fintech Empowering our clients by delivering "Investment as a Service"

Øyvind Hovland Chairman

John E. Skajem Group CEO

Leif Arnold Thomas CCD & IR

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Highlights in 1Q 2023

• Q1 2023 Consolidated Group Revenues of NOK 16.600.000
  • Compared to Q1 2022 of NOK 9.100.000
  • Year over year growth of 183%
• Q1 2023 Proforma* Group Revenues of NOK 25.300.000
  • Compared to Q1 2022 of NOK 9.100.000
  • Year over year growth of 278%
  • Q1 Proforma Recurring Revenue in Q1 2023 of NOK 9.5 million
• Winning new clients, growing existing mandates;
  • Huddlestock enters the pension market through the acquisition of Dtech, by providing technical solutions for the pension providers Trading and Asset Management technology
  • Received ownership approval for the acquisition of Trac Services AS from the Norwegian financial regulator – Finanstilsynet. The acquisition was completed at the end of March
  • As part of Huddlestock's agreement to acquire Trac Services and Tracs Technology, Njord Group made an additional investment of NOK 5,000,000 at NOK 2,60 per share
  • Huddlestock Solutions wins attractive mandates with external clients fully booked for 2023
  • Consulting Division extends several current mandates, outlook is stabile
  • German market has been somewhat affected with the global slowdown, but now show signs of up-tick
  • Completion of acquisition of Dtech, Trac Services and Tracs Technology while Bricknode closed 4th April 2023
  • Attracting new products and new clients
  • Continue to shift to internal resources

Highlights after the close of Q1 2023

• Winning new clients with added products for new mix;

• Signs the first Family Office to use the Portfolio Management System and reporting platform in Norway
• Swedish asset management firm has selected Bricknode's cloud investment management system
• Garantum Wealth Management AS has selected Huddlestock Investor Services (Tracs Services) for storage of financial instruments in a nominee depot
• Continuous focus on M&A
  • Completion of acquisition of Bricknode and share capital increase (see separate info)

• Continuing to increase the use of internal resources while reducing external consultants

• The organisation continues to work closer and more efficiently
• Established a management structure, agreed on a unified strategy with short- and medium-term goals, dynamically working together in a matrix management organizational form with modern technical tools
• Engaging the whole organisation to be aware of the path forward and playing with the same uniform
• With Bricknode we have been able to reduce even further the external consultants. 12 additional engineers with specific "Investment as a service" knowledge

• Capturing synergy effects – delivering on previously stated targets

Key priorities in 2023

Empowering our clients by delivering "Investment as a Service"

Deliver innovative technology solutions for the Trade and WealthTech industries.

Delivering shareholder value through strategic growth opportunities:

• Prioritize profitable growth and recurring revenues
• Execute and win clients with existing products available immediately
• Streamline organisation and execute on synergies
• Creation of a Nordic white label solution
• Prepare and scale German operations for growth
• Extend Norwegian and German regulatory licenses passported to all of EU
• Continued value creation through strategic technology M&A
• Expand eco-system partnerships

Grow and deliver:

• Promising leads for Huddlestock's Trade Tech SaaS solution
• Good visibility for Visigon into 2023 despite softer macro
• Strong secular growth outlook for efficient RegTech solutions in the Wealth Management industry

Consolidated financials in 1Q 2023

Year over year growth of 183%

Consolidated revenues and EBITDA does not include Trac Services, Trac Technology, Dtech nor Bricknode

Proforma financials in 1Q 2023

Year over year growth of 278%

Scaling up for future growth and profitability with transformational investments.

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*Proforma revenues include Trac Services, Tracs Technology, Dtech and Bricknode from 1st January 2023.

Strong strategic fit between Huddlestock and Bricknode

• Bricknode's Investment Portfolio Management System (back-office) technology, professional operational services, user interface, clients, strong footprint in Sweden and recurring revenues
• Huddlestock's trading technology, eco system partners, clients, strong continental foot-print, and full investment banking license
• Creating a Nordic leader in wealth tech solutions and investments as a service
• Combined pro forma revenue SEK 80 million in 2022
• All-shares deal giving Huddlestock shareholders 78.7%
• 1000 new shareholders coming in from Bricknode, bringing the total to 2500
• Synergies on cost and revenues

TIME TO MARKET

Executed Synergies after M&A' s (Yearly effect)

Creating shareholder value

Cost synergies effectuated

•	From two to one office in Stockholm	(Q3)	MNOK 0,9
•	Termination of external development consultants	(Q3)	MNOK 4,6
•	Simplified legal structure (accounting, auditing, licences, etc)	(Q4)	MNOK 1,0
•	Delisting from Nasdaq with associated effects	(Q4)	MNOK 0,5
•	Debt free company - interest cost saving	(Q4)	MNOK 1,8
•	Other (reduced # of CRM-, 365 Office-, marketing licences, etc) (Q4)		MNOK 0,5
•	SUM		MNOK 9,3

Revenue synergies effectuated

•	New signed clients utilising several parts of the new company	(Q3)	MNOK 1,5
•	Weighted value of new prospects	(Q4)	To be reported

What Is Cost Synergies?

Cost synergy is the savings in operating costs expected after the merger of two companies. Cost synergies are cost reductions due to the increased efficiencies in the combined company. Cost synergy is one of three major synergy types, with the other two being revenue and financial synergies.

Legal structure

Huddlestock's Group legal structure as of June 1st, 2023

Huddlestock Organisation Huddlestock's Group organizational structure as of June 1st, 2023

			Head of Legal and Compliance Role/Responsibility Legal, Compliance, Regulatory Reporting, Data Protection, Risk Management, Ethics, Corporate Governance	Board of	Directors Group CEO		Head of HR & Administration Role/Responsibility Administration HR strategy and policy (Training and development, Career planning and knowledge management, Wage and salary issues, Recruitment)
Country specific decision making	Functional decision making	Chief Commercial Officer	Chief Investor Services	Chief Technical Officer	Chief Financial Officer	Chief Consulting Officer	Chief Strategy Officer	Chief Product Officer	Chief Corporate Development
Head of Norway	Assures that all country	Role/Responsibility Sales Financial Service Software Sales Investor Services	Role/Responsibility Back-Office Operations	Role/Responsibility Development, Design &	Role/Responsibility Controlling and	Role/Responsibility Consulting	Role/Responsibility Group Strategy M&A	Role/Responsibility Owner IT Product & Services	Role/Responsibility Group alignment Synergies
Head of Germany	specific laws and regulations are observed.	Sales Software Solutions Client Services Desk / 1 line support	Monitoring of the Daily Business	Architecture of IT Platforms, Apps and IT Services Ensuring scalable and	Accounting Financial Risk Management	Product Owner Product Management Sales Business Development	Strategic Alliances / Partnerships Market monitoring and reporting	Product Strategy, Product Innovation Product Management	Change Management Corporate Culture Internal Processes
Head of Sweden	Initiates country specific sales and marketing	Customer Success Complaint Management	End 2 End Process Optimisation Quality Assurance	reliable IT Solutions and IT Operations Management of IT	Financial Planning Budget Management	Vision & Strategy Consulting Operations	ESG Expansion/Growth Projects	Product Innovation	Investor Relations Internal and external
Head of Denmark	activities. In addition to the actual manager,	Key Account Management Marketing Social Media	Regulatory Compliance Reporting Client Onboarding Back Office Services / 2- line support	third-party providers (cloud providers etc.) IT Helpdesk / 2-line support Second Level Client	Financial Reporting Point of Contact for Financial Institutions, Lenders, Auditors, Tax		Supporting CCO in sales & sales strategy Supporting CEO in different projects	Lead Product Committee Technical Sale	communications Supporting CCO in sales & sales strategy Cross selling
Head of Romania	contact person for all employees in the country.	Event Management Part of Product Committee	Second Level Client Support	Support Part of Product Committee	Advisors and Stakeholders Secretary to the BOD		Part of Product Committee	Management of third party providers (custodian Banks etc.)	Part of Product Committee

Huddlestock Fintech

Shareholder register as of 26 May 2023

Rank	Investor	Holding no. of shares	Stake, %
1	Nordnet Bank AB	20,879,268	12.3%
2	NJORD GROUP AS	12,429,113	7.3%
3	VISION INVEST STAVANGER AS	8,286,715	4.9%
4	SAA INVEST AS	8,000,000	4.7%
5	Bank Julius Bär & Co. AG	7,485,000	4.4%
6	HUDDLESTOCK FINTECH AS	4,426,603	2.6%
7	GENTLE INVEST AS	4,300,000	2.5%
8	SAAMAND AS	4,126,934	2.4%
9	GRUNNFJELLET AS	3,995,000	2.4%
10	HEDEN HOLDING AS	3,487,013	2.1%
11	GJEDREM AS	3,462,618	2.0%
12	NORDNET LIVSFORSIKRING AS	3,374,913	2.0%
13	STEIN HEGRE HOLDING AS	3,300,000	1.9%
14	Myrlid AS	2,552,089	1.5%
15	BERKER GROUP AS	2,500,000	1.5%
16	HOGNAN INVEST AS	2,494,512	1.5%
17	BILL INVEST AS	2,456,847	1.4%
18	KJELL'S OCTOPUS INVEST AS	2,411,640	1.4%
19	HMK KAPITAL AS	2,319,368	1.4%
20	JR AUSTAD HOLD	2,319,368	1.4%
21	NORDSTAD	2,000,000	1.2%
22	VALINOR AS	1,563,852	0.9%
23	UBS Switzerland AG	1,540,523	0.9%
24	VEITEBERG	1,392,418	0.8%
25	Saxo Bank A/S	1,287,220	0.8%
Total Top 25		112,391,014	66%
Total		169,894,216	100%

Shareholders: 1,463

Delivering on financial inclusion

Our purpose:

Empowering our clients to deliver access to global capital markets through simple, accessible, and personalized trading and investing solutions.

Huddlestock solutions Innovative – Modular - Collaborative

Technology first!

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Our vision:

Reshaping financial markets through digital transformation and innovation.

Mission is to provide products that can be licensed to many customers globally as a SaaS model with no bespoke solutions that could hurt scalability and margins.

Mission is to deliver efficient and profitable technology projects for the industries of focus to external customers as well as internally in the Huddlestock group.

Mission is to sell professional services to financial institutions to generate cash flow and work with bespoke solutions on top of the Huddlestock products.

Mission is to act as regulatory umbrella and to provide back-office administration to enable the sales of B2B Brokerage services using the group products at scale.

Mission is to sell pension solutions as a service to customers by leveraging the financial systems that are available in the group to positively impact margins and growth.

Our strategic goals – where are we in 4 years from now?

Strategic goals:

In 4 years time we want to be a world class technology provider delivering innovative and sustainable technology and compliant solutions to the capital markets, treasury and wealth management industries.

• Investment products are ready to take off!
• Consulting to continue to grow capacity, clients and locations
• Technology installations to be a significant contributor to revenues
• Investor Services to triple their activities

Huddlestock Fintech is an innovative technology software provider with a leading expert professional services business

"Banking is necessary, banks are not."

Powering financial services through Banking-as-a-Service.

customer activities, typically on non-financial digital platforms.

• BaaS is the opportunity for banks to reach a greater number of customers at a lower cost.
• It is the opportunity to offer financial products alongside other products opening up new revenue lines at attractive margins

Brokerage- and Investment-as-a-Service: Our unique API solution connects future clients to securities brokerage and custody services with our banking-as-a-service partners.

Bricknode perfectly complements the Huddlestock value chain

Improving onboarding process, reporting and back office

Huddlestock has everything to implement your solution quickly and efficiently Simplifying our product portfolio as a part of gaining synergies

Bricknode Broker	Bricknode Broker is a complete Portfolio Management system and Back Office solution
Huddlestock Trader	Huddlestock Trader is a White Label Trading API. A flexible, modular trading solution, easily integrated alongside already-existing client services via APIs.
Huddlestock Wealth & Investment Manager	A fully integrated white label Wealth & investment Manager solution for front office, built on top of our White Label Trading API Huddlestock Core/Broker/Trader.
Huddlestock Investor Services	Outsourced back office, Compliance, KYC, Custody
Huddlestock Technologies	Outsourced technology solutions
Professional Services	Expert financial consultancy for strategic technology planning, pre- and post-implementation support services.

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Primary integration partners in our ecosystem within finance Huddlestock is expanding the Eco Partners

Pension as a Service, use case

• Huddlestock provides access to a cloud-based portfolio- and trade order management system as a SaaS for Duvi AS
• Service contains client, portfolio, fund, fund-offund, trade order management, rebalancing, reporting, compliance
• Provider of defined contribution pension for B2B and B2C customers
• Licensed by the Norwegian Financial Supervisory Authority
• Tech driven disruptor in established marked
• Strategy based on providing simplicity and predictability for small and medium sized companies
• Establishing no-hands onboarding and sales processes to maximize scalability
• AUM of NOK 4,2 billion , growth 100 150 MNOK pr month
• Current growth rate over 24 000 members per year
• Currently > 6 000 companies & > 70 000 members (employees)
• Expected to reach 100 000 members in 2024
• Total market 1,8 million potential members

1Q 2023 Results

Growing client revenues in 1Q – Reported consolidated results

Delivering in Consulting. Investing in client deliveries and recurring revenue streams in Technology.

Year over year growth of 183%

Group operating revenues

Delivering and investing in strategic technology solutions

Group operating revenues (NOK 1000)

Solid revenues growth

• Revenues were NOK 16.6m for 1Q vs NOK 9.1m in 1Q22
• Pro-forma* revenues amounted to NOK 25.3m in 1Q23
• Attracting new products and new clients support revenue outlook
• Promising leads for Huddlestock's Trade Tech SaaS solution
• Good visibility for Visigon into 2023 despite softer macro
• Revenue synergies from completed M&A

Group operating costs

Tighter labour markets, inflation and investing in technology.

Set for good cost control and synergies

• Group costs were NOK 25.5m for 1Q vs NOK 13.3m in 1Q22
• Pro-forma* costs amounted to NOK 39.6m in 1Q23
• The organisation continues to work closer and more efficiently
• Continue to shift to internal resources
• With Bricknode we have been able to reduce even further the external consultants
• Cost synergies, but will take time to fully materialise

Group EBITDA

Optimizing internal resources. Containing costs while growing revenues.

Set for good cost control and synergies

• EBITDA was at NOK -2.4m for 1Q vs NOK -0.8m in 1Q22
• Pro-forma* EBITDA amounted to NOK -6.0m in 1Q23

*Proforma numbers includes Tracs, Dtech, Bricknode from January 2023. Reported numbers consolidates F5 IT from May 2022.

Technology

A story of two halves. Continued focus on client deliveries and growing recurring revenue streams.

Technology revenues (NOK '000)

Visigon Consultants

Strong delivery from expert advisors in Sweden and Denmark despite tight labour markets.

Consulting revenues (NOK '000)

Consolidated Income Statement

Consolidated Income Statement (in NOK)	1Q2023	1Q23 Pro-forma	1Q2022	2022	2022 Pro-forma	2021
Operating income
Other operating income	16 600 346	25 326 276	9 054 914	46 708 344	62 437 172	23 363 188
Total operating income	16 600 346	25 326 276	9 054 914	46 708 344	62 437 172	23 363 188
Operating expenses
Cost of materials/subcontractors	5 209 862		1 133 077	12 817 116		2 931 122
Personnel costs	14 360 800		6 104 550	43 555 250		17 406 300
Depreciation and amortisation	6 558 546	8 366 624	3 221 364	18 408 001	19 875 932	10 594 597
Other operating expenses	-600 765		2 578 169	5 033 377		10 626 087
Total operating expenses	25 528 443	39 661 524	13 037 160	79 813 744	99 105 029	41 558 106
EBITDA	-2 369 551	-5 968 623	-760 882	-14 697 399	-16 791 925	-7 600 321
EBIT	-8 928 097	-14 335 248	-3 982 246	-33 105 400	-36 667 857	-18 194 918
Financial income
Interest income	0		0	428 807		0
Other financial income	36 214		85 709	237 890		221 357
Total financial income	36 214		85 709	666 697		221 357
Financial expenses
Interest expenses	231 950		180 505	847 197		2 022 537
Other financial expenses	182 064		92 979	268 275		201 370
Total financial expenses	414 014		273 484	1 115 472		2 223 907
Net financial items	-377 799		-187 775	-448 775		-2 002 550
Net profit (loss) from discontinued operations	0		0	0		-84 778
Profit (loss) before tax	-9 305 897		-4 170 021	-33 554 175		-20 282 246
Income tax	284 312		54 200	1 816 780		656 653
Net profit (loss)	-9 021 584		-4 115 821	-31 737 395		-19 625 593

*Proforma numbers includes F5 IT and Tracs from January 2022. Reported numbers consolidates F5 IT from May 2022.

Consolidated Balance Sheet

Consolidated Financial Position (in NOK)	31.03.2023	31.12.2022
ASSETS
Intangible assets
Research and development	40 389 755	35 770 453
Goodwill	51 428 422	52 957 680
Technology	5 983 333	6 383 333
Customer contracts and relationships	16 322 325	17 214 654
Licenses	28 963 984	30 573 094
Total intangible assets	143 087 819	142 899 214
Fixed assets
Investment in equities	199 980	199 980
Property, plant & equipment	276 136	285 599
Total fixed assets	476 116	485 579
Total non-current assets	143 563 934	143 384 794
Receivables
Trade receivables	14 521 537	10 819 805
Other short-term receivables	6 176 182	11 077 250
Total receivables	20 697 719	21 897 055
Bank deposits, cash and cash equivalents	1 700 637	2 903 838
Total current assets	22 398 356	24 800 892
Total assets	165 962 291	168 185 686

Consolidated Financial Position (in NOK)	31.03.2023	31.12.2022
EQUITY
Paid-in capital
Share capital	257 278	257 278
Share capital - not registered	5 000 000	0
Own shares	-9 695	-9 811
Share premium	106 056 431	115 150 424
Total paid-in capital	111 304 015	115 397 892
Total equity	111 304 015	115 398 092
LIABILITIES
Long-term liabilities
Other long-term liabilities	5 768 013	7 245 904
Deferred tax	6 307 861	5 191 557
Total long-term liabilities	12 075 873	12 437 461
Short-term liabilities
Accounts payable	8 541 575	9 531 322
Payroll taxes, VAT etc.	9 200 089	4 275 717
Loans and borrowings	5 750 675	6 346 864
Other short-term liabilities	19 090 063	20 196 229
Total short-term liabilities	42 582 402	40 350 132
Total liabilities	54 658 275	52 787 594
Total equity and liabilities	165 962 290	168 185 685

Investor relations contacts:

John E. Skajem Chief Executive Officer John.skajem@huddlestock.com +47 418 87 412

Leif Arnold Thomas Chief Corporate Development & IR Leif.thomas@huddlestock.com +47 982 15 520

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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 (financial or otherwise), prospects, business strategy, plans or objectives of the Huddlestock and/or any of its affiliates) may prove not to be correct. No representation or warranty is given as to the completeness or accuracy of any forward looking statement contained in this presentation or the accuracy of any of the underlying assumptions. Nothing contained herein shall constitute any representation or warranty as to the future performance of the Huddlestock, any financial instrument, credit, currency rate or other market or economic measure. Information about past performance given in this presentation is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance. Neither the Huddlestock not any of its affiliates has verified the achievability of any estimate or forecast of future financial performance contained herein (including, without limitation, any estimate of potential cost savings and synergies, nor of any of the methods underlying the preparation of any such estimate of forecast). The Huddlestock does not accept or will not accept any responsibility, duty of care, liability or obligations for providing any Recipient with access to additional information, for updating, modifying or otherwise revising this presentation or any of their contents (including, without limitation, any estimate or forecast of future financial performance), for correcting any inaccuracy in this presentation or their contents (or any other written information or oral information provided in connection therewith) which may become apparent, or for notifying any Recipient or any other person of any such inaccuracy. This presentation shall not be construed as a prospectus or an offer to sell, or a solicitation of an offer to buy, any security or any business or assets, nor to enter into any agreement or contract with any Recipient, the Huddlestock (or any of their respective affiliates) or any other person. Any potential transaction that may be related to the subject matter of this presentation will be made pursuant to separate and distinct documentation and in such case the information contained herein will be superseded in its entirety by such documentation in final form. This presentation do not create any obligation on the part of the Huddlestock to consider any offer from any Recipient or any other person. The Huddlestock reserves the right, without prior notice and without giving reasons, to vary or terminate the contemplated transaction, to reject any or all proposals and/or to negotiate with any Recipient or any other person and any terms (and whether individually or simultaneously with any other person or persons) with respect to any transaction involving the Huddlestock. An investment in the Huddlestock involves risk, and several factors could adversely affect the business, legal or financial position of the Huddlestock or the value of its securities. An investment in the Huddlestock is suitable only for investors who understand the risk factors associated with this type of investment and who can afford a loss of all or part of their investment. This Presentation speaks as at the date set out on its front page. Neither the delivery of this Presentation nor any further discussions of the Huddlestock or the Managers with the Recipient shall, under any circumstances, create any implication that there has been no change in the affairs of the Huddlestock since such date. Neither the Huddlestock nor the Managers assume any obligation to update or revise the Presentation or disclose any changes or revisions to the information contained in the Presentation (including in relation to forward-looking statements). The contents of this presentation are not to be construed as legal, business, investment or tax advice. Each recipient should consult with its own legal, business, investment and tax adviser as to legal, business, investment and tax advice. By accepting this presentation, each Recipients represents and warrants that it is able to receive them without contravention of an unfulfilled registration requirements or other legal or regulatory restrictions in the jurisdiction in which such Recipients resides or conducts business. By accepting this presentation each Recipient agrees to be bound by the foregoing limitations.