Huddlestock Fintech

Investor Presentation • Aug 18, 2022

hddlestock

Presentation of H1 2022 results 18 August 2022

Democratizing Capital Markets

Disclaimer re forward looking statements

Disclaimer re forward looking statements

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

Any statement, estimate or projection 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, busines of the Huddlestock andor 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 in this presentation or the accuracy of any of the underlying assumptions.

Nothing contained herein shall constitute any representation or warranty as to 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, an indication of future performance.

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

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

hddlestock

Huddlestock Fintech

Democratizing access to capital markets

Øyvind Hovland Chairman

John E. Skajem Group CEO

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67 colleagues across Europe and Asia

Proforma revenues in H1 2022*

Significant investment to achieve scale and position the company for future growth and profitability

Highlights in H1 2022

Focused on delivering technology solutions and onboarding new clients.

Focused on client delivery and onboarding

• · New client wins for Huddlestock's TradeTech SaaS solutions in H1
  • · Nordic news-site signs up for Nordic Bedrock solution
  • Northern European investment club
  • · European Banking-as-a-Service provider choses Huddlestock's TradeTech solution for their brokerage-as-a-service offering.
• · Continued investment in innovative technology solutions
  • Acquisition of software developer F5 IT
  • · Acquisition of Trac Services and Tracs Technology, a Wealth Management RegTech platform

Growing current mandates, winning new clients

• · Strong demand in professional services services in Sweden and Denmark
• · Innovative consulting solutions secure long-term client relationships.
• · Growing and broadening out multi-year consulting mandates. Adding FTEs.
• · Focused on maintaining margins in an environment of high inflation and salary pressures.

Key priorities

Democratize access to capital markets. Deliver innovative Wealth Management solutions.

Delivering shareholder value through strategic growth opportunities

• · Prioritize profitable growth and recurring revenues.
• · Integration and delivery of synergies from acquisitions.
• · Continued value creation through strategic technology M&A.
• · Expand ecosystem partnerships.
• · Investing and growing our talent pool across our footprint.

2022 Outlook - Grow and deliver

• · Promising leads for Huddlestock's TradeTech SaaS solution.
• · Growth outlook for efficient RegTech solutions in the Wealth Management industry.
• · Consulting division is fully booked for 2022, with good visibility for 2023.

Medium term revenue guidance** NOK 200m

Value creation through accretive M&A

Creating shareholder value

• · A core pillar of Huddlestock's strategy is to create shareholder value through accretive acquisitions.
• · Our M&A strategy is focused on targets where we find significant synergies and supports Huddlestock's technology first - focus.
• · Huddlestock is a company run by the shareholders for the benefit of all shareholders.
• · Acquisitions will only be considered if it is deemed to be beneficial for the company and all shareholders

F5 IT - Adding software talent and ambition in a tight market

Delivering on our ambition to democratize capital markets.

F5 IT - a software developer with 20 employees across offices in Stavanger, Norway, and Constanta, Romania.

• · Tops up in-house Fintech expertise. Adds PropTech and IoT expertise.
• · Accelerates deployment of next generation TradeTech solution.
• · Adds talent and proprietary technology
• Strong existing client book .
• · Paid for in treasury shares. No external capital needed.

Tracs - A full service RegTech for the Wealth Management Industry

Trac Services and Tracs Technology

hddlestock

A RegTech and Fund Administrator solution delivering

• · Back office, reporting, settlement, custody services to family offices, investment and wealth managers, asset manager, alternative investment funds and hedge funds.
• · Administrator for 8 family offices, wealth managers (B2B) and >10k B2C clients with NOK14 1m in revenues in 2021
• · Long term partnership agreements with ISEC group and Britech.
• · Authorised by Finanstilsynet in Norway passportable across the EU and EEA.
• · Significant opportunities for synergies and new product deliveries to the Wealth Management industry.

Tracs' Service Offering

• Onboarding
• Back-Office
• Trading
• Settlement
• Reporting
• Custody
• Fund trading and administration

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Q%551,'(0-7#0%(9,6=06A>/&#9,,6'#>/#D01<(>1,#A<67,('B Average daily traded volume of shares in H1 264,605 210,630 in 2021

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Individual shareholders: >1,400 30/06/2022

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H1 2022 Results

Growing client revenues in H1 2022

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

H1 2022 Group Revenues

Delivering and investing in strategic technology solutions

Group Revenues (NOKm)

H1 and Q2 2022 consolidated revenues vs H2 and H1 2021 (NOKm)

• · Group Revenues H1 NOK 21.29m, +5% HoH.
  • Proforma Group Revenues H1 NOK 30.96m* +30% YoY.
• Technology: .

.

●

●

• · Two new clients signed for TradeTech SaaS solution in H1.
• . Leading Banking-as-a-Service provider choses Huddlestock's TradeTech solution for their brokerage-as-a-service offering.
• Events in Ukraine have delayed ongoing deliveries. .
• Strong delivery from Professional Services:
  • Strong demand pushes prices higher across professional services. .
  • Solid delivery from Swedish and Danish consulting practice. .
  • Extending contracts, growing mandates.
• In Q2 Group Revenues were NOK 12.45m.

H1 2022 Group Costs

Tighter labour markets. Investing in technology.

Group Costs (NOKm)

H1 and Q2 2022 consolidated costs incl depreciation vs H2 and H1 2021 (NOKm)

• · Group Costs NOK 32.89m, includes NOK 6m depreciation
• · Proforma Group Costs H1 22 NOK 38.23m*
  • Personnel cost NOK 17.09m in H122.
    • Strong demand from end clients translating into increased need for talent 67 FTFs end H1.
    • Focused on maintaining margins in an environment of high inflation and salary pressures.
  • Cost of good sold NOK 2.92m.

.

.

●

• Onboarding of new clients.
• Ongoing existing client deliveries.
• Other costs NOK 6.87m in H122.
  • Continued investment in innovative technology solutions.
  • NOK 5.77m depreciation linked to the acquisitions of Visigon and F5 II.
• Consolidated Q2 Group Costs were NOK 18.77m, incl. NOK 2.78m depreciation.

H1 2022 Group EBITDA

Significant investment to achieve scale and position the company for future growth and profitability

Group EBITDA (NOKm)

Group EBITDA NOK -5.59m .

.

Proforma Group EBITDA NOK -7.27m*

• Group Revenues NOK 21.29m, +5% HoH: .
  • Strong demand in consulting from Sweden and Denmark.
  • Two new clients signed for TradeTech SaaS solution in H1.
  • Leading Banking-as-a-Service provider choses Huddlestock's TradeTech solution for their brokerage-as-a-service offering.
  • Delays in deliveries due to events in Ukraine.
  • Costs NOK 32.89m, includes NOK 6m depreciation:
    • Focused on maintaining margins in an environment of high inflation and salary pressures.
    • Onboarding of new clients.
    • Ongoing existing client deliveries.

Technology H1 2022

Focused on client deliveries and growing recurring revenue streams.

Increasing recurring revenues from technology in H1 22

• · Reported revenues of NOK 2.23m in H1, +22% HoH.
• · Nordics Focus on growth:
  • · Solid recurring technology revenues from Visigon Operation Centre (NOK1.22m) and from F5 IT (NOK1.01m).
  • · Two new client wins for Huddlestock's TradeTech SaaS solution.
• · Germany Scaling up with Huddlestock's TradeTech SaaS:
  • · Leading Banking-as-a-Service provider choses Huddlestock's TradeTech solution for their brokerage-as-a-service offering.
• · H1 revenues impacted by:
  • · Events in Ukraine led to delays in ongoing deliveries.
  • · Reorganisation of German operations end 2021.
  • · Reassessment of commercial portfolio.
• · Continued R&D investment ~NOK7.77m in H1.
• · Outlook: Promising leads for Huddlestock's TradeTech SaaS solution.

Technology revenues (NOKm)

Technology

Professional Services H1 2022

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

Strong long-term relationships continue to deliver in H1 22

• · Reported revenues of NOK 18.62m in H1, +8% HoH.
• · Solid recurring revenues from Swedish clients.
  • · Fundamentals are excellent with high demand and higher prices.
  • · Large Swedish banking institution extends and deepens proprietary "try-and-hire" mandate.
• · Firm revenue streams from Danish clients.
• · Attracting new talent in very tight labour markets:
  • · 5 new employees join Huddlestock's consultancy practice in H1.
  • · Strong demand for expert consulting expertise means additional resources will be needed in future quarters.
• · Outlook: Consulting division is fully booked for the rest of the year with good visibility for 2023.

Professional services revenues (NOKm)

Income Statement H1 2022 (Reported)

All figures in NOK	1H2022	1H2021	2021
Operating income
Other operating income	21 295 822	3024974	23 363 188
Total operating income	21 295 822	3 024 974	23 363 188
Operating expenses
Cost of materials/subcontractors	2 923 902	615 891	0
Personnel costs	17 090 653	3521984	17 614 832
Depreciation and amortisation	6 004 396	1 497 705	0
Other operating expenses	6 875 260	2 603 759	13 251 682
Total operating expenses	32 894 211	8 239 339	30 866 513
EBITDA	-5 593 993	-3 716 661	-7 503 325
EBIT	-11 598 389	-5 214 366	-7 503 325
Financial income
Interest income	23 240	0	0
Other financial income	79 548	163 401	221 357
Total financial income	102 788	163 401	221 357
Financial expenses
Interest expenses	408 813	0	2 022 537
	230 938	94 088	201 370
Other financial expenses Total financial expenses	639 752	94 088	2 223 907
Net financial items	-536 964	69314	-2 002 550
Net profit (loss) from discontinued operations	0	0	-656 653
Profit (loss) before tax	-12 135 353	-5 145 052	-10 162 529
Income tax	-141 135	-250 987	0
Net profit (loss)	-11 994 218	-4 894 066	-10 162 529

* Visigon accounts included from June 11, 2021 and F5 IT accounts included from May 1, 2022

hddlestock

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Consolidated income statement (in NOK)	1H2022	1H22 Pro-forma	1H2021	1H21 Pro-forma
Operating income
Other operating income	21 295 822	30 968 350	3 024 974	23 846 360
Total operating income	21 295 822	30 968 350	3 024 974	23 846 360
Operating expenses
Cost of materials/subcontractors	2 923 902		615 891	5 931 999
Personnel costs	17 090 653		3 521 984	13 524 092
Depreciation and amortisation	6 004 396	6 985 110	1 497 705	1 497 705
Other operating expenses	6 875 260		2 603 759	5 486 032
Total operating expenses	32 894 211	45 223 407	8 239 339	26 439 829
EBITDA	-5 593 993	-7 269 947	-3 716 661	-1 095 763
EBIT	-11 598 389	-14 255 057	-5 214 366	-2 593 468
Financial income
Interest income	23 240		0	0
Other financial income	79 548		163 401	193 437
Total financial income	102 788		163 401	193 437
Financial expenses
Interest expenses	408 813		0	0
Other financial expenses	230 938		94 088	165 448
Total financial expenses	639 752		94 088	165 448
Net financial items	-536 964		69 314	27 989
Net profit (loss) from discontinued operations	0		0	0
Profit (loss) before tax	-12 135 353		-5 145 052	-2 565 480
Income tax	-141 135		-250 987	-250 987
Net profit (loss)	-11 994 218		-4 894 066	-2 314 493

* Pro-forma: including Visigon's accounts for full 1H21 (January-June). Unaudited

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All figures in NOK All figures in NOK Note	Note 1H2022	1H2022 1H2021	1H2021 2021
ASSETS
Intangible assets Intangible assets
Research and development Research and development 6	28 304 621 6	28 304 621 21 072 380	21 072 380 23 333 391
Goodwill 6,14	53 262 862 6,14	53 262 862 42 465 984	42 465 984 42 473 747
Technology 6,14	7 183 333 6,14	7 183 333 2 958 319	2 958 319 2 650 000
Customer contracts and relationships Customer contracts and relationships 6,14	19 478 353 6,14	19 478 353 28 921 594	28 921 594 22 314 424
Licenses 6	31 404 240 6	31 404 240 45 952 204	45 952 204 32 182 204
Total intangible assets Total intangible assets	139 633 409	139 633 409 141 370 480	141 370 480 122 953 766
Fixed assets
Investment in equities Investment in equities	199 980	199 980 0	0 0
Property, plant & equipment Property, plant & equipment	372 220	372 220 0	0 0
Total fixed assets Total fixed assets	572 200	572 200 0	0 0
Total non-current assets Total non-current assets	140 205 609	140 205 609 141 370 480	141 370 480 122 953 766
Receivables
Trade receivables Trade receivables 7	11 683 246 7	11 683 246 11 344 846	11 344 846 8 854 063
Other short-term receivables Other short-term receivables	8 062 858	8 062 858 2 827 980	2 827 980 9 433 022
Total receivables Total receivables	19 746 104	19 746 104 14 172 826	14 172 826 18 287 085
Bank deposits, cash and cash equivalents Bank deposits, cash and cash equivalents 8	4 455 547 8	10 273 032 4 455 547	10 273 032 16 222 128
Net assets discontinued operations Net assets discontinued operations 12	12 0	2 232 823 0	2 232 823 0
Total current assets Total current assets	24 201 651	24 201 651 26 678 681	26 678 681 34 509 213
Total assets	164 407 260	164 407 260 168 049 162	168 049 162 157 462 979

All figures in NOK	1H2022	1H2021	2021
Equity
Paid-in capital
Share capital	244 612	226 675	244 612
Share capital - not registered	0		-20 457
Own shares	-7 865	0
Share premium	122 239 768	117 911 674	114 085 130
Share premium- not registered	0		0
Total paid-in capital	122 476 515	118 138 349	114 309 285
Retained earnings
Other equity	0	0	0
Total retained earnings	0	0	0
Non-controlling interest	0	0	0
Total equity	122 476 515	118 138 349	114 309 285
Liabilities
Long-term liabilities
Other long-term liabilities	6 975 144	2 500 000	6 283 333
Deferred tax	5 865 571	7 013 581	5 492 173
Total long-term liabilities	12 840 715	9 513 581	11 775 506
Short-term liabilities
Accounts payable	3 599 025	1 233 143	2 829 085
Payroll taxes, VAT etc.	8 939 766	7 800 987	2 832 639
Loans and borrowings	4 380 638		216 667
Other short-term liabilities	12 170 601	31 152 503	25 497 280
Total short-term liabilities	29 090 030	40 186 633	31 375 671
Net liabilities discontinued operations	0	210 600	0
Total liabilities	41 930 745	49 910 813	43 151 177
Total equity and liabilities	164 407 260	168 049 162	157 462 980

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All figures in NOK All figures in NOK Note	Note 1H2022	1H2022 2021
Cash flows from operating activities Cash flows from operating activities
Profit (loss) before tax Profit (loss) before tax	-12 135 353	-12 135 353 -20 282 245
Depreciation and amortisation Depreciation and amortisation	6 004 396	6 004 396 10 594 597
Net result discontinued operations Net result discontinued operations	0	84 778 0
Changes to accounts receivable Changes to accounts receivable	-2 829 183	-2 829 183 -2 490 783
Changes to accounts payable Changes to accounts payable	769 940	769 940 -1 595 942
Changes to other accruals and prepayments Changes to other accruals and prepayments	-5 879 000	-5 879 000 6 853 009
Net cash flow from operating activities from continuing operations Net cash flow from operating activities from continuing operations	-14 069 200	-14 069 200 -6 836 586
Net cash flow from operating activities from discontinued operations Net cash flow from operating activities from discontinued operations 12	12 0	0 0
Cash flows from investment activities Cash flows from investment activities
Additions intangible assets Additions intangible assets 6	-1 976 181 6	-1 976 181 -5 014 282
Aquisition of subsidiaries, net of cash aquired Aquisition of subsidiaries, net of cash aquired 15	15 288 456	-30 927 835 288 456
Transaction cost Transaction cost 15	-865 448 15	-865 448 -2 623 527
Short term loan Short term loan	0	0 0
Received government grants Received government grants 3	3 0	0 0
Net cash flow from investment activities from continuing operations Net cash flow from investment activities from continuing operations	-2 553 174	-2 553 174 -38 565 643
Net cash flow from investing activities from discontinued operations Net cash flow from investing activities from discontinued operations 12	12 0	0 0
Cash flows from financing activities Cash flows from financing activities
Proceeds from capital increase Proceeds from capital increase 10	10 0	54 165 925 0
Costs of capital increase Costs of capital increase 10	10 0	-2 000 000 0
Loans obtained Loans obtained 13	4 855 782 13	4 855 782 6 500 000
Net cash flow from financing activities from continuing operations Net cash flow from financing activities from continuing operations	4 855 782	4 855 782 58 665 925
Net cash flow from financing activities from discontinued operations Net cash flow from financing activities from discontinued operations 12	12 0	0 0
Net changes to cash and cash equivalents from continuing operations Net changes to cash and cash equivalents from continuing operations	-11 766 591	-11 766 591 13 263 695
Net changes to cash from discontinued operations Net changes to cash from discontinued operations	0	0 0
Continued operations Continued operations
Bank deposits, cash and cash equivalents per 1.1. Bank deposits, cash and cash equivalents per 1.1.	16 222 128	16 222 128 2 958 433
Bank deposits, cash and cash equivalents per end of period Bank deposits, cash and cash equivalents per end of period 9	4 455 537 9	4 455 537 16 222 128
- Hereof restricted bank deposits - Hereof restricted bank deposits	609 629	609 629 142 856
Discontinued operations Discontinued operations
Bank deposits, cash and cash equivalents per 1.1. Bank deposits, cash and cash equivalents per 1.1. Bank deposits, cash and cash equivalents per end of period Bank deposits, cash and cash equivalents per end of period 9	0 9 0	2 185 000 0 0 0

Investor relations contacts:

John E. Skajem Group CEO jes@huddlestock.com +47 418 87 412

Anders Peinert Group CFO ap@Huddlestock.com +47 934 79 634

Cecilia Luras Chief of Strategy & Communications col@Huddlestock.com +47 951 45 382

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This presentation has been present by Huddlesock) soley for the use at the presentations on investors with the presentation of the pass esults of the certain period and anticipated fuller performation is being made only to, and is only directed at, person to whom such presentation may lawfully be communicated Respients). Any person wo is not a Recpient should no any of this presentation is provided on the Required to the Required on information purposes only This preseriation is stictly confident and nay not be or neat, o any other person. This presentation seeks only as of their call, and the views expressed are subject to charge of a number of finition, macroconcine and equity narket onditions, inestor attitled and demand, the business prospects of the Huddestock and the spesific issues. This presentation heen are necessarily based on economic, market and the conditions, as in effect on and the information available to the late. This presentation does not puppor to ontain a completed on the markets) in with the Huddestox operates, no to they vovice an adled valuation. The analyses contained in this presentation are not, and on turport to be assess, stock of usiness of the Huddestock or any other pesentation is incomplete without reference to, and should be views and considered soley in conjunction with the oral initiation with the oral by an authorised representative of the Huddlestox in this presentation. The Huddlestox strongy suggests its own independent advice in relation to any financial, lead, as accunting or other specials advice hothing herein shall be taken as constituting the giving of investment advice and this presentation are not intended to provice, and nust not be are any investment decision or the valuation and should not be considered as a recommendation by the Hudlestock (or any of its affilates) hat any Respient enters into any ranses a general summary of cetain matters in connection with the Huddestor. This preseration does no purport to contain al of the information that any Require to make a decision with regards to any transaction. Any desion as to whether or not to enter into any transaction sh be taken soley by the relevant. Beich into such transation, each Repirent should take seps to easyn and rassation and ras made an incependent assessments of the apropriation in the light of its own dieding the possible isks and benefits of eneing in such transation. This presentation has been provided to the basis that each Recipent and such Respient's representatives, directors, offices, employees and professional abisers kep this presentation (and any of provided to such Respient) confidential. This presentation (and any other information which may be provided to any Reciped, may not e discosed, in whole or in part, or stronged, distibuted or refered to, in whole or in part of the Hudbestox. Pat of the information used in presentation was obtained by the Huddestock and is subject o charge without note. Nether the Huddlestok no any of its affiliates assumes any such information of as reles reles relect or such information being ormation all material resease. Neither the filiates (no any of the or ther resective directors, offices entressional anises or researchies nates an representation or varanty, expect to the faines, correctress, acuracy, reasonableness of such information, this presentation (induding, without lintation, any opinion onlained therein), any of the results that can be derived firsting a person's liability for fraud, no resortshilly of raud, no resorsibility of raud, lability (whene in contract, tot or dhe accepted by the Huddestok or any of its of her respective directors, officers, reproyes, abisers or agents) as to, or in eatin to, the acuray, relability, adequacy or completeness of the information used in peparing his pearliation, any of the results that an be derived for any witten or any witten or conection herewth (including, whou hintation, any responsibilly of liably (i) in realin o the distribution of possession in any unsuction or il) for any loss or damage of any kind wratseer arising as a result of the use or misuse of this presentation and any such responsibility or obligations is expressy disclairied such responsibility, liability or obligations cannot te excluded by law Arabyes and opinors ontained herein may be based on assumption that, if altered, can one of this presentation has been untertaken by an incepentent thing party

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Full disclaimer continued

Full disclaimer continued

Any statenent, estimate or projection (or upon which any of the condusion contained herein are based) with respect o articipated fiture performance (induling, without intition, any statent, estimation (financia or chenwse), prospects, business strategy, plans or operives of the Huddlestox andre any of its affiliates hay prove not to to to correct. No representation of the completeness or accuracy of any fontand in the acuracy of any of the underling assumptions. Nothing cornesentation or varranty as to the future performance of the Huddlestor, any financed instrument, credit, currency rate or other nation of economic about pat performance given in this presentation is given for illustrative purposes only and should not be reliev upon as, and is not, an indication of fither the Huddlestock not any of its affiliates has verified the activability of any estimate of the ein (including, without lintition, any estimated cost saings and syncrying the preparation of any such estirated of any such estirated of breast). The Huddestock does not accept or will not acept any responsibility or obligations for providing any Recisent with access to additional information, for updating revising this presentation or any of their content (intition, any estimate of foreast of foresting any inacuracy in this presertation of their ontents (or any other witten infornation or oral information therewith) which may become apparent, or for notifying any the person of any such inaccuray. This presentation shall not be onstrued as a prospective of a soliciation of an offer to buy, any searly or any business or assess, nor to entract with any Recipent, the Huddestox (or any of the person. Any potential transation that may be realed to the subject matter of this presentation will be nate pursuant to separate and distinct doumentation ornained herein will be supersed in its entire) by such dourneration in final forn. This presentation in inal forn. This presen create any obligation on the part of the Huddlestox to any offer for any other person. The Huddlestock reserves the ight, without giving reasons, to var or teminated transaction, to reject any or all proposas andor to negatiate with any other person and any tems (and whether individally of sinulareously with any che persons) with respect o any ransaction in the Huddestox in the Huddestox in the Huddestox in we sere and adversey affect the business, legal or financial position of the value of its seurities. An investment in the Huddestox is suitable only for investors who understand he risk factors associated with this type of investment. This Presentation speaks as at the cate se on in is from page Nether of this Presentation no any futher disable of the Marages with the Reipent shall, under any inplication hat thee has been no charge in the affairs of the Huddlestod since such date. Neither the Marages assume any obligation to update or revise the Presentation or disone any changes or revisions to the information in the Presentation in realing statements. The optents of this presentation are not to be construe of ac abice. Each resipent should consult with its own legal, business, investment and tax advice. By accepting this presentation, each Respients represents and warants that it is able to received of an unfulfilled registration requirements or other legal or which such Recipients resides or conducts business. By accepting this press to be bound by the foregoing limitations.

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