LINK Mobility Group Holding

Investor Presentation • Feb 13, 2025

Financial presentation

Q4 2024

13 February 2025

DISCLAIMER

The statements contained in this presentation may include forward-looking statements, such as statements of future expectations regarding the Company's results of operations, financial condition, liquidity, prospects, growth and strategies. These statements are based on the management's current views and assumptions and involve both known and unknown risks and uncertainties and assumptions that are within and outside the management's control. Although the company believes that the expectations implied in any such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. Actual results, performance or events may differ materially from those set out or implied in the forward-looking statements. No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved. The forward-looking statements included in this presentation represent the company's views as of the date of this presentation and subsequent events and developments may cause the company's views to change. The company disclaims any obligation to update forward-looking information except as required by law. Readers should not place undue reliance on any forward-looking statements.

This presentation and the information contained herein is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

This presentation contains alternative performance measures, or non-IFRS financial measures. Definitions and calculations are presented on www.linkmobility.com in the financial report.

This presentation is subject to Norwegian law, and any dispute arising in respect of this presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo as legal venue.

LINK – European #1 for digital messaging

Market leader in Europe - Global ambitions with strong track record for growth

LINK services clients through channel-agnostic solutions

Facilitating evolution to multi-channel / two-way solutions and adding value through supporting CPaaS software solutions

Growth supported by increased adoption and CpaaS products

Increased adoption of digital messaging and more advanced products across Europe

Gap in digital messaging adoption represents growth opportunity

• Nordic markets the most mature in the world
• Significant potential for further increased adoption across Europe
• Supportive of future growth momentum for LINK

Traction on new CPaaS products adds additional growth

• Increased adoption of A2P gives foundation for future CPaaS growth
• New channels and conversational solutions is gaining traction in the market
• Richer channels such as RCS open up for enhanced value in use cases
  • Increased ROI for clients in mobile market campaigns
  • Extracting increased value from notifications
  • More efficient client interactions

5 Interim Report Q4 2024

* Volumes based on Mobile Ecosystem Forum (MEF)

** Other Europe is representative of countries displayed in above graph excluding Nordic countries

Full year 2024 highlights

Concluding a strong year in the high end of expectations

* Cash flow from operations, interest and capex adjusted for non-recurring costs

Q4 2024 – Strong gross profit growth on high comparables

Improved profitability and scalable business model fuelling adj. EBITDA growth

Total revenue growth reported at 3% to NOK 1,8 billion

• Gross profit growth outpacing revenue due to favourable product and client mix
• Global Messaging revenue decline due to termination of low-value destinations
• Enterprise revenue growth impacted by shift from low margin traffic to higher margin traffic and products

Gross profit at NOK 436 million with 8% organic growth YoY

• Growth driven by higher value clients and advanced products with higher margins
• Resilient growth momentum on high comparables

Adjusted EBITDA at NOK 213 million and solid cash flow from operations

• Organic growth in fixed FX at 12% supported by scalable business model
• Cash flow from operations of NOK 166 million

Won contracts with NOK 38 million expected gross profit contribution

• High interest in new solutions like OTT channels and supporting software solutions

LINK awarded Juniper Platinum Award for best RCS solution in Europe

• High interest and contracts signings for new richer OTT channels
• Surrounding SaaS solutions will increase stickiness and value creation over time

Organic growth yoy

	rganic gro th	e ect	c uired
e en e
t ss
ste T

Revenue growth yoy

High single digit gross profit growth and improved margin

Margin expansion driven by growth on high margin products and favorable traffic mix

Group organic gross profit development (NOKm)

Total organic gross profit growth of 8% in stable currency

Organic enterprise growth of 8% or NOK 27 million

• Shift from low margin revenue to higher margin traffic and products
• Solid contribution from more advanced CPaaS solutions

Global Messaging gross profit growth of 10% or NOK 3 million from higher value traffic replacing terminated low-value traffic

Group gross margin (%)

Gross margin expansion from strong performance on more advanced products

Enterprise gross margin expanded total margins with 1.0pp

• Growth on higher value clients and advanced CPaaS solutions
• Reversal of cogs accruals in Italy from last quarter impacts +0.2pp

Global Messaging improving total margins with 1.1pp from healthier traffic mix

Enterprise churn remains low over time

a Messag ng n

Global Messaging

Continued high gross profit growth with Net Retention Rate impacted by termination of low-margin traffic

Enterprise and Global Messaging churn (%)

Global Messaging churn normalized QoQ

• Proactively churned out certain low margin client's last quarter
• Revenue decline current quarter due to shifting focus towards more profitable destinations on existing clients with no churn impact

Enterprise churn slightly above historical levels

• Isolated bankruptcy case in Western Europe impacts 0.2 pp to enterprise churn
• More advanced products supports sticky integrations and high transition costs

Net retention rate (NRR) %

Q Q Q Q Q Q Q

nte se n

Enterprise

Continued high gross profit growth despite total net retention decline

• Growth momentum shifted towards high margin products
• High comparables on selected high volume / low margin enterprise clients
• Termination of low-value traffic in Global Messaging lowered NRR

Net retention is expected to normalize a ter ' meaning more in line ith gross profit growth excluding impact from new clients

New contract wins – from APIs to CPaaS product sales

Full year closed contract value up 78% for CPaaS products

New agreements signed in quarter

CPaaS closed won contract value up 78% yoy in 2024 vs 2023

• Advanced solutions supporting APIs improve profitability
• CPaaS contracts representing close to 40% of signed contracts
• OTT main driver for CPaaS contracts signed (RCS and WhatsApp)
  • RCS contracts 77% marketing and 23% notifications
  • Initial contracts on RCS led to successful campaign results
• MyLINK Marketing have longer sales cycle but strong pipeline
• Other CPaaS solutions mainly driven by e-mail, chatbot and security

NOKm

Gross profit contribution from new contract wins – CPaaS solutions

* Historically 75% of gross profit recorded in P&L within 12 months

The Power of RCS – improved reach supports growth

Operator support improving across key markets and increases RCS reach

• RCS has superior features vs SMS
• Improved engagement (clicks, swipes, views)
• Higher brand awareness
• Enhanced security
• Higher conversion
• Proven ROI

370% Market growth projected

Market adoption of RCS will accelerate as compatibility with iOS expands.

¹¹ Interim Report Q4 2024 Source: Juniper Research RCS Report: 2024-2029.

Award Winning Technology

" As part of its omnichannel communications platform, LINK offers both RCS connectivity and essential management tools, including a click-to-build message builder and an analytics platform. These tools, combined with strong customer support in European countries, have earned LINK Mobility the Best RCS Business Messaging Solution award in Europe at our Telco Innovation Future Digital Awards. Juniper Research predicts that as rich media messaging grows among small-to-medium enterprises in Europe, the support and simplicity provided by LINK Mobility will be crucial for capitalizing on the RCS market's growth

" ^~Vice President of Telecoms Market Research from Juniper Research, Sam Barker

Platinum Award

Best RCS Business Messaging Solution: Europe

Telco Innovation Awards 2025

12 Interim Report Q4 2024

RCS in Nordics – strong campaign results

RCS increasing customer value*

LINK's l l p ese e d RCS ffe s s p me p s supp organizations across Europe as OTT channel (e.g. WhatsApp, Viber) popularity fluctuates between markets.

Diverse M&A pipeline in Europe and beyond

Substantial gross target list – 11 actionable targets

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
• 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

Combined EBITDA

● Combined EBITDA up to EUR 30-40m

11 Actionable targets

• Mix of smaller bolt-ons and larger level ups
• Targets mostly located in Europe

Target Update

• 1 Target Dropped
• 4 Due Diligence processes currently underway

Strategy to deliver value through organic and inorganic growth

Key objectives medium term

Financials

Q4 2024

13 February 2025

Stable revenue with mix effect increasing profitability

Revenue growth impacted by shift from low margin traffic to higher margin traffic and products

Reported revenue NOKm

Reported volume (mill transactions)

Mix effects leading to 4% organic enterprise growth but 8% gross profit growth

• High comparables on high-volume, low margin clients
• Solid contribution from more advanced and profitable CPaaS solutions
  • Central Europe growth driven by domestic and global clients
  • Northern Europe in line with previous quarters growing low single digit
  • Western Europe revenue stable from high comparables
• se a s t ns n nt tes n n Q '

Global Messaging segment declining 17% YoY in fixed FX

• Termination of low value traffic following increased focus on profitability

Reported volume growth of 24% driven by acquisitions

• Other messaging like OTT channels continue to grow at high pace at 30% organically
• M&A contribution of 1.1 billion or 23% of reported growth
  • High volume contribution from LATAM through NRS acquisition

Reported gross profit growth of 13%

Organic gross profit growth of 8% supported by more advanced products

Gross profit NOKm

Enterprise gross margin (%)

Organic enterprise gross profit growth of 8% on high comparables

• Northern Europe reporting stable performance
  • Growth momentum reduced by internal clients shifts in 2024
  • Soft development on existing clients due to operator price increases
  • Strong contribution from new contracts
• Central Europe growth of 23% supported by domestic and global clients
  • Gross profit growth above revenue growth from advanced products
  • Growth momentum increased by internal clients shifts in 2024
• Western Europe growth of 2% against high comparables
• s t ns se n nt te n n Q '

Global Messaging gross profit growth of 10% or NOK 3 million from higher value traffic replacing terminated low-value traffic

Enterprise gross margin improved yoy to 27%

• Low margin traffic replaced by higher value traffic and products
• Reversal of operator cogs increase in Italy from Q3 impact +0.2pp

Reported adjusted EBITDA growth of 18%

Adjusted EBITDA growth in stable currency of 12%

Adj. EBITDA & Adj. EBITDA margin %

Non-recurring costs & EBITDA

Organic growth in adjusted EBITDA 12% in fixed currency

• Organic Adj. EBITDA growth of NOK 22 million YoY in fixed currency
  • NOK 30 million from organic gross profit growth
  • Organic opex growth of 4% related to inflation and growth
  • Inorganic contribution of NOK 9 million from acquisitions closed
• Adj.EBITDA margin expanded yoy from improved gross margin

Non-recurring costs of NOK 51 million

• Stock option cost of NOK 8 million related to ordinary program costs
• M&A costs of NOK 21 million
  • Acquisition of Net Real Solutions and Reach-Data
  • Ongoing due diligence processes
• Restructuring costs NOK 5 million related to organizational changes
• Phishing incident in subsidiary of NOK 18 million
  • Insurance claim ongoing and not concluded

P&L – discontinued operations reflecting adjusted earn-out

N in millions		ull ear	ull ear
T ta e at ng e en es
e t st se es en e e
ross pro it
e at ng e enses
d usted E
n e ng sts
E
e e at n an a t at n
perating pro it loss
Net inancials
ro it loss e ore income tax
n e ta
ro it loss rom continuing operations
t ss s nt n e e at ns
ro it loss or the period

Depreciation and amortization NOK 82 million

• Depreciation of intangible assets from R&D NOK 17 million
• e e at n 's n
• Depreciation of leasing and fixed assets NOK 6 million

Net financials negative NOK 27 million

• Net currency gain of NOK 14 million
• Net interest costs of NOK 25 million
  • NOK 5 million in LINK01 non-cash transaction costs
• Other financial items NOK 16 million
  • NOK 15 million call premium paid on LINK01

Discontinued operations negative NOK 129 million

• Earn out adjustment of NOK 129 million for US divestment

Solid balance sheet with healthy capital structure

Ample capacity for inorganic growth

N in millions
n ent assets
T a e an t e e e a es
as an as e a ents
e as a a a e sa e ent assets
otal assets
E uit
e e e ta a t es
L ng te ngs
t e ng te a t es
otal non current lia ilities
T a e an t e a a es
t e s t te a t es
t te ngs
t te a t es e as a a a e sa e
otal lia ilities current
otal lia ilities
otal lia ilities and e uit

Non-current assets increase NOK 200 million from M&A add-on

• Remaining net increase mainly from currency effects
• LINK01 holding of EUR 74 million cancelled

Trade and other receivables includes NOK 286 million related to US divestment

• e e 's e t n
• Updated earn-out estimate of NOK 167 million
• Both receivable in Q2 2025

Cash balance QoQ stable as operations financed M&A and share-buy backs

• NOK 36 million cash outflow related to share buy-back
• NOK 37 million in net consideration for Reach-Data in the UK
• NOK 33 million in cash impact related to partial refinancing of LINK01

Equity NOK 5 378 million and equity percentage of 50%

• NOK 345 million in treasury shares lowers total equity

Net interest-bearing debt* reported at NOK 994 million

• EUR 171 million LINK01 bond reclassified as short-term borowings from current quarter
• Excludes future receivables from US divestment of NOK 286 million
• Slight decline in leverage ratio QoQ to 1.3x adjusted EBITDA
• Receivables from US divestment will impact leverage positively by 0.3x

Q ' as n a te a e an nte est

LTM free cash generation of NOK 400 million

N
d .E
nte est e e e
t e ng a ta anges n
Ta es a
n e sts M ng
Net cash lo rom operating acti ities
sts M a n n e ng
d . cash lo rom operations
a e
Lease an n
Cash lo a ter capex and interest

Conservative financial policy net debt 2 - 2.5x adjusted EBITDA

• Free cash flow financing bolt-on M&A strategy

Cash lo rom operations as % o d .E in '

• Working capital excluding Interest slightly negative in Q4
• LTM negative working capital expected to normalize

Adjusted net cash flow from operations of NOK 607 million

• Conversion rate of 85% from adj.EBITDA

Bond interest partly offset by interest income on cash

• Partly refinancing of LINK01 in October
• Two bonds outstanding totalling EUR 296 million
• n n nte est a ent s te t Q '

Capex slightly elevated from 1H 2024

• Fast-tracking CPaaS solutions to capture client contracts
• NOK 3 million impact from acquisitions in Q4

Appendix

Q4 2024

13 February 2024

Northern Europe

Central Europe (restated*)

*Netherlands moved from central Europe to Western Europe from Q1 2024 – historical segment financial have been updated accordingly

Western Europe (restated*)

Global Messaging

en

Customer accounts

LINK serves more than 50.000 customer accounts

Customer accounts ' *

Growing base over time with more than 50,000 customer accounts

• Significant upselling potential beyond initial use-case to existing customers
• High commercial success rate in second sale (~70% win-rate)
• EZ4U, Net Reals Solutions and REACH acquisitions added 4,200 accounts

Q&A

linkmobility.com/investors

13 February 2025