Capsol Technologies ASA

Investor Presentation • Aug 15, 2025

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Q2 2025 Results Presentation Xplora Technologies AS Oslo, August 15

Sten Kirkbak CEO

Knut Stålen CFO

Kjetil Fennefoss CEO Doro / Director Group Revenues

Today's agenda

Q2/H1 2025 reporting

• 1. Q2 highlights
• 1. Financial update
• 1. Market & Performance update
• 1. Post quarter events
• 1. Outlook

H1 key financial insight

✓ 207k watch activations, with stable LTM conversion rate at 37%

✓ Pro forma group Gross Margin up 6pp, reflecting structural margin improvement from new generation products and favorable market conditions

✓ NOK 69m reported EBITDA, including approx. NOK 19m in one-offs (OPEX) related to Doro Acquisition

H1 25 at a glance

6

Group revenue NOK 802m +160% y/y

Recurring services NOK 161 m +26% y/y

Reported EBITDA NOK 69m + NOK 47m

Gross profit NOK 422m +165% y/y

Subscriptions 393k (281k+112k) +40% y/y

Cash balance NOK 530m +319%

Q2 key takeaways

7

• ✓ Recovery for sell-in in Q2 for the Kids & Youth segment (was on our radar in Q1)
• ✓ Three important launches Aurora product launch (Senior), "Doro Connect" (Senior) and first Youth product featuring the Xplora Guardian App (end Q2)
• ✓ Overall strong financial results (EBITDA) in particular how our core service business are scaling at the current subscription level

Key strengths this quarter: On our radar:

8

Financial update

Knut Stålen CFO

9

Xplora reported figures

NOK million	Q2 2025	Q2 2024	% change	H1 2025	H1 2024	% change
Subscriptions (k)	393	281	40%	393	281	40%
Revenue	463	190	143%	802	308	160%
Gross Profit	231	92	152%	422	159	165%
Gross Margin	50%	48%	2pp	53%	52%	1pp
EBITDA reported	51	18	191%	69	21	220%

NOK 19m in one-offs (OPEX)

Proforma comparison

NOK million	Q2 2025	Q2 2024 Proforma	% change	H1 2025	H1 2024 Proforma	% change
Subscriptions (k)	393	281	40%	393	281	40%
Revenue	463	398	16%	802	713	12%
Gross Profit	231	185	25%	422	335	26%
Gross Margin	50%	46%	4pp	53%	47%	6pp
EBITDA reported	51	38	34%	69	54	27%

The combined pro forma results reflect the aggregated historical performance of both legacy entities, adjusted for alignment in accounting policies and currency. These are presented for informational purposes and do not represent actual historical results.

NOK 19m in one-offs (OPEX)

11

Key Figures Q2 25

Group revenue NOK 463m +NOK 273m y/y

EBITDA NOK 51m + NOK 33m y/y

Gross profit NOK 231m + NOK 139m y/y

Gross profit Senior contribution Gross margin (%)

0

10

20

30

40

50

60

70

92

Q2: Xplora: Transaction costs = NOK 2.1m Doro: IVS provision = NOK 6.5m

Q1: One-off transaction costs NOK 11m

Key Figures Q2 25

Service revenue

ARR NOK 327m + NOK 64m y/y

-

50

ARR ARR gross margin (%)

Gross profit NOK 116m + NOK 25m y/y

• 30% 40% 50% 60% 70% 80% 90% 100%
• 20%
• 10%
• 0%

-

20

40

60

80

100

120

140

Key Figures Q2 25

Revenue NOK 247m +19% y/y

Gross profit NOK 115m + NOK 22m y/y

Note: Historic SEK figures converted to NOK. Gross margin (%)

Service revenue

Launched mobile subscriptions and services for the senior customer base in the second

quarter of 2025.

14

Improving operational leverage

Operating expenses (NOKm)

• Total operating costs of NOK 180m in Q2 25
  • Kids and Youth of NOK 83m excluding newly introduced senior segment compared to NOK 74m in Q2 24
  • Senior costs of NOK 99m including NOK 7m provisions from discontinued operations
  • Continued investments in organization and marketing in both segments.
• Operating costs as percentage of revenue on declining trajectory

10%

20%

30%

40%

50%

60%

15

Profit & Loss

• EBIT improvement to NOK 37m from NOK 7m in Q2 24
• D&A NOK 13m up from NOK 11m in Q2 24, down from NOK 24m in Q1 25, the final amortization quarter for Xplora Mobile customer contracts
• Net finance expenses of NOK 61m, driven by interest and admin fee (NOK 15m) and non-cash currency effects (NOK 38m) of the acquisition loan

NOK million	Q2 25	Q2 24	YTD 25	YTD 24	i
Revenue	463	190	802	308
Cost of goods sold and services provided	232	98	380	148	11
Gross Profit	231	92	422	159
Employee expenses	14	? Po	142	o B
Marketing expenses	39	17	12	28
Other operating expenses	6/	PT	139	52
EBITDA	51	1	69	1
Depreciation and amortization	13	T T	38	22
Operating profit / EBIT	37	7	31	(0)
Finance (income)/expenses - net	61	।	137	9
Profit (loss) before income tax	(23)	3	(107)	(9)

Q2 25

Q2: Xplora: Transaction costs = NOK 2.m Doro: IVS provision = NOK 6.5m

Q1: One-off transaction costs NOK 11m

Profit & Loss

Net finance expenses of NOK 61m ●	70
	60
NOK 38m currency impact/translation loss ● Non-cash impact of increase in EUR during the ○	50
quarter	40
NOK 15m interest and fees on acquisition ● loan	30
Full quarter of interest ○	20
Up to 75% of EURIBOR interest is hedged ○	10
NOK 7m other net financial items ●	0

Net finance expenses Q2 25 (NOKm)

17

Balance Sheet

Q2 25

• Assets increased to NOK 2,066m from NOK 1,935m in Q1 25
  • Mainly from inventory increase to NOK 321 from NOK 242m
  • Receivables NOK 282m up from NOK 222m in Q1 25
• Bank debt of NOK 963m, relating to financing of Doro AB Acquisition with negative currency effects in Q2 25
• Current liabilities to financial institutions NOK 74m up from to NOK 47m in Q2 25
• Cash position of NOK 530m, down from NOK 545m in Q1 25

Intangible assets 832 176 819 23 26 14 Property, plant and equipment Financial assets O 46 48 28 Deferred tax asset 24 13 6 7 12 Other non-current assets 215 ਰੇਤੇਤ 926 2 Total non-current assets 242 Inventories 81 321 Current receivables 282 222 75 Cash and cash equivalents 235 530 545 1 133 1 009 392 Total current assets Total assets 2 066 1 935 606 Total equity 348 352 366 6 Long term liabilities to financial institutions өөз વેરૂલ જિલ્લામાં આવેલું એક ગામનાં લોકોનો મુખ્ય વ્યવસાય ખેતી, ખેતમજૂરી તેમ જ પશુપાલન છે. આ ગામમાં મુખ્યત્વે ખેત 6 Other long term liabilities 106 104 Total non-current liabilities 1 070 1 039 13 Current liabilities to financial institutions 74 83 47 Other current liabilities 5/4 158 483 Total current liabilities 648 530 241 Total equity and liabilities 2 066 606 1 935		NOK million	Q2 25	Q1 25	Q4 24	Q2
	B
	om

18

Cash flow

Q2 25

• Non-cash currency effects on the acquisition loan of NOK 38m
• Investments in working capital of negative NOK 43m driven by the Senior Segment
  • Senior segment securing volumes of Leva feature phones, Kids & Youth inventories down in the quarter
• Capex of NOK 15m in Q2 25 vs NOK 16m in Q1 25
• Increase in supply chain financing facility and acquisition loan-related payments, resulting in net cash flow from financing activities of negative NOK 1m

CONFIDENTIAL AND COPYRIGHT © 2019 XPLORA TECHNOLOGIES AS. ALL RIGHTS RESERVED.

Market & Performance update

Kjetil Fennefoss CEO Doro / Director Group Revenue

SENIOR

✓ Senior market (ages 65+)

• Position: Category leader
• Markets: 8 core with SIM
• Size/TAM: 119m seniors
• Buyer: User + Family member
• Focus: Introduce Doro Connect

Doro Q2 25: A shift in strategy - Smartphones

• ●Aurora smartphones launched on May 20
• ●Supported by extensive digital marketing campaign
• ●Tailormade for the target group and physical needs ○Audio
• ○Vision
• ○Technical
• ●Successful launch and well received in the market

The Leva series

● Continues to be a success

• Main contributor to the 12.3% y/y growth
• Holds a very solid position in the feature phone segment
• Shift from 2G to 4G drives volume
• HD Voice for better sound quality
• See caller ID without opening the phone
• Safety button for emergency contact and share GPS location

Doro Connect launched on June 17

doro O	Produkter		Unikt för Doro	Support
	Doro Voice		Doro 3 GB		Doro
119 kr/månad Ingen bindningstid För telefonsamtal och SMS. inom EU/EES ్ర 0,5 GB data ్ర EU-roaming	Bäst för icke-smartphoneanvändare som bara vill kunna ringa och skicka SMS. 😊 Obegränsade samtal, SMS och MMS َ َ Behåll ditt nuvarande telefonnummer	(એ)	149 kr/månad Ingen bindningstid För vardagsbruk med en mindre surfmängd. Streama lite, använd navigering och njut av sociala medier utan bekymmer. ن Obegränsade samtal, SMS och MMS inom EU/EES 3 GB data ு EU-roaming () Behåll ditt nuvarande telefonnummer		229 kr/månad Ingen bindningstid För dig som vill va Streama, scrolla oc Doro 10 GB. O Obegränsade s inom EU/EES 10 GB data (ओ ్ర EU-roaming Ø Behåll ditt nuv
	Vad kan jag göra med 0,5 GB data? ^		Vad kan jag_göra med 3 GB data? ^		Vad kan jag göra m
	Köp Doro Voice		Köp Doro 3 GB		Köp

Doro Connect rollout timeline

Kids & Youth

• Position: Existing + New Category
• Markets: 9 core with SIM
• Size/TAM*: +80 million
• Buyer: Parents primarily
• Focus: Kids conversion and migration

✓ Kids + Youth market (ages 5-15)

Service revenue distribution (NOKm)

• Service revenue +25% YoY to NOK 82m in Q2 25
• ARR (Annual Recurring Revenue): NOK 327m

• Service revenue from outside Nordics:

  • Q2 25: 20%
  • Q2 24: 13%

• Germany: High subscription growth in Q2 25

  • 144% y/y growth
  • Our 3rd biggest service revenue market after Norway and Sweden
  • NOK 9.7m revenue in the quarter

Nordics 80% of total

37% of watches activated with recurring service

40%	Watch activations ●
35%	First time usage by the end-consumer ○
	Combination of sell-out in the channels: ○
30%	Xplora web shop •
25%	Amazon •
	Telco and retailers •
20%
15%	Service/watch conversion rate ●
	Q2 25: 37% ○
10%	Q2 24: 33% ○
	Four quarters rolling average ○
5%
0%	𝑁𝑁𝑁𝑁𝑁𝑁 𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠 𝑠𝑠𝑠𝑠𝑠𝑠 𝑠𝑠
	(𝐶𝐶 𝐶𝐶 𝐶𝐶+𝐵𝐵𝐵𝐵𝐵+𝑆𝑆 𝑓𝑓 ) c𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜 Service 𝑟𝑟𝑟𝑟 = 𝑊𝑊 𝑊 𝐴𝐴

Watch activations (k)

Smartwatch unit sales (Kids & Youth) Sales

• 154k Units sold in the kids & Youth segment in H1 25
  • Record high Q2

Units sold (k) by Kids & Youth segment

• 154k smartwatches sold in H1 25
• 207k smartwatches activated in H1 25
• LTM (last 12 months) activations now slightly higher than LTM units sold
  • Indicate three things:
    • On average over time, activations is equal to units sold
    • H1 sees build-up of demand from businesses, as inventories have been reduced from high end-user activations.
    • Because of seasonality (back-to-school and Christmas), the product demand is higher in H2

Sell-in vs. sell-out (k) in Kids & Youth segment

Total subscription base (k) + 112k YoY Mobile subscriptions: 271k

• MVNO in 9 markets
• Single service with highest ARPU
• • 50k y/y (+ 22%)

Premium – Activity Platform: 89k

• Value added service
• Bundled with mobile subscription or
• Stand-alone sales in Xplora app
• • 44k y/y (+ 97%)

B2B subscriptions: 25k

• When telcos include their SIM
• Nordics, Germany and USA
• • 12k y/y (+ 102%)

Service-fee: 8k

• For customers who opt-in for another SIM card than Xplora's in Nordic retail channels
• +6k YoY

Mobile subscriptions (k)

Mobile subscriptions y/y net growth

ARPU on mobile subscriptions (4Q rolling)

● ARPU increase: ○ +NOK 6 y/y

• ARPU drivers:
  • Increased sales of Xplora Premium subscriptions (higher priced)
  • New subscribers come in on a higher priced mobile price plan
  • Annual price increase on existing subscriptions
• Blended GM: 82%
• Annual revenue effect +19.5 NOKm

67

= ( + )

Youth – Fusion X1

Fusion X1 launched

● Launched in June:

• Xplora´s D2C (Web and Amazon)
• Elkjøp Nordic
• Telia Finland, Elisa Finland
• EUR 5.99 service fee
• Mobile subscriptions starting from Q3 ´25

CONFIDENTIAL AND COPYRIGHT © 2019 XPLORA TECHNOLOGIES AS. ALL RIGHTS RESERVED.

Post Quarter & outlook

Key highlights

• 1. Launching mobile connectivity in Canada
• 1. New B2B Guardian App Contract
• 1. Strong demand across senior product lines
• 1. ARR Milestone

Mobile Connectivity services in Canada

Expanding to Canada with SIM Services

We're excited to launch Xplora SIM services in Canada, marking a significant milestone in our North America growth strategy!

• Launching on Bell's network
• Official launch in August through Xplora channels
• In-store presence starting September in 30 Best Buy locations across Canada

B2B Service Revenue Milestone

Platform Licensing with HMD Global

Xplora has expanded its partnership with HMD Global, signing a new agreement to license the Xplora platform and Guardian App across a range of mobile products. This marks an important step beyond D2C — tapping into B2B service revenue by enabling partners to offer safer, smarter devices powered by our family IoT platform.

First launch expected to take place in partnership with a major mobile operator

Business model: High margin monthly license fee per user

Strong demand across the Senior line-up

Several sales order secured, with increased order intake!

Leva series were introduced in Q1 and show very strong interest, in particular from France.

This strengthen our position in the French market but also demonstrates the growing international demand for Leva

Additionally, Doro currently enter Q3 25 with the highest order reserve to-date

With 400k Subscriptions we have reached a new major milestone in our Service Revenues.

406k subscriptions 60k in SE / 50k in DE 90k Premium

CONFIDENTIAL AND COPYRIGHT © 2019 XPLORA TECHNOLOGIES AS. ALL RIGHTS RESERVED.

• Continued annual growth in the Kids & Youth segment
• Launch Doro Connect through webshops in the other Nordic markets during Q3, and in additional European markets towards the end of Q4

Provide first conversion data for the Senior Segment

• Focus on Service Revenue growth and increased profitability on EBITDA and EBIT level
• Continue path to 1 million subscriptions and transition into a family IoT company as a product and service provider

Outlook