Q2 2025 report AUGUST 26TH, 2025

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Agenda

o Q2 in brief
o Financials
o Summary and Q&A

We're SmartCraft

Smarter digital solutions for stronger projects, better margins, and happier clients.

270 employees

Norway, Sweden, Finland and the UK

180 000+ users

13 800+ construction companies that want to scale, simplify, and succeed

Driving profitable growth

Connecting people, data, and workflows so every project runs smoother and pays off

o Streamlined workflows
o Smart scheduling & resourcing
o Less admin, more billable work

Time efficiency Clear communication Safer projects Overview & control

o One source of truth
o Real-time updates
o Fewer disputes
o HSE & QA built-in
o On-site checklists
o Fewer incidents
o Live cost vs. budget
o Change orders under control
o Compliance-ready docs

Large total addressable market (TAM)

o TAM of NOK 50 billion*
o ~700.000 addressable construction companies
o ~10-15% penetration of mission critical solutions
o Ongoing digitalization of a digitally immature market

*Analysis by SmartCraft, August 2024. Calculated on basis of ARPC, penetration and addressable companies (ADL model, 2020)

Solid growth and stronger margins.

Solid growth across the funnel More customers, more traffic, and record-high leads in the pipeline

o 8% increase in new customers (YoY)
o 22% more sales leads (YoY)
o 45% more leads in pipeline (YoY)
o 21% increase in web traffic (YoY)

Lead generation

New business initiatives

SmartCraft Spark launched in Norway and Sweden

o Strong traction with nearly 200 new paying customers.
o New, in-demand features coming later in 2025 to boost ARPC and strengthen product value

BIM capability launched in May

o Rapid adoption: 60 users and 20 customers within weeks
o Additional features planned for late 2025 to drive higher usage and conversion

Digimeter survey confirm strong underlying demand

o Released in June
o Responses from over 840 construction professionals in Norway, Sweden and Finland

Some highlights:

o 6 out of 10 have experienced business improvements through digital tools
o 87% say that digital tools are essential to their business
o 30% plan to increase their investments in digital tools
o About 40% of all office workers and 55% of all field workers in the survey use paper and pen or excel to solve core tasks

Financials

Focus on recurring revenue as basis for success

o Increased growth in a challenging market
- o 9% growth YoY
- o Passing milestone of NOK 500m
o 7% organic growth
- o Sweden primary driver of growth
- o Increasing churn and continued high level of downgrades

Organic growth heavily affected by bankruptcies and downgrades

o Customer churning due to bankruptcies increase by ~4-5 p.p last years
o Downgrades from existing customers as their business activities slow down, reduces organic ARR growth by ~5-8 p.p compared to a normalized market situation
o In Q2'25 organic growth increased while downgrades declined

Continued growth in revenue and strong profitability

o Focus on transitioning revenue from non-recurring to recurring. Expecting to consistently be in the mid/high 90s.
o Transition dampening growth in the short-term.
o Increased margin 3.5 p.p quarter over quarter
o 0.4 p.p dilution from acquisitions compared to Q2'24
o A continued pressure on margin from the revenue transition
o Proven track-record of ability to increase profitability in acquired solutions

o Continued investments in strategic development projects

R&D capex

mNOK

o Level of capitalization varies depending on project lifecycle
o Expecting ~9 % for FY'25

Strong revenue growth in Sweden

o Continued strong growth

o High sales activity generating leads
o Continued elevated level of churn and downgrades
o Locka non-recurring revenue last year hampering total growth
o Adjusted EBITDA margin increase of
- 3.5%-pts YoY
  - o Locka continues to operating at a lower margin due to the ongoing revenue transition

Continued challenging market in Norway

o Lower growth in revenue
- o Negative short-term effect by the relocation of one sales office
- o Growth hampered by high churn and downgrades
o Future growth upside in Spark based on high traction among customers
o Decrease in adjusted EBITDA margin YoY due to lower revenue growth and capitalizations, but increased margin by 2pp QoQ

Positive signals in a challenging Finnish market

o Organic growth positive despite a downgrade from a large customer
o Positive signals
- o More contract starts in new build sector
- o User activity increasing among existing customers
o Profitability decline
- o Increased spending on marketing and events
- o Lower capitalizations

Finland (mNOK)

Solid financial position and strong cash flow

to support growth strategy and M&A activity

o Continuing strong performance in operating cash flow
o Cash positive all quarters (Q1 is historically stronger, but a shift towards other quarters started in 2023)

o Net cash positive and negative net working capital
o Holds 3,42% (~5,9m) shares

Key focus to drive continued profitable growth

o Passing the 500 mNOK ARR milestone
o Increased organic ARR growth
o Strong sales & marketing execution keeps demand high
o New initiatives launched with significant growth potential
o Growth temporarily dampened by higher churn, downgrades and softer price increases YoY
o Solid financial position provides stability to invest in product development, efficiency and readiness for market recovery
o Evaluating potential change in listing venue from Oslo to Stockholm

Medium-term financial targets

15-20% Organic growth

Bolt on M&A

Margin expected to increase due to scalability of the business

Short-term considerations: Impact from acquired companies last 12 months

We continue on our profitable growth journey

o Continue our strategy to build a great and solid company
o Reduced operational risk
o Consistent strong operational cash flow

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