Huddlestock Fintech — Earnings Release 2025

Feb 26, 2026

Huddlestock - Q4 and FY 2025: Key milestones achieved for German IaaS expansion and strong momentum for Consulting business supporting growth targets

Huddlestock - Q4 and FY 2025: Key milestones achieved for German IaaS expansion and strong momentum for Consulting business supporting growth targets

Huddlestock Fintech AS ("Huddlestock" or the "Company") reports an EBITDA

improvement of 8 percent in Q4 2025 compared to Q4 2024, adjusted for elements

related to the divestments in Q4 2025. The Company has through restructuring

and sale of cost intensive- and non-scaling business in 2025, established a

solid foundation for profitable growth across its two divisions,

Investment-as-a-Service (IaaS) and Consulting (Visigon). Going into 2026, the

main revenues in the group will consist of revenues from Visigon, following

expected revenues from Gigabroker in June this year. Ambition is to turn the

European IaaS Platform (Huddlestock Germany) cash flow positive during 2026.

"In 2025 we acted on a strategic turnaround to advance our

Investment-as-a-Service platform into Continental Europe, where we now act on

a great market potential. Simultaneously, we have reshaped Visigon's strategy

enabling growth through new delivery models," said Leif Arnold Thomas, CEO of

Huddlestock. "In the fourth quarter 2025 we picked up speed, and we will build

on this into 2026"

INVESTMENT AS A SERVICE (IAAS)

The GIGA Broker trading platform, Huddlestock's first client in its European

expansion, soft launched its cryptocurrency trades on the platform in the

fourth quarter. This milestone marks a key step toward the platform's broader

launch planned for June 2026, when it will be launched to 65,000 end customers

on the existing AVL trading platform. GIGA Broker's ambition is to reach a

top three position in the German neobroker market within three years.

Huddlestock will generate revenue through the partnership based on the number

of trades executed on the platform, with profits shared between Huddlestock

and GIGA Broker.

Huddlestock signed Modern Finance Nation (MFN) as its second customer after

achieving an LOI in the fourth quarter of 2025. Huddlestock signed Modern

Finance Nation (MFN) as its second customer after achieving an LOI in the

fourth quarter of 2025. MFN represents another significant commercial

opportunity. The Frankfurt based company plans to introduce a new

savings solution model, with a revenue model for Huddlestock based on number

of customers on their platform, DreamBooster. Revenue from MFN is expected to

start in the second half of 2026.

The German market represents a major strategic opportunity for Huddlestock and

serves as an entry point into the broader Continental European market. With a

larger addressable client base and higher transaction volumes than in the

Nordics, the Company sees strong demand for scalable and regulated IaaS

solutions. The progress achieved throughout 2025 and in the fourth quarter

provides a solid foundation for a wider commercial rollout in the first half

of 2026, with the ambition of achieving cash flow positive performance in this

business area within 2026.

CONSULTING (VISIGON)

In Q4 2025, Visigon delivered its strongest quarter of the year, up 32 percent

from Q3 2025. This contributed to a total 2025 income of NOK 35 million at a 7

percent EBITDA margin, forming a solid foundation for the company's 2028

target of NOK 100 million in revenue and a 20 percent EBITDA margin.

Following the reporting period, Visigon signed a new two-year agreement with a

longstanding financial services client. The contract marks a strategic shift

from individual consultant placements to a broader, service-based delivery

model, providing clear validation of Visigon's expanded service offering.

Leveraging deep capital markets expertise, Visigon supports institutions,

corporates, and fintechs across the full software lifecycle. The profit

generated from the business is expected to play a key role in funding and

enabling the Company's broader expansion plans.

CONTINUED FOCUS ON COST

As part of Huddlestock's continued focus on operational efficiency, the

Company has implemented targeted cost reduction initiatives in addition to the

effects of the recent divestments. Personnel expenses were reduced by NOK 6.9

million compared to the same period last year, and total operating expenses

decreased by NOK 7.8 million compared to the fourth quarter of 2024.

The new CFO, who assumed her position in Q4 2025, will continue to drive the

Company's cost reduction agenda, with additional effects expected in 2026.

Further reductions in personnel expenses and other operating costs are

anticipated as these initiatives progress.

FOURTH QUARTER 2025

Total operating income of NOK 11.2 million for the fourth quarter 2025, a

decrease of 43 percent compared to the fourth quarter 2024 following the

divestment of the Nordic IaaS platform announced 14 April 2025. EBITDA,

adjusted for elements related to the Divestments, was negative NOK 7.9

million, compared to negative NOK 8.5 million in the same quarter last year,

which represents an improvement of 8 percent.

PRELIMINARY FY 2025 FINANCIALS

For the full year 2025, total operating income amounted to NOK 52.4 million,

compared with NOK 71.5 million in 2024, the reduction primarily reflecting the

impact of the Divestments completed during the year. EBITDA for 2025 was

negative NOK 27.8 million.

At year end the company had a cash balance of NOK 4.6 million. The Company's

combined cash, available Done.ai-shares and available overdraft facility

amounted to a total of NOK 16 million at 31 December 2025. The Board of

Directors is confident with the capital situation and has access to bridge

financing when needed.

PRESENTATION AND Q&A

CEO Leif Arnold Thomas and CFO Sabine Merky will host a webcast presentation

of the results in English at 10:00 CET, followed by a Q&A session. To

participate, please register your interest with:

https://events.teams.microsoft.com/event/76beaa26-cf52-4ee4-af60-b2b2f31afb38@c1a5a59d-592c-49a2-ada8-beedc552d1f5

Contacts

Leif Arnold Thomas

Chief Executive Officer

Huddlestock Fintech AS

leif.thomas@huddlestock.com

+47 982 15 520

About Huddlestock Fintech AS

Huddlestock is an innovative technology software provider through its

Investment-as-a-service offering, with full operational service support and a

leading financial Consultancy services business. We deliver innovative and

sustainable technology and operational solutions to companies offering

financial

products and services.

Find out more at huddlestock.com - https://www.huddlestock.com/

This information is subject to disclosure under the Norwegian Securities

Trading Act, §5-12. The information was submitted for publication, through the

agency of the contact persons set out above, at 2026-02-26 07:00 CET.