Huddlestock Fintech

Investor Presentation • May 12, 2022

hddlestock

Presentation of Q1 2022 results 12 May 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

Huddlestock Fintech

Delivering innovative technology solutions to the capital markets, treasury and wealth management industries.

Technology - Bedrock, Apex, Canyon

• · Bedrock and Apex are fully integrated and flexible wealth tech platforms.
• · Canyon is an end-to-end, serviced capital markets solution.
• · Operation Center a cloud solution with trading connectivity, client and risk reporting.

Low-cost, efficient white-label trading and investment services, easily embedded via REST APIs, combined with bespoke consultancy and service support.

The Visigon experience - world-class experts delivering innovative and industry leading strategic technology solutions and process automation for the financial services industry.

F5 IT - a software developer with 15 front- and back-end software developers.

Listed on Euronext Growth Market 26 November 2020, as Norway's first fintech company to be publicly traded.

Regulated by Bafin for brokerage, financial advice and asset management.

Delivering financial inclusion by democratizing access to capital markets.

41 colleagues across Europe and Asia

Becoming a high margin Fintech powered by a full investment banking license

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 expansion of consulting practice to Norway.
• · Adds talent and proprietary technology
• · Strong existing client book
• · Paid for in treasury shares. No external capital needed

Tracs - a BPO partner and provider of trading, reporting and custody services for wealth managers, fund managers and family offices. Headquartered in Stavanger, Norway.

• · Adds strategic outsourcing of trading and operations processes for Wealth Managers, Asset Managers, Family Offices, Pension- and Fund companies.
• · Adds white labelled order management, shareholder reqistry, portfolio management, reporting and tax services, and industry leading systems support.
• · Services over 40,000 end-clients in Norway and Sweden.
• · Fully licensed by the Norwegian FSA with approval from the Swedish FSA

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Highlights in Q1/2022*

Focused on delivering technology solutions and onboarding new clients.

Focused on delivery and onboarding

• · Recurring multi-year consulting mandates have grown, added FTEs.
• · Innovative professional services solutions brings long-term client relationships.
• · Finalizing onboarding of large European Fintech somewhat delayed due to reorganization in Germany in 2021 and events in Ukraine.
• · New client wins for Huddlestock's WealthTech SaaS solution.
  • · Nordic news-site signs up for Nordic Bedrock solution
  • Northern European investment club

2022 Outlook - reset, grow, deliver

• · Consulting division is fully booked for Q2, good visibility for Q3 and Q4.
• · Promising leads for Huddlestock's WealthTech SaaS solution.
• · Integration and delivery of synergies from acquisitions.
• · Continued value creation from strategic M&A.
• · Investing and growing our talent pool across our footprint.

Proforma Revenues* NOK 12.9 M

Reported Revenues NOK 9.06 M

Proforma EBITDA* NOK -1.17 M

Reported EBITDA NOK -0.76 M

Key priorities

Democratize access to capital markets and wealth management

Delivering shareholder value by investing in strategic growth opportunities

• · Continue to invest in technology R&D.
• · Deliver synergies from acquisitions (Visigon, F5 IT, Tracs)
• · Explore strategic growth/M&A opportunities.
• · Expand ecosystem partnerships.
• · Add technology talent.

Scaling up the Nordics

• · Scale up Nordic operations by adding talent.
• · Establish a Nordic white label solution.
• · Grow commercial portfolio.

Accelerating growth in Germany

• Key hires in place .
• . Continue to add talent.
• Accelerate growth .

2022 guidance* NOK 75m

Medium term 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

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Average daily traded volume of shares in Q1 433,262 210,630 in 2021

Strong and supportive shareholder base

As of 31st March 2022

■ Top 20 Shareholders

Rank	Shareholders	No shares	% shares
1	COLIBRI INVEST AS	10 065 898	7,82%
2	HUDDLESTOCK FINTECH AS	9 897 883	7,69%
3	VISION INVEST STAVANGER	8 286 715	6.44%
4	BANK JULIUS BAER	7 122 458	5,53%
5	BERKER GROUP AS	6 597 665	5,12%
6	GRUNNFJELLET AS	4 482 593	3,48%
7	SAAMAND AS	4 339 825	3,37%
8	GENTLE INVEST	4 226 000	3,28%
9	SAA INVEST AS	4 205 000	3,27%
10	STEIN HEGRE HOLDING AS	2 924 953	2,27%
11	HOGNAN INVEST	2 494 512	1,94%
12	GJEDREM AS	2 406 000	1,87%
13	EASYACCOUNTING OSLO AS	2 123 077	1,65%
14	BILL INVEST AS	2 036 847	1,58%
15	ØSTLANDSKE PARKERING AS	1 923 077	1,49%
16	NORDNET LIVSFORSIKRING AS	1 731 511	1,34%
17	VALINOR AS	1 563 852	1,21%
18	KJELL'S OCTOPUS INVEST AS	1 543 640	1,20%
19	AVANZA BANK AB	1 531 000	1,19%
20	SIRIUS AS	1 300 000	1,01%
21	HEDEN HOLDING AS	1 191 603	0,93%
22	E HOLDING AS	1 159 878	0,90%
23	ALA AS	1 080 061	0,84%
24	SEB BANKEN CLIENT AC	1 058 820	0,82%
25	KT GLOBAL INVEST AS	1 051 351	0,82%
26	SAXO BANK	1 046 479	0,81%
27	PER SIGMNUD HENØEN	1 012 796	0,79%
28	STOKK INVESTERING AS	1 008 458	0,78%
29	MYRILD AS	1 000 000	0,78%
30	JOHN E.SKAJEM	861 606	0,67%

hddlestock

Q1/2022 Results - Reported revenues

Stable revenues in Q1/2022

Delivering in consulting in Sweden and Denmark. Investing in Technology.

Q1/2022 Group Revenues

Delivering in consulting in Sweden and Denmark. Investing in Technology

. Group Revenues NOK 9.06m

• Solid delivery from Professional Services .
  • Strong demand pushes prices higher across . professional services
  • Solid delivery from Swedish and Danish . consulting practice
  • Extending contracts, growing mandates .
• Technology

.

• Two new client contracts signed in Q1 .
• Events in Ukraine and reorganization of . German operations end 2021 delayed ongoing deliveries
• Intercompany revenues of NOK 2m .

Q1/2022 Group Costs

Tighter labour markets. Investing in technology.

• . Group Costs NOK 9.8m
• Finalizing onboarding of large European . Fintech
• Personnel cost NOK 6.1m in Q122 .
  • 41 FTEs end Q1. .
  • Tight labour market pushes cost of salaries . higher
• Other costs NOK 3.7m in Q1. .
  • Technology investment NOK 3.2m .
  • Non-recurring costs linked to M&A. .
• · Write-down of NOK 3.2m linked to acquisition of Visigon

Q1/2022 Group EBITDA

Continued investment in technology.

• Group EBITDA NOK -0.76m .
• Group Revenues NOK 9.06m .
  • Strong momentum in consulting in Sweden and Denmark
  • Two new client contracts signed in Q1 .
  • Delays in deliveries due to events in • Ukraine and reorganization in Germany end 2021
  • Costs* NOK 9.8m

.

• Tight labour market pushes cost of . salaries higher
• Finalizing onboarding of large European . Fintech
• Technology investment. .
• Non-recurring costs linked to M&A. .

Technology Q1/FY2022

Focused on future deliveries.

Q1 - focused on future deliveries.

• · Nordics Focus on growth
  • · Two major client wins during Q1
• · Germany Finalizing onboarding of large European Fintech
  • Key hires made .
• · Promising leads for Huddlestock's WealthTech SaaS solution
• · Q1 revenues impacted by
  • · Events in Ukraine which led to delays in ongoing deliveries
  • · Reorganisation of German operations end 2021/beginning 2022
  • · Reassessment of commercial portfolio
  • · Small recurring revenue stream from Operation Centre
• · Continued R&D investment ~NOK3.2m in Q1.

Professional Services Q1 2022

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

Strong relationships delivers solid revenues Q1 22

• · Reported revenues of NOK 9.05m in Q1
• · Growing and recurring revenues from Swedish clients
  • · Fundamentals are good with high demand and higher prices.
  • · Large Swedish banking institution extends and deepens mandate.
• · Solid revenue streams from Danish clients
• · Attracting new talent in very tight labour markets:
  • · 4 new employees join Huddlestock's consultancy practice in Q1
  • · Strong demand for expert consulting expertise means additional resources will be needed in future quarters
• · Outlook: Consulting division is fully booked for Q2, good visibility for Q3 and Q4

Professional services revenues (NOKm)

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Consolidated income statement (in NOK)	1Q22	1Q21	2021	2021
		Pro-forma	Audited	Pro-forma
Operating income
Other operating income	9,054,914	10,289,228	23,363,188	41,890,188
Total operating income	9,054,914	10,289,228	23,363,188	41,890,188
Operating expenses
Cost of materials/subcontractors	1,133,077	1,381,045	2,931,122	7,427,122
Personnel costs	6,104,550	4,339,288	17,406,300	26,986,300
Depreciation and amortisation	3,221,364	3,141,716	10,594,597	10,594,597
Other operating expenses	2,578,169	2,065,425	10,626,087	13,095,087
Total operating expenses	13,037,160	10,927,474	41,558,105	58,103,105
EBITDA	-760,882	2,503,470	-7,600,320	-5,618,320
EBIT	-3,982,246	-638,246	-18,194,917	-16,212,917
Financial income
Interest income	0	0	0	2,000
Other financial income	85,709	115,266	221,357	221,357
Total financial income	85,709	115,266	221,357	223,357
Financial expenses
Interest expenses	180,505	2,957	2,022,537	2,022,537
Other financial expenses	92,979	14,045	201,370	201,370
Total financial expenses	273,484	17,002	2,223,907	2,223,907
Net financial items	-187,775	98,264	-2,002,550	-2,000,550
Net profit (loss) from discontinued operations	0	0	-84,778	-84,778
Profit (loss) before tax	-4,170,022	-539,982	-20,282,245	-18,298,245
Income tax	-54,200	419,410	656,653	656,653
Net profit (loss)	-4,115,821	-959,392	-19,625,592	-17,641,592

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Consolidated Financial position (in NOK)	1Q22	2021	2020
ASSETS
Intangible assets
Research and development	26,547,236	23,333,391	19,308,254
Goodwill	41,346,125	42,473,747	-
Technology	2,500,000	2,650,000	-
Customer contracts and relationships	20,370,682	22,314,424	-
Licenses	32,182,204	32,182,204	45,952,204
Total intangible assets	122,946,247	122,953,766	65,260,458
Fixed assets
Property, plant & equipment	0	0	0
Total fixed assets	0	0	0
Total non-current assets	122,946,247	122,953,766	65,260,458
Receivables
Trade receivables	8,457,767	8,854,063	0
Other short-term receivables	12,000,475	9,433,022	762,438
Total receivables	20,458,242	18,287,085	762,438
Bank deposits, cash and cash equivalents	6,934,520	16,222,128	2,958,433
Total current assets	27,392,762	34,509,213	5,191,256
Total assets	150,339,008	157,462,979	71,214,151

Consolidated Financial position (in NOK)	1Q22	2021	2020
EQUITY
Paid-in capital
Share capital	244,612	244,612	208,371
Own shares	0	-20,457	0
Share capital - not registered	0
Share premium	112,397,872	114,085,130	66,964,874
Share premium- not registered	0
Total paid-in capital	112,642,484	114,309,285	67,173,245
Total equity	112,642,484	114,309,285	67,173,435
LIABILITIES
Other long-term liabilities
Liabilities at financial institutions	6,283,333	6,283,333	0
Deferred tax	5,031,550	5,492,173	0
Short-term liabilities
Accounts payable	1,979,207	2,829,085	1,205,892
Payroll taxes, VAT etc.	6,868,930	2,832,639	168,992
Liabilities at financial institutions	4,184,189	216,667
Other short-term liabilities	13,349,316	25,497,280	2,455,232
Total short-term liabilities	26,381,642	31,375,670	3,830,116
Total liabilities	37,696,525	43,151,177	4,040,716
Total equity and liabilities	150,339,008	157,462,979	71,214,151

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Consolidated statement of cash flows (in NOK)	1Q22	2021	2020
Cash flows from operating activities
Profit (loss) before tax	-4,170,022	-20,282,245	-12,427,633
Depreciation and amortisation	3,221,364	10,594,597	4,032,934
Net result discontinued operations		84,778	0
Changes to accounts receivable	396,296	-2,490,783	551,847
Changes to accounts payable	-849,878	-1,595,942	348,967
Changes to other accruals and prepayments	-8,639,046	6,853,009	679,341
Net cash flow from operating activities from continuing operations	-10,041,286	-6,836,586	-6,814,544
Net cash flow from operating activities from discontinued operations	0	0	-474,949
Cash flows from investment activities
Additions intangible assets	-2,047,294	-5,014,282	-3,519,332
Aquisition of subsidiaries, net of cash aquired	0	-30,927,835	0
Transaction cost	0	-2,623,527	0
Short term loan	0	0	-2,169,303
Received government grants	0	0	0
Net cash flow from investment activities from continuing operations	-2,047,294	-38,565,643	-5,688,635
Net cash flow from investing activities from discontinued operations	0	0	0
Cash flows from financing activities
Proceeds from capital increase	0	54,165,925	6,784,968
Cost of capital increase	0	-2,000,000	0
Loans obtained	3,967,522	6,500,000	0
Net cash flow from financing activities from continuing operations	3,967,522	58,665,925	6,784,968
Net cash flow from financing activities from discontinued operations		-2,184,660	0
Net changes to cash and cash equivalents from continuing operations	-8,121,058	13,263,695	-5,718,211
Net changes to cash from discontinued operations		-2,184,660	-474,949
Continued operations
Bank deposits, cash and cash equivalents per 1.1. Bank deposits, cash and cash equivalents per 31.03.	16,222,128 8,101,070	2,958,433 16,222,128	8,676,644 2,958,433

Investor relations contacts:

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

Cecilia Luras Director of Strategy & Investor Relations col@Huddlestock.com +47 951 45 382

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