Huddly AS — Investor Presentation 2021

Mar 4, 2021

Huddly Q4 2020

Highlights Q4 2020

• EBIT at 32.4 MNOK, compared to 14.7 MNOK in Q4 2019

- Revenue at 112.0 MNOK, up 67 % compared to Q4 2019

• Strategic partnership with Shure
• Work From Anywhere kit with Huddly ONE

Sales

• Record revenue Q4 2020
• Crestron and Google continue to be strong partners
• Sales to Shure commence
• Increased investment in our channels go-to-market strategy
• B&O partnership
• Frost & Sullivan quantifying Huddly's Target Market

Google Meet Series One kit - starts shipping

10:00 AM Wednesday. October 11 Stockholm Conference Room.	Sales team weekly Mac-def-gra		10:00 AM = 10:10 AM
	Engineering review 000-0400-04		11/20 AM = 11/21 AM
	Dealgh Syna sta-ventyan		11:30 AM - 11:15 PM
	Sally/Mike 111 Sed on gring		1/20 PM = 1/2/i PM
	Planning kkrinequepy		2:00 PM = 3:00 PM
	ರ FIND A HICCTING	CALL A PHONE	PREEEHT TO ROOM OHLY

Google Meet Series One kit - Smart Cameras for any size rooms

Crestron - Flex MM

Shure

Huddly ONE camera with one of three Bang & Olufsen products:

• Bluetooth speaker Beosound A1 2nd generation
• Beoplay E8 earphones
• Beoplay H9 headphones.

B&O partnership

Frost and Sullivan HUDDLY TARGET MARKET2

As per Frost & Sullivan's customised study on Video Conferencing Devices market opportunity, Huddly's target market, as estimated in consultation with the Huddly team, is US\$ 569 million or 1.166 million camera units as of2020. Huddly is targeting the corporate sector, schools, remote working population, the remote students, and teachers.

1. Target market is the sum of total sales that Huddly target to achieve for the five years from 2020 to 2024.

R&D and products

R&D and design

• Work From Anywhere kit with Huddly ONE
• Portrait Lighting
• Canvas - Zoom integration

Work From Anywhere kit with Huddly ONE

Professional video for home offices

• High-quality video from desktop or laptop
• With Portrait Lighting, Huddly ONE uses AI to understand the lighting conditions in the image
• Works on all major platforms like Google Meet, Zoom & MS Teams
• Microsoft certified

Portrait Lighting

Financials

• Revenue of 112.0 MNOK in Q4 2020
• Gross margin and cost base
• Record EBIT in Q4 2020
• Balance sheet
• Outlook 2021

Financials Q4 2020

Financials – Revenue and Gross margin

• 67 % YoY growth in Revenue in Q4 2020 • Q4 2020 revenue: 70% strategic partners and 30% channel partners
• 68 % YoY growth in Gross Margin in Q4 2020

Financials – P&L cost and EBIT

• P&L cost base increasing in line with scaling of organization • Record EBIT of 32.4 MNOK in Q4 2020

Financials – Balance sheet

• Capitalized R&D the majority of intangible assets • Working capital reversal in Q4 2020

Financials – Full year Revenue and EBIT

• 95 % YoY growth in Revenue in FY 2020 • EBIT of 105.0 MNOK in FY 2020

Financials – Outlook 2021

• Revenue of 500 MNOK to 600 MNOK in FY 2021
• Continued COVID-19 impact and risk
• Gross margin percentage around 50% in FY 2021
• Accelerated investments in products, go-to-market and support functions

This document (the "Presentation") has been produced by Huddly AS (the "Company", "Huddly"), to provide information to authorized recipients of this document ("Recipient"). An authorized recipient is a person to whom Huddly has directly provided a copy ofthis document or to whom Huddly has made available via a third party authorized by Huddly. The Recipient acknowledges and agrees that all intellectual property rights in the Report vests in the Company. The Recipient may only use this Presentation for the sole and exclusive purpose of considering potential investment in the Company. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including but not limited to projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein. This Presentation is current as at 31 December 2020, however, relates to Q4 2020. There may have been changes in matters which affect the Company subsequent to the date of this Presentation. Neither the issue nor delivery of this Presentation shall under any circumstance create any implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of the Company have not since changed. This Presentation is subject to Norwegian law, and any dispute or claim arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts.

Disclaimer