LINK Mobility Group Holding — Interim / Quarterly Report 2022

May 10, 2022

Interim Report

First quarter 2022

Guillaume Van Gaver, CEO Thomas Berge, CFO

LINK facts and figures

Global CPaaS Player in High Growth Markets

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First quarter report 2022 highlights

Gross profit increased 30% to NOK 322 million

• Gross margin expansion with higher margin contribution from U.S. acquisition Message Broadcast
• Organic gross profit growth in fixed currency of 9%

Revenue grew 24% to NOK 1,174 million

● 15% organic revenue growth in fixed currency supported by a larger contribution from Global Messaging

Adjusted EBITDA at NOK 142 million up 30% YoY

• Adjusted EBITDA margin at 12.1% (11.5%)
• Organic adjusted EBITDA increased 8% in fixed currency

Business with global IT hyperscaler following the Tismi acquisition significantly expanded ● Large revenue potential in providing CPaaS messaging to worldwide IT player

● Securing significant new revenue and future growth potential

LINK won Inditex Group RFP for providing mobile communications services LINK's unique GTM strategy displays traction and CPaaS adoption

LINK won Inditex Group RFP for providing mobile communications services Chatbots increasingly important part of CPaaS

	A2P messaging progressively expanding to conversational CPaaS	communication

Advanced CPaaS companies offer both chatbot and conversational flows for quick implementation of conversational solutions

• Small business Set-up through simple GUI*
• Medium business AI/NLP adaptation for efficient automation of Q&A with customers
• Large business Conversations use cases implemented by CPaaS solutions layers
• To mitigate challenge of multitude legacy IT systems
• Chatbots speed up implementation by handling intelligence and logic from CPaaS layers Source: Mordor Intelligence

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Omnichannel platform capable to automate conversations between companies / people across a wide range of different text / voice channels

Platformiscomposed of 4modules

LINK acquired Xenioo in December last year

LINK positioned as CPaaS enabler for large enterprises and CPaaS peers

• Tismi acquisition adds telecommunication services and products
• Licensed mobile network operator (MNO) status in 11 European countries
• 4 new licences added so far since acquisition in February 2021

Hyperscaler closer to mobile operators through LINK's direct connections

• One time password (OTP) via SMS to new markets
• Partnership currently being expanded to worldwide coverage
• LINK sees significant growth potential together with global IT hyperscaler
• Providing CPaaS messaging worldwide in a trusted environment Hyperscaler cooperation expanded to partnership since acquisition

Tismi acquisition added global IT hyperscaler as customer

• 47,300 active customer accounts
• Organic GTM strategy registered 3,000 new customer accounts
• Customer churn below historic average of 2-3% secure recurring revenue
• M&A added 4,600 customer accounts

Large and growing customer base provides significant revenue upside ● S-curve adoption of CPaaS omnichannel solutions

Large customer base secures recurring revenue and cross-selling opportunities

Stable group net retention rate (NRR) at 111%

Pro forma NRR in fixed currency

Group pro forma NRR of 111% in Q1 22 in fixed currency ● Decline QoQ impacted by unusual churn of high volume/low margin Nordic customer ● Contribution from new customer wins resulted in organic growth above NRR

Pro forma enterprise NRR of 108% in fixed currency ● Deviation to group due to higher Global Messaging wholesale volumes

Forward-looking statement

Global CPaaS Player in High Growth Markets

Confidence in 14 -17% revenue growth for full year of 2022

● Growth rates may vary between quarters as 2021 was impacted by lockdowns, resulting in high and low comparables

Net retention rate expected to remain above 110% for the Enterprise segment for the full year 2022

Gross profits expected to trend upwards in H2 22 with a normal season for high margin critical events messaging in the US

Additional growth through M&A with strict transaction requirements

• Accretive to LINK's valuation
• Deleveraging or at least neutral to leverage

Significant deleveraging effect from organic growth expected by end of 2022 bringing leverage closer to financial policy target of <3.5x

Pro forma revenue NOK 10 billion ● 20% long-term organic growth in mature market ● S-curve adoption of omnichannel CPaaS solutions ● Pro forma adjusted EBITDA margin 15-17%

2022 2024

Financial Review First quarter 2022

Reported organic revenue growth of 15% in fixed currency

Reported revenue grew 24% to NOK 1,174 million ● Reported revenue growth includes effect from acquired entities

Reported organic revenue growth of 15% in fixed currency ● Organic revenue growth exclude the effect from consolidated acquired entities ● FX headwind of -3% year-over-year due to appreciation of NOK

Reported volume growth % YoY

Reported volume growth for Q1 22 at 26% including effect from acquired entities ● Volume growth higher than revenue growth reflecting a higher portion derived from the lower price/margin Global Messaging segment

Organic pro forma* total revenue growth of 16% excluding U.S.

Total pro forma revenue growth of 16% excl the U.S. in fixed currency ● Higher Global Messaging volume positively impacting total pro forma revenue growth ● The U.S. impacted total pro forma revenue growth rate by a negative 2%

Enterprise segment (fixed currency)

Enterprise pro forma revenue growth of 12% excluding the U.S. in fixed currency ● Nordic at 15% revenue growth, negatively impacted by an unusual churn of a sizeable, but low margin simple use case client in the first quarter

● Central Europe at 7% revenue growth, less than seen in previous quarters

● Lower growth in Poland as the Ukrainian war has reduced economic activity

● Covid volumes in Austria flattening out compared to same period last year

● Western Europe revenue growth bounces back at 14% with a strong performance in Italy

● French retail market starting to normalize, however still behind pre Covid volumes

The U.S. impacted Enterprise pro forma revenue growth by a negative 2% ● High comparables same quarter last year as illustrated on next slide

Message Broadcast has two revenue streams

● Stable revenue from messaging solutions - transactions, licenses, professional services ● Volatile revenue from weather related critical events messaging, historically driven by droughts in Western U.S. and hurricanes in the Gulf of Mexico

Revenue from messaging solutions grew 8% LTM Q1 22

● Solutions revenue softer in Q1 22 due to delays in professional services projects ● Traction on new projects expected to support revenue growth throughout the year

Critical events messaging revenue declined 67% LTM Q1 22 ● Abnormal weather patterns in H2 21 resulted in unusually low revenue ● Reversion to normal weather patterns to drive strong revenue growth in H2 22

Message Broadcast added several large new customers

● Supporting revenue growth in both messaging solutions and critical events messaging from a larger and more geographically diverse customer base

Message Broadcast set for seasonally strong H2 2022

Organic gross profit growth of 9% YoY

Gross profit grew 30% to NOK 322 million

● Organic gross profit growth in fixed currency of 9% driven by the Enterprise segment ● Contribution from consolidated acquired entities amount to NOK 59 million

Gross profit margin

Enterprise margin -0,8 percentage points lower YoY

● -0.4 percentage points as pass through COGS increases in Nordics diluted margins ● -0.3 percentage points as region and country mix effect reduces margins

Global Messaging growth diluted organic gross margin by 0.6 percentage points ● Higher wholesale revenue with lower profitability dilutes margins compared to Q1 21 ● Global messaging margins higher than previous three quarters, and comparable to

• same period last year

Gross profit margin expanded YoY from 26.1% to 27.4% in the quarter ● Margin positively impacted by consolidation of Message Broadcast

Organic adjusted EBITDA growth even after OPEX investments

Reported adjusted EBITDA / adjusted EBITDA margin

Adjusted EBITDA margin improved YoY from 11.5% to 12.1% in the quarter ● Seasonally low contribution from high margin U.S. business diluted total adjusted EBITDA margin compared to the last two quarters

Adjusted EBITDA of NOK 142 million in Q1 22, a growth of 30% YoY ● Organic adjusted EBITDA growth of 8% in fixed currency ● Negative FX effect of NOK 3 million YoY due to appreciation of the NOK ● Contribution from consolidated acquired entities NOK 28 million

Revenue of NOK 1.174 million, an increased of 24% YoY Gross profit of NOK 322 million, an increased of 30% YoY Adjusted EBITDA of NOK 142 million, an increase of 30% YoY

Non-recurring costs of NOK 28 million ● Share option cost NOK 14 million ● M&A related costs NOK 6 million ● Restructuring costs NOK 7 million

Depreciation and amortization of NOK 100 million ● Depreciation of intangible assets of NOK 18 million from internal R&D ● Depreciation of acquired excess values of NOK 75 million deriving from PPA's ● Remaining related to depreciation of leasing arrangements and fixed assets

Net financial items negative NOK 6 million ● Net currency exchange gain of NOK 26 million with no cash effect ● Net interest expenses of NOK 35 million related to outstanding EUR bond ● Net other financial expenses positive NOK 2 million

P&L first quarter 2022

NOK in millions	Q1 2022	Q1 2021	Year 2021
Total operating revenues	1174	946	4410
Direct cost of services rendered	$-852$	$-699$	$-3210$
Gross profit	322	247	1200
Operating expenses	$-179$	$-138$	$-644$
Adjusted EBITDA	142	109	557
Non-recurring costs	$-28$	$-56$	$-252$
EBITDA	115	53	305
Depreciation and amortization	$-100$	$-68$	$-338$
Operating profit (loss)	15	$-14$	$-33$
Net financials	$-6$	$-52$	$-14$
Profit (loss) before income tax	$\boldsymbol{9}$	$-66$	$-48$
Income tax	$-8$	17	$-30$
Profit (loss) for the period	1	$-50$	$-78$

Strong balance sheet

NOK in millions	Q1 2022	Q1 2021	Year 2021
Non-current assets	8 5 8 9	5966	8792
Trade and other receivables	865	674	905
Cash and cash equivalents	802	807	844
Total assets	10 256	7 4 4 7	10 540
Equity	5 0 2 1	4 2 4 5	5 0 9 0
Deferred tax liabilities	543	306	557
Long-term borrowings	3597	2 0 5 2	3696
Other long-term liabilities	62	31	64
Total non-current liabilities	4 203	2 3 8 9	4 3 1 7
Trade and other payables	936	751	1 0 6 3
Other short-term liabilities	96	62	71
Total current liabilities	1 0 3 2	813	1 1 3 4
Total Liabilities	5 2 3 5	3 2 0 2	5 4 5 1
Total liabilities and equity	10 256	7 4 4 7	10 540

Non current assets increased due to acquisitions ● Purchase Price Allocations (PPA) of acquisitions closed in the period

• Cash on balance sheet NOK 802 million

• Equity NOK 5,021 million and equity percentage 49%

• Receivables and payables increased ● Reflecting acquired entities and organic growth ● Negative working capital as Payables > Receivables

Net interest bearing debt reported of NOK 2,916 million

LINK generates more than NOK 200 million in net free cash flow per year

Reported free cash flow

Adjusted LTM cash flow from operations NOK 486 million ● Reported cash flow from operations include M&A related expenses ● Free cash flow generated after capex and interest of NOK 207 million

a Cash generation high with LTM cash conversions at ● 82% at adjusted cash flow from operations over adjusted EBITDA ● 35% at free cash flow after interest and capex over adjusted EBITDA

Working capital (WC) varies significantly between quarters ● Stable change WC on LTM basis despite significant revenue growth ● WC is net negative, clients and vendor are funding the organic growth

Full year effect from acquisitions to increase cash generation in 2022

Reported LTM Q1 22 leverage at 4.7x

● Significant deleveraging expected from organic growth and high cash conversion ● Bringing leverage closer to the financial policy target of <3.5x by end of 2022

LINK's EUR 370 million fixed coupon bond matures in December 2025 ● Fixed interest rate at 3.375% secured for more than 3.5 years

Revenue (NOKm)

Northern Europe

Revenue (NOKm)

Central Europe

Western Europe

Revenue (NOKm)

North America

Global Messaging

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