Xploara Technologies — Investor Presentation 2026

Feb 27, 2026

X. Disclaimer

The presentation (the “Presentation”) has been produced by Xplora Technologies AS (the “Company”) for information purposes only and does not in itself constitute, and should not be construed as, an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction. The distribution of this Presentation may be restricted by law in certain jurisdictions, and the recipient should inform itself about, and observe, any such restriction. Any failure to comply with such restrictions may constitute a violation of the laws of any such jurisdiction.

This Presentation includes and is based, inter alia, on forward-looking information and contains statements regarding the future in connection with the Company's growth initiatives, profit figures, outlook, strategies and objectives. All forward-looking information and statements in this presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industry in which the Company operates. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors may lead to actual profits, results and developments deviating substantially from what has been expressed or implied in such statements. Although the Company believes that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Presentation.

The Company is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither the Company nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.

This Presentation speaks as at the date set out on herein and will not be updated. The following slides should also be read and considered in connection with the information given orally during the Presentation.

This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts.

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X

Q4 2025

Results Presentation

Xplora Technologies AS

Oslo, February 27

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X. Q4 2025 Reporting

1. Q4 highlights (CEO, Sten Kirkbak)
2. Financial update (CFO, Knut Stålen)
3. Operational update
4. Sales development (CEO Doro, Kjetil Fennefoss)
5. Marketing Update (CMO, Lise af Ekenstam)
6. Doro VAS (BUD, Tommy Krznaric)
7. Road Ahead & Outlook (Sten Kirkbak)
8. Q&A

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X. Last quarter's highlights (Q3)

1. Doro sales up 16% – first year-on-year revenue growth in several years, with SIM conversion at 25% in Nordic online channels
2. Launched new “Product Grid”, strengthening our portfolio and long-term ecosystem & service enablers
3. Introduced our top three Business KPIs, sharpening operational focus and accountability
4. Reinforced our path to 1 million subscriptions, driven by scalable organic initiatives and an expanding strategic opportunity set
5. Entered Q4 expecting to outperform an already strong Q3, supported by solid demand and confident execution

Q4 2025 will be stronger than Q3

X KPIs to follow

Top three business KPIs forward:

• Gross Profit Growth

• ☑ Reflects Real Business Performance

• Subscription Base Growth (ARR)

• ☑ Clear indicator of sustainable, competitive growth

• EBITDA (after Capex) development

• ☑ Reflects underlying cash generating ability

• ☑ Rec and balance
• ☑ Breakdown of markets, channels and products
• ☑ Autoconsumers
• ☑ Activations (last-out)
• ☑ Unit sales (last-min)

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Q4 25 at a glance

Group revenues

NOK 606m
+154% y/y

Recurring services

NOK 91 m
+19% y/y

Subscriptions

476K (+118k)
+33% y/y

Gross profit

NOK 312m
+179% y/y

EBITDA

NOK 101m (+ NOK 82m)
ex Capex
NOK 97m (+NOK 83m)

Cash balance

NOK 423m
+80% y/y

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X

Q4 25 at a glance

Group revenues

NOK 606m
+154% y/y

Recurring services

NOK 91 m
+19% y/y

Subscriptions

476K (+118k)
+33% y/y

Gross profit

NOK 312m
+179% y/y

EBITDA

NOK 101m (+ NOK 82m)
ex Capex
NOK 97m (+NOK 83m)

Cash balance

NOK 423m
+80% y/y

X KPIs to follow

Top three business KPIs forward:

• Gross Profit Growth
  ☑ Reflects Real Business Performance

• Subscription Base Growth (ARR)
  ☑ Clear indicator of sustainable, competitive growth

• EBITDA (after Capex) development
  ☑ Reflects underlying cash-generating ability

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X

Road to 1 million

Status per 31 December 2025

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X

Path to one million breakdown

We are inviting you to join our

2024 Capital

MARKETS DAY

"The Road to One Million"

THURSDAY JUNE 13 10-12 CET

Location: Sporellank 1 Markets
Chav Vs gate 5
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Register your interest to gina.avartor@splora.com

We are available at www.splora.com/gt/splora

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X.

Path to one million breakdown

Kids category (4-10 y/o)
Annual Sales/units: 500k

Youth category (10-15 y/o)
Building new category to extend LTV

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X.

Path to one million breakdown

Senior category: Annual Sales/units: 1m units

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X.

Path to one million breakdown

475k	Status per January 2026 (From Kids Watches)
325k	New Subscriptions from Kids/youth (100k+/year)
200k	New Subscriptions from senior (exponential curve)
1 million	Subscriptions Target from 2024 CMD

☑ Further reinforces our path to 1 million subscription within the timeline 2028/2029. Organic and/or accelerated inorganic growth

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X

Financial update

Knut Stålen
CFO

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X. Q4 financial summary

Reported figures

NOK million	Q4 2025	Q4 2024	% change	FY 2025	FY 2024	% change
Subscriptions (k)	476	358	33%	476	358	33%
Revenue	606	239	154%	1,918	797	141%
Gross Profit	312	112	179%	997	390	156%
Gross Margin	51%	47%	4pp	52%	49%	3pp
EBITDA reported	101	19	435%	241*	71	239%
Capex	4	5	3%	49	18	163%
EBITDA after CAPEX	97	14	586%	192	52	266%

*One-off costs in 2025: Q1 included one-off transaction costs of NOK 11m, Q2 included Xplora Transaction costs of NOK 2.m and Doro IVS provision costs of NOK 6.5m, Q3 included management change costs in the senior segment of NOK 4.6m.

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X

Q4 financial summary

Proforma comparison

NOK million	Q4 2025	Q4 2024 Pro forma	% change	FY 2025	FY 2024 Pro forma	% change
Subscriptions (k)	476	358	33%	476	358	33%
Revenue	606	508	19%	1,918	1,695	13%
Gross Profit	312	236	32%	997	802	24%
Gross Margin	51%	47%	4pp	52%	47%	5pp
EBITDA reported	101	69	46%	241	195	24%
Capex	4	9	-44%	49	54	-9%
EBITDA after CAPEX	97	60	60%	192	141	36%

The combined pro forma results reflect the aggregated historical performance of both legacy entities, adjusted for alignment in accounting policies and currency.
These are presented for informational purposes and do not represent actual historical results.

NOK 24m FY25 one-offs

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X

Group

Key Figures Q4 25

Group revenue

NOK 606m

+NOK 367m y/y

Gross profit

NOK 263m

+NOK 145m y/y

EBITDA

NOK 101m

+NOK 82m y/y

Q1:
One-off transaction costs NOK 11m

Q2:
Xylora: Transaction costs = NOK 2.1m
Doro: IVS provision = NOK 6.5m

Q3:
Management change Senior 4.6m

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X

Segment - Kids & Youth

Key Figures Q4 25

Revenue

NOK 245m
+ 3% y/y

Service revenue

ARR NOK 366m
+ NOK 57m y/y

Gross profit

NOK 128m
+ NOK 17m y/y

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X

Segment - Senior

Key Figures Q4 25

Revenue

NOK 363m

• 35% y/y

Service revenue

Launched mobile subscriptions in five online channels, with the rollout in France and the UK at the end of Q4

Gross profit

NOK 186m

• NOK 61m y/y

Note: Historic SEK figures converted to NOK.

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X.

Profit & Loss

Q4 25

• EBIT improvement to NOK 79m from NOK 8m in Q4 24
• D&A NOK 21m up from NOK 11m in Q4 24
• Net finance expenses of NOK 14m

FY 25

• Close to NOK 1b in gross profit
• EBIT up NOK 137m y/y to NOK 164m
• Net finance include NOK 62m in non-cash currency adjustments and NOK 30m in one-off bank administration fees

NOK million	Q4 25	Q4 24	FY 25	FY 24
Revenue	606	239	1,918	797
Cost of goods sold and services provided	294	127	921	408
Gross Profit	312	112	997	390
Employee expenses	77	32	296	128
Marketing expenses	51	19	166	65
Other operating expenses	83	41	294	125
EBITDA	101	19	241	71
Depreciation and amortization	21	11	77	44
Operating profit / EBIT	79	8	164	27
Finance (income)/expenses - net	14	2	160	14
Profit (loss) before income tax	65	5	4	13

Figures are unaudited

Q1:
One-off transaction costs NOK 11m

Q2:
Xplora: Transaction costs = NOK 2.m
Doro: IVS provision = NOK 6.5m

Q3: Management change Senior 4.6m

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X. Improving operational leverage

Operating expenses (NOKm)

• Total operating costs of NOK 212m in Q4 25
• Continued investments in organization and marketing in both segments
• Doro delisted December 17, 2025, and we operate as two separate entities
• LTM operating costs as a percentage of LTM revenue were slightly down y/y, ending at 39% in Q4 25 (40%)

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X

Balance Sheet

Q4 25

• Assets decreased to NOK 2,014m from NOK 2,038m in Q3 25
• Mainly due to reduction in receivables and inventories
• Inventory decreased to NOK 354 from NOK 361m
• Receivables down to NOK 298m down from NOK 321m in Q3 25
• Current liabilities to financial institutions NOK 291m, down from NOK 300m in Q3 25
• NOK 79m purchase of minority shares
• Cash position of NOK 423m, marginally down from NOK 426m in Q3 25

NOK million	Q4 25	Q3 25	Q4 24
Intangible assets	833	829	181
Property, plant and equipment	20	25	14
Financial assets	55	49	0
Deferred tax asset	26	22	13
Other non-current assets	6	6	7
Total non-current assets	940	930	215
Inventories	354	361	81
Current receivables	298	321	75
Cash and cash equivalents	423	426	235
Total current assets	1,074	1,108	392
Total assets	2,014	2,038	606
Total equity	377	380	352
Long term liabilities to financial institutions	663	657	6
Other long-term liabilities	104	103	6
Total non-current liabilities	767	759	13
Current liabilities to financial institutions	291	300	83
Accounts payable	175	192	49
Other current liabilities	403	406	108
Total current liabilities	870	898	241
Total equity and liabilities	2,014	2,038	606

Figures are unaudited

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X. Cash flow

Q4 25

• Positive profit before tax NOK 65m
• Non-cash currency effects on the acquisition loan of NOK 8m
• Working capital saw a positive NOK 3m impact, driven by inventory decrease of NOK 7m and receivable decrease of NOK 23m
• NOK 79m purchase of minority interest shares in Doro
• Capex of NOK 4m in Q4 25 vs NOK 13m in Q3 25

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X

Operational & Sales update

Kjetil Fennefoss
Acting CEO Doro and Director Group Revenue

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X. Smartwatch activations Q4 25

Watch activations (k) in Kids & Youth segment

• 135k watch activations in the Kids & Youth segment
• +15k y/y (+12%)

LTM units sold vs. Activations

• Strong underlying demand not reflected in unit sales
• Activations up from 479k in 2024

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X

38% of watches activated with recurring service

Watch activations (k)

• Watch activations
• First time usage by the end-consumer
• Total channel sell-out
• Xplora webshop
• Amazon

• Telcos and retailers

• Service attachment rate

• Q4 25: 38%
• Q4 24: 37%
• Latest twelve months rolling

$$
Service conversion rate = \frac{Subscription sales}{(Connectivity + B2B + Service fee)}
$$

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X. Service subscription base: 476k, +33% y/y

Total subscription base (k) + 118k YoY

Mobile subscriptions: 306k

• +48k y/y (+19%)
• 106k outside of Nordics, up 36k y/y, +51%
• Germany 71k, +88% y/y

Premium – Activity Platform: 121k

• Value added service
• Bundled with mobile subscription or
• Stand-alone sales in Xplora app
• +47k y/y (+62%)

B2B subscriptions: 32k

• When telcos include their SIM
• Nordics, Germany and USA
• +13k y/y (+64%)

Service-fee: 15k

• For customers who opt-in for another SIM card than Xplora's in Nordic and Spanish retail channels
• +10k y/y (+186%)

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X.

Service revenue: +19% Q4 y/y

Service revenue distribution (NOKm)

• Service revenue +19% y/y to NOK 91m in Q4 25
• ARR (Annual Recurring Revenue): NOK 366m
• Service revenue from outside Nordics:
• Q4 25: 23%
• Q4 24: 17%
• Germany: continued strong growth in Q4 25
• 94% y/y growth
• Our 3rd biggest service revenue market after Norway and Sweden
• NOK 13.5m revenue in the quarter

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X

Service revenue reflects different market profiles

ARPU on mobile subscriptions including Premium revenues by region

$$
\text{ARPU mobile subs.} = \frac{\text{Quarterly service revenue from Mobile and Premium subscriptions}}{\text{Average (Mobile subscription base last two quarters)}}
$$

Margin reflects the weighted mix of markets with different value drivers

• Group service margin target: +80%

• Target based on expected long-term market mix

• Nordic: higher margin

• Strong ARPU relative to cost base
• Stable subscription growth

• Monthly and 12-month contracts

• DACH: lower margin

• Competitive pricing drives lower ARPU despite efficient cost base
• Strong subscription growth
• Large share of 24-month contracts supporting higher LTV

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X

Proven rollout model

Historical Mobile subscription base after given number of quarters with MVNO offering

• Graph shows the mobile subscription base after the given number of quarters, after Xplora launched the MVNO offering in the respective market. i.e. Xplora has had an MVNO offering in Denmark (DK) for 20 quarters now, while in Germany (DE) and UK there has been 14 quarters with MVNO offerings.

Historical launches in the Kids & Youth segment show subscriptions scale over time, typically taking 1.5-2 years

Doro Connect follows the same phased rollout, currently webshop-only as the first step before broader expansion

• Large Senior segment device base supports significantly higher subscription potential
• Germany confirms model: large device base and focused investments enabled successful scaling, following phased rollout
• Combined customer base strengthens subscription scaling across markets: the Senior segment benefits from the group's strong Kids & Youth position in Germany, while the Kids & Youth segment benefits from the group's strong Senior position in the UK.

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X

Doro Q4 phone unit sales +18%y/y

Phones sold (k) by Senior segment

• Phone sales in units: +18% from 322k to 381k
• High demand for Leva series 4G featurephones continued and even increased during the quarter

Revenue growth per region:

• Nordics: +44.2%
• Western and Southern Europe: +24.3%
• Central and Eastern Europe: -25.3%
• Smallest region, but with highest growth potential after restructuring
• Closing of IVS and new set-up of distribution channels
• UK and Ireland: +50.9%

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X

Marketing update

Lise af Ekenstam
CMO

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It's a Journey:
The Right Tech at the Right Time

1. XploraStart
   Kids 5-8 years
   No Internet, No Social Media
   Safe introduction to the digital life
   Product: Smartwatches, basic feature phone

1. XploraNext
   Tweens 9-12 years
   No Internet, No Social Media
   Build independence
   Product: Feature phone with a few apps

1. XploraSmart
   Teens 13-15 years
   Limited Internet, Limited Social Media
   Empower responsible digital independence with purpose-driven tech
   Product: Smartphone with guardian control

Xplora - A trusted guide to parents and guardians along the digital journey from safe start to responsible independence

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X

XploraOne – A startphone not a smartphone

Parent Control

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4

INWETS Xplora One

En starttelefon laget for barn.

Ingen sosiale medier: Ingen internett, ingen upper.

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What parents say about phones for kids

54%
of parents report phone that child e smartphone too early*

65%
say there are no web options today*

80%
of parents say children are access to the internet too early*

*Kids check down High-Inspect’s CDA. Child appears on a TV, paper and video.

Its time to rethink Technology

NEW!
XploraOne
A startphone made for kids
Buy now

XploraOne

YOUR CHILD’S FIRST PHONE.

Their first phone should feel safe - not overwhelming

Kids enter digital spaces earlier than ever.
But those spaces were never designed for them.

XploraOne changes that.
A Startphone that removes internet, social media and apps - and replaces them with simple tools that support childhood, not distract from it.

Exclusive launch offer
699
(end phone 1099)

Use code: XPLORAONE

Unlock exclusive offer
*Offer is valid until January 19 2024.

Key features for kids

• Call & chats to approved contacts
• OPS + safe zones

• School mode

• No appa

• No internet
• No social media

All the safe functions from Xploras award winning smartwatches - but now in a phone.

Explore XploraOne

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E24

Flanque atarone

Snel Ergonomo

Barro

Alingelline

Tipo esse

TUBE 2R

SINFON 2R

M

Mersy

Neuringuista

Dumtelefonen er tilbake

Sten Kirkbak i Xplora Technologies gjester E24-podden.

SPLAN - 16.72.15 03:20 PSTE

Anekoid

Heusderled

ID: 100000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000

Basis: 10000

Dumtelefonen: 10000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000

Aerosol Home

The XploraOne Phone Returns

Childhood to the Real World

TgBar Law / Feb 3, 2024

connect

Home: 100000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000

Home > News > Smartphones & Earth > XploraOne: "Startphone" för Kinder zwischen 9 und 11 Jahren

Sicherer Smartphone-Einstieg ohne Internet und Social Media

XploraOne: "Startphone" für Kinder zwischen 9 und 11 Jahren

Mit dem XploraOne kündigt Xplora Technologies ein neues Gerät an, das speziell für Kinder entwickelt wurde. Das sogenannte Startphone soll einen sicheren, kindgerechten Einstieg in die digitale Kommunikation ermöglichen.

Das Xplora One ist ein kindergerechtes Smartphone.

PERUSTETTU VUONNA 1889

HELSINGIN SANOMAT

Lauantaina 10. tammikuuta 2026 Vikko 2 Nro 8 (45524). Imanumero 6,50 €, kotin tilaktuna alk. 138 €/pv (12 kk:n jatkuva tilaus)

24 akuus

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X

Strong reviews and endorsements

Bars del enklaste

Test: Xplora One – Bra barnmobil för föräldrar som vill ha koll

Xplora One är en mobil utan distraktioner för barn, och ett sätt att ha koll för föräldern.

Top reviews from United Kingdom

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X

DORO

Progress And Value Added Services

Tommy Krznaric
Business unit Director

---

2025: A Solid Year

DORO AURORA
SMART PHONE

DORO LEVA
FEATURE PHONE

DORO CONNECT
SUBSCRIPTION

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The Doro Smart Phone and Feature Phone Portfolio

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2026 - Evolving from Product Company to Product & Service Company

Premium Services

• Connect families across generations through value added premium services

Doro Connect incl Premium Services

• Unique all-inclusive proposition for Seniors
• Value added premium services bundled with subscriptions

Doro Connect Retail

• Bring Doro Connect to retail customers

Xplora Watches Cross Sales

• Leverage Doro's strengths in selected markets

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Premium Services

1

Safety +

• Move freely with location support
• Stay protected from scams
• Reach your loved one instantly
• Others can help keep your phone running

2

Assistance +

• Family connection without a hassle
• Get help without handing over your phone
• Enjoy a phone tailored to your needs
• Your important people added for you

3

Health +

• Track your steps
• Receive gentle guidance to stay on top of your wellbeing
• Share earned rewards with your grandkids

Always with a Doro phone:
☑ Doro Secure Button
☑ Doro Easy Interface
☑ Doro ClearSound
☑ Easy to grip and hold devices

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From Device to Everyday Value

Safety + Scam Protection

Scam protection enabled

View block list

Unblock a number

Call screen when Scam Protection is enabled

When scam number is blocked

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From Device to Everyday Value

1. Safety + Location services

Map

Select family member

Redirection message

Google maps

Senior can hide location for privacy and independence

---

2

From Device to Everyday Value

Assistance + Screen share and remote control

Screen share/remote control request from guardian

On Guardian's phone

On senior's phone

Remote setting access by guardian

Remote setting access by guardian

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2

From Device to Everyday Value

Assistance + Screen share and remote control

Contacts added by guardians

Add new contact manually

Add contacts

Success

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From Device to Everyday Value

3
Health + Wellbeing and connection

Senior can view steps daily/weekly

Senior can share Xplora coins with family members

3
Health + Proactive notifications

Proactive wellness notification to guardian

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Distribution and Monetization Strategy

Distribution

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Commercial Roll Out

Q2 - 26

Market introduction

Distribution: Installed base upsell

Monetization: Bundle & Stand-alone

Q3 - 26

Distribution: Installed base upsell
& Device led attachment

Monetization: Bundle & Stand-alone

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Doro Connect

Doro Connect – 7 MVNOs

Channel/Quarter	Q2 '25	Q3 '25	Q4 '25	1H '26
.COM					AMAZON					RETAIL

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X

Road Ahead

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X

Profitable Growth

KPIs to follow

Top three business KPIs forward:

• Gross Profit Growth

• Reflects Real Business Performance

• Subscription Base Growth (ARR)

• Clear indicator of sustainable, competitive growth

• EBITDA (after Capex) development

• Reflects underlying cash-generating ability

Reporting Insight

• ☑ P&L and balance
• ☑ Breakdown of markets, channels and products:
• ☑ Subscriptions
• ☑ Activations (sell-out)
• ☑ Unit sales (sell-inn)

475k	Status per January 2026
325k	New Subs. from Kids/youth
200k	New Subscriptions from senior
1 million	Subscriptions Target

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X

Two Clear Priorities per Category

Kids

Protect our core business:

1. Elevate customer satisfaction and increase retention and ARPU
2. Broaden portfolio to address a wider price spectrum (more SIM enablers).

Youth

Extend our lifetime Value (LTV):

1. Establish and secure that we will shape and lead an emerging category
2. Establish the category's strongest Service proposition to drive ARPU

Senior

Demonstrate Service Transition

1. Optimize Service Proposition to maximize ARPU before scaling
2. Drive disciplined online and retail scaling once proposition is validated

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X. Timing (and groundwork) is everything

Building the foundation for scalable, long-term growth

Experience across markets shows that sustainable subscription growth is built - not rushed.

The first 9 months are intentionally focused on proposition refinement, pricing optimization, marketing efficiency, and onboarding excellence.

This structured approach has consistently preceded strong scaling in our historical launches. We are executing Youth and Senior according to the same phased and proven Go-To-Market model that underpins our Kids success.

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X

Accelerate growth opportunities

Objectives next 5 years

Over the next five years, we target expanding into 4–5 new MVNO markets by applying our replicable business model and pursuing either organic opportunities or complementary strategic growth options.

> “As we continue to deliver on our KPIs and see a clear path towards our goal of reaching one million subscriptions, we reiterate our target of expanding into four new geographies within the next few years, either by organic or inorganic growth.”

> “We are reenforcing our dedicated Xplora M&A team to systematically evaluate and execute value-accretive acquisition opportunities.”

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Outlook

• Continued growth across the Kids & Youth segment, driven by expanded product grid
• Accelerate Senior expansion through the Aurora & Leva series, and execution on Doro Connect and Premium Services
• Scale service revenues via market expansion, software and safe AI solutions
• Secure path to 1 million subscriptions organic or through M&A
• Prepare for uplisting

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X

Q&A