Xploara Technologies — Investor Presentation 2026

May 21, 2026

Xplora Technologies

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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Xplora Technologies

Q1.2026

January 1st - March 31st

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Xplora Technologies

Q1 2026 Reporting

1. Q1 Highlights (CEO, Sten Kirkbak)
2. Financial Update (CFO, Knut Stålen)
3. Operational Update
4. Sales Development (CCO, Kjetil Fennefoss)
5. Senior Update (BUD, Tommy Krznarić)
6. Road Ahead & Outlook (Sten Kirkbak)
7. Synergies and Strategies Forward
8. Q&A

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Xplora Technologies

Q1 2026 at a Glance

Group revenues

NOK 376m
+11% YoY

Recurring services

NOK 92m
+15% y/y

Gross profit

NOK 204m
+ 7% y/y

Subscriptions

474K (+116k)
+32% y/y

Reported EBITDA

NOK 28m
+58% y/y

EBITDA after CAPEX

NOK 19m
+ NOK 17m y/y

Cash balance

NOK 534m
+26% q/q

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Xplora Technologies

Breakthrough: Senior SIM Service in Retail

POWER
Our First Major Retail Launch!

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Xplora Technologies

Q1 Highlights

Using Our Quietest Quarter to Drive Impact in the Months Ahead

1. Strengthening Xplora's youth market position: Xplora is becoming a leading voice in the European debate around smartphone and social media age restrictions for children
2. Scaling the Family IoT strategy: We are aligning all products onto a unified Xplora Connect and family platform to increase future ARPU and cost synergies, while also preparing our senior SIM service for retail expansion
3. Increased synergy potential: With the successful consolidation of Doro, we raise future opex reductions from NOK 30m to NOK 50m driven by higher process synergies, expected within 12–18 months
4. emporia acquisition in due diligence phase: During Q1, we announced the offering to acquire emporia, accelerating our senior growth strategy

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Xplora Technologies

Knut Stålen
CFO
Financial Update

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Xplora

Technologies

Q1 Financial Summary

Reported Figures

NOK million	Q1 2026	Q1 2025	% change	FY 2025
Subscriptions (k)	474	358	32%	476
Revenue	376	339	11%	1,918
- Device revenue	284	259	10%	1,575
- Service revenue	92	80	15%	342
Gross Profit	204	191	7%	997
Gross Margin	54%	56%	-2pp	52%
EBITDA reported	28	18	58%	241*
Capex	9	16	-44%	48
EBITDA after CAPEX	19	1	850%	193

*One-off costs in 2025: Q1 included one-off transaction costs of NOK 11m, Q2 included Xplora Transaction costs of NOK 2m 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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Xplora

Technologies

Group

Key Figures Q1 26

Group revenue

NOK 376m

+NOK 38m y/y

Gross profit

NOK 204m

+NOK 14m y/y

EBITDA

NOK 28m

+NOK 10m y/y

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Xplora Technologies

Segment - Children & Youth

Key Figures Q1 26

Revenue

NOK 135m
+ 15% y/y

Service revenue

ARR NOK 367m
+ NOK 48m y/y

Gross profit

NOK 87m
+ NOK 10m y/y

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Xplora Technologies

Segment - Senior

Key Figures Q1 26

Revenue

NOK 244m
+ 7% y/y

Note: Historic SEK figures converted to NOK.

Service revenue

During Q1 26, the company focused on finalising Doro connect launches on the webshops in Denmark and Germany. These have been successfully launched in Q2 26, and as such, the company has completed the webshop rollout for all core markets. In addition, development of both premium services and retail connect sales continued, both of which are expected to become important growth drivers in our core markets when complete.

Gross profit

NOK 120m
- NOK 2m y/y

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Xplora

Technologies

Profit & Loss

Q1 26

• EBIT improvement to NOK 10m from a loss of NOK 7m in Q1 25
• D&A NOK 18m down from NOK 24m in Q1 25
• Net finance income of NOK 38m compared to net finance expenses of NOK 77m in Q1 25

○ Impacted by NOK 44m in non-cash foreign exchange income from currency adjustment of the EUR-denominated acquisition loan

NOK million	Q1 26	Q1 25	FY 25
Revenue	376	339	1,918
Cost of goods sold and services provided	(172)	(148)	(921)
Gross Profit	204	191	997
Employee expenses	(71)	(67)	(296)
Marketing expenses*	(44)	(43)	(200)
Other operating expenses*	(61)	(63)	(259)
EBITDA	28	18	241
Depreciation and amortization	(18)	(24)	(77)
Operating profit / EBIT	10	(7)	164
Finance income/(expenses) – net	38	(77)	(160)
Profit (loss) before income tax	48	(83)	4

Figures are unaudited

*2025 figures changed due to reclassification of other operating expenses to marketing expenses.

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Xplora

Technologies

Improving Operational Leverage

Operating Expenses (NOKm)

• Total operating costs of NOK 176m in Q1 26
• Compared to NOK 173m in Q1 25
• Continued investments in organization and marketing in both segments
• LTM operating costs declined to 39% of LTM revenue in Q1 26 from 42% in Q1 25

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Xplora

Technologies

Balance Sheet

Q1 26

• Assets increased to NOK 2,061m from NOK 2,014m in Q4 25
• Mainly due to proceeds from share issue in the quarter
• Inventory decreased to NOK 312 from NOK 354m

• Receivables up to NOK 310m from NOK 298m in Q4 25

• Current liabilities to financial institutions NOK 360m, up from NOK 291m in Q4 25

• Cash position of NOK 534m, up from NOK 423m in Q4 25

NOK million	Q1 26	Q4 25	Q1 25
Intangible assets	786	833	819
Property, plant and equipment	6	3	3
Right-of-use assets	28	17	23
Financial instrument measured at fair value	52	55	46
Deferred tax asset	26	26	28
Other non-current assets	6	6	7
Total non-current assets	903	940	926
Inventories	312	354	242
Accounts receivables	183	219	162
Other current assets	127	79	60
Cash and cash equivalents	534	423	545
Total current assets	1,157	1,074	1,009
Total assets	2,061	2,014	1,935
Total equity	504	377	366
Long term liabilities to financial institutions	557	663	936
Lease liabilities	19	8	11
Other long-term liabilities	117	96	93
Total non-current liabilities	693	767	1,039
Current liabilities to financial institutions	360	291	47
Lease liabilities	10	9	16
Accounts payable	146	175	131
Other current liabilities	347	394	337
Total current liabilities	863	870	530
Total equity and liabilities	2,061	2,014	1,935

Figures are unaudited

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Xplora

Technologies

Cash Flow

Q1 26

• Positive profit before tax NOK 48m
• Working capital increase of NOK 44m, netted against the currency effect of the acquisition loan on profit before tax
• Capex of NOK 9m from investments in intangible and tangible assets
• Cash flow from financing positive NOK 136m, mainly from proceeds from share issue of NOK 150m
• Net change in cash of NOK 111m during Q1 26

Cash flow (NOKm)

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Xplora Technologies

Kjetil Fennefoss

CCO

Operational Update

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Xplora

Technologies

Unit Sales +45k y/y (+15%)

Connectable Units Sold (k)

Total connectable units sold by the group: 370k, +15% y/y

• Senior: +10% to 326k units sold
• Children & Youth: +67% to 44k units sold
• Phones: XploraOne launched in Q1, with 2k sold during the quarter

Device Revenue +11% y/y

• Senior: +7% y/y
• Children & Youth: +32% y/y

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Xplora

Technologies

38% of Watches Activated with Recurring Service

Watch Activations (k), (Children & Youth)

Watch activations

• First time usage by new end-consumer
• Total channel sell-out: 93k,+11%
• Xplora web shop
• Amazon
• Telcos and retailers

Service attachment rate

• Q1 26: 38%
• Q1 25: 37%
• Latest twelve months rolling

$$
\text{Service attachment rate} = \frac{\text{Subscription sales}}{(\text{Connectivity} + B2B + \text{Service fee}})
$$
Watch Activations

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Xplora

Technologies

Service Subscription Base: 474k, +32% y/y

Total Subscription Base (k), (Children & Youth) + 116k y/y

Mobile subscriptions: 299k

• +44k y/y (+17%)
• 107k outside of Nordics, +33k y/y, (+45%)
• Germany 73k y/y, (+76%)

Premium – activity platform: 125k

• Value added service
• Bundled with mobile subscription or
• Sales in Xplora app.
• +48k y/y (+62%)

B2B subscriptions: 32k

• Service revenue from Telcos
• Nordics, Germany and USA
• +12k y/y (+62%)

Service-fee: 18k

• For customers who opt-in for another SIM card than Xplora’s in Nordic and Spanish retail channels
• +12k y/y (+184%)

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Xplora

Technologies

Service Revenue: +15% Q1 y/y

Service Revenue Growth and Distribution (NOKm)

• Service revenue +15% y/y to NOK 92m in Q1 26
• ARR (Annual Recurring Revenue): NOK 367m
• Service revenue from outside Nordics:
• Q1 26: 24%
• Q1 25: 20%
• We estimate our German operation to have the single highest mobile subscription base in Q4 '26

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Xplora

Technologies

Service Revenue Reflects Different Market Profiles

ARPU on Mobile Subscriptions Including Premium Revenues by Region

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
- High ARPU relative to cost
- Stable subscription growth
- Increased ARPU over time with Premium services

DACH: lower margin
- Competitive pricing with lower ARPU
- Strong subscription growth
- Large share of 24-month contracts supporting higher LTV

Service revenue
ARPU mobile subs. = from Mobile and Premium subscriptions / Average (Mobile subscription base last two quarters)

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Xplora Technologies

Tommy Krznarić
BUD

Senior Update

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Xplora

Technologies

Executive Summary

Main Achievements in the Quarter

• Launched Doro Connect in DK and DE, signed agreement with major retailer for Q2 roll-out, and preparing for additional launches later in the year
• Doro awarded category "Supplier of the Year" by Elon
• Started cross-sales of Xplora watches through Doro channels and preparing for XploraOne roll-out in the Nordics in Q2
• Progressing Premium Services for seniors as planned, with soft launch in June and full launch in September

Key Focus Areas

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Xplora

Technologies

One Global Family IoT Platform

Scaling the Family IoT strategy: One platform - All Products and Customer Segments

Driving ARPU, Cost Synergies and Service Expansion

Stronger value proposition across generations — families connected end-to-end on one platform, supporting higher engagement, retention and ARPU

Operating cost synergies — three platforms consolidated into one, reducing duplicated tech, support and infrastructure spend

Service expansion runway — a single ecosystem accelerates rollout of new value-added services across all products and segments

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Xplora Technologies

Doro Premium Services

Market Introduction Confirmed, Full Launch on Track

Launch with Doro Aurora smartphone range

Expansion to Doro Leva feature phone range

Market introduction (End of June)

Full commercial launch (September)

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Xplora

Technologies

Doro Premium Services

From Device to Everyday Value

Safety

Scam Protection

Senior

Guardian

Assistance

Remote Control

Guardian

Health

Wellbeing

Senior

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Xplora

Technologies

POWER: Doro Connect's First Nordic Retail Partner

Supporting the Phased Retail Rollout Across Norway and Sweden

Milestones

POS Sales System Ready
Ready to activate. Real-time tracking in place to monitor sales performance.

Staff Enablement
POWER UP done. Retail staff onboarding and support processes underway ahead of launch.

Marketing Primed
Localized retail marketing activities planned to support launch awareness.

Built to Scale
Pilot learnings expected to inform future retail expansion opportunities.

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Xplora

Technologies

Doro Connect - Point of Sale Activation System

Start-to-End Process Designed to:

• ☑ Simplify activation
• ☑ Support retail staff
• ☑ Improve the customer onboard experience

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Xplora

Technologies

Scaling for Quality and Value

Extending Commercial Ramp to Build One Strong Senior Platform with the Right Product Offering Across All Markets

Full Premium Services suite secured before further scale

Safety+, Assistance+ and Health+ standardized across Senior device families

• raising product quality and ARPU headroom

Disciplined channel expansion on early conversion data

Refining pricing and onboarding before further scaling across channels and geographies

"We are sequencing this the same way we did Children - value proposition first, scale second. The result is a stronger platform with broader monetization reach when we continue the scaling phase"

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Xplora

Technologies

Doro Connect – 7 MVNOs Completed

Channel/Quarter	Q2'25	Q3'25	Q4'25		Q1-Q4 '26
.COM						• 7 MVNOs completed
• 2 MVNOs (DE and DK) launched in April and May (Q2)
• Phase 2: Sales optimization in progress
AMAZON						• Sweden launched
• Setting up new markets optimally before launch
• UK, France, Germany in Q3
RETAIL						• Point of sales system in final stage
• Nordic major rollout underway
• Thereafter by market and individual retailer

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Xplora
Technologies

Road Ahead

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Xplora

Technologies

Outlook

From the Q4 2025 Presentation:

X Profitable Growth

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

1 million	Subscriptions Target
47%	Status per January 2026
325k	New Subs from Kids/youth
200k	New Subs from senior

• Delivering organic growth in both the Children & Youth and Senior segments, and across both service revenue and device sales
• On track to add 100k + net new Children & Youth subscriptions annually
• Preparing to ramp-up Senior subscription sales with Doro Connect and premium services
• Higher process synergies lifting existing synergy potential from NOK 30M to NOK 50M
• Continuing to explore inorganic growth

Securing the Path to 1 Million Subscriptions by 2028/2029 – Organic or Through M&A