Half Year 2026 Huddlestock Fintech AS Earnings Call

August 27, 2026

Leif Arnold Thomas: Øyvind Hovland. I have with me Ramtin Matin, who is my new colleague from July, and also Simon Lange from Giga Broker, that will share some perspectives during the presentation. The presentation is set for 30 minutes, including a Q&A session of 5 minutes at the end. There is a button on the top where you can type in questions during the presentation, and we will answer those at the end of the session. Both myself and Øyvind and Ramtin will be available for that part. As always, this presentation will be recorded and it will be available on our websites later on today. That was the start, and once again, welcome everybody, and thanks for joining. First, we have a new face here today, and that's my new colleague, Ramtin.

Leif Arnold Thomas: Øyvind Hovland. I have with me Ramtin Matin, who is my new colleague from July, and also Simon Lange GIGA Broker, that will share some perspectives during the presentation. The presentation is set for 30 minutes, including a Q&A session of five minutes at the end. There is a button on the top where you can type in questions during the presentation, and we will answer those at the end of the session.

Speaker #1: Øyvind Hovland. I have with me Ramtin Martin, who is my new colleague from July, and also Simon Lange from GigaBroker, who will share some perspectives during the presentation.

Speaker #1: The presentation is set for 30 minutes, including a Q&A session of 5 minutes at the end. There is a button at the top where you can type in questions during the presentation, and we will answer those at the end of the session.

Speaker #1: Both myself, Øyvind, and Ramtin will be available for that part. As always, this presentation will be recorded and will be available on our website later today.

Leif Arnold Thomas: Both myself and Øyvind and Ramtin will be available for that part. As always, this presentation will be recorded and it will be available on our websites later on today. That was the start, and once again, welcome everybody, and thanks for joining. First, we have a new face here today, and that's my new colleague, Ramtin. Ramtin, please introduce yourself and share a little bit about your views and why you chose to join Huddlestock.

Speaker #1: So, that was the start, and once again, welcome everybody, and thanks for joining. But first, we have a new face here today, and that's my new colleague, Ramtin.

Speaker #1: So, Ramtin, please introduce yourself and share a little bit about your views and why you chose to join Huddlestock.

Leif Arnold Thomas: Ramtin, please introduce yourself and share a little bit about your views and why you chose to join Huddlestock.

Speaker #2: Thank you very much, Leif Arnold. As you know, my name is Ramtin, and I have taken on the role of COO and CTO at Huddlestock.

Ramtin Matin: Thank you very much, Leif Arnold. As you know, my name is Ramtin. I have taken the role as COO and CTO of Huddlestock. My experience is 20 years within technology consulting and finance, and latest my position was as the VP of innovation and partnerships within Sparebanken Sør, former SR-Bank. I've been approached on why I chose to join Huddlestock as part of the management team. The fact is that the business model and the value proposition that we in Huddlestock are providing is, to me, a game-changing enough that I wanted to be a part of it. As you know, my experience within the finance industry the past 10 years has shown me how all the processes works behind the scenes, and it's safe to say that there are room for improvement.

Speaker #2: My experience is 20 years within technology consulting and finance, and most recently my position was as the VP of Innovation and Partnerships within Sparbanken SørNorge.

Speaker #2: Former SA Bank. I've been approached about why I chose to join Huddlestock as part of the management team. The fact is that the business model and the value proposition that we at Huddlestock are providing are, to me, game-changing enough that I wanted to be a part of it.

Ramtin Matin: The fact is that the business model and the value proposition that we in Huddlestock are providing is, to me, a game-changing enough that I wanted to be a part of it. As you know, my experience within the finance industry the past 10 years has shown me how all the processes works behind the scenes, and it's safe to say that there are room for improvement.

Speaker #2: As you know, my experience within the finance industry over the past ten years has shown me how all the processes work behind the scenes. And it's safe to say that there is room for improvement.

Ramtin Matin: Seeing what we have in our toolbox with our licenses, our compliance structure, our competency, and most importantly, the technology, it was an easy choice for me. We have the right pieces of the puzzle to make a real difference within the market. I would like to share a couple of perspectives on this, if you could share the presentation, Leif Arnold. Exactly. Because from the outside, it might look very easy that we're just providing an app. But the fact is that this is a quite complex machinery, which the team led by Robert in Germany has created in a very lean and agile way.

Speaker #2: And seeing what we have in our toolbox—with our licenses, our compliance structure, our competency, and most importantly, the technology—it was an easy choice for me.

Speaker #2: We have the right pieces of the puzzle to make a real difference within the market. I would like to share a couple of perspectives on this. If you could share the presentation, Leif Arnold.

Speaker #2: Exactly. Because from the outside, it might look very easy—that we're just providing an app. But the fact is that this is quite a complex machinery.

Speaker #2: Which the team led by Robert in Germany has created in a very lean and agile way. So, ranging from the licenses, which we have been issued by the financial authority BaFin in Germany, to our API-first architecture, all the way to how we handle the customer support and complaints tickets, shows the span of tasks that we're actually handling today, which is quite many.

Ramtin Matin: Ranging from the licenses which we have been issued by the financial authority BaFin in Germany to our API-first architecture, all the way to how we handle the customer supports and complaints tickets, shows the span of tasks that we are actually handling today, which is quite many. What real industry problems do we actually solve? If you go into a partnership with us, regulation suddenly does not become a hurdle anymore because we have the right competency and the licenses in place in order to provide that. We also reduce the time to market from years to months because we have done all the hard work and have the building blocks to provide our partners and customers with a multi-tenant solution, which takes into account both data protection and security and can deliver this in a very smooth way.

Speaker #2: So, what real industry problems do we actually solve? If you go into a partnership with us, regulation suddenly does not become a hurdle anymore, because we have the right competency and the licenses in place in order to provide that.

Ramtin Matin: If you go into a partnership with us, regulation suddenly does not become a hurdle anymore because we have the right competency and the licenses in place in order to provide that. We also reduce the time to market from years to months because we have done all the hard work and have the building blocks to provide our partners and customers with a multi-tenant solution, which takes into account both data protection and security and can deliver this in a very smooth way.

Speaker #2: We also reduce the time to market from years to months because we have done all the hard work and have the building blocks to provide our partners and customers with a multi-tenant solution.

Speaker #2: Which takes into account both data protection and security, and can deliver this in a very, very smooth way. Also, if you want to grow within the different countries of Europe, you can easily passport our solution across there.

Ramtin Matin: Also, if you want to grow within the different countries of Europe, you can easily passport our solution across there. There is a very good possibility to take different types of markets. If you want to go into the decentralized and tokenized space, we also have the tools and licenses for that. The silver lining here, which is to a certain extent, maybe been under-communicated, is that we do all this for a fraction of the price, and we do it as a service. That is feedback we have gotten from several prospects, which shows that we have providing legitimate value in the markets. Who are we dealing with here? Our current focus is mainly within wealth managers and in independent financial advisors.

Speaker #2: So there's a very, very good possibility to take different types of markets. And if you want to go into the decentralized and tokenized space, we also have the tools and licenses for that.

Speaker #2: And the silver lining here, which has, to a certain extent, maybe been undercommunicated, is that we do all this for a fraction of the price, and we do it as a service.

Speaker #2: And that is feedback we have gotten from several prospects, which shows that we are legitimately providing value in the markets. So, who are we dealing with here?

Ramtin Matin: That is feedback we have gotten from several prospects, which shows that we have providing legitimate value in the markets. Who are we dealing with here? Our current focus is mainly within wealth managers and in independent financial advisors.

Speaker #2: Our current focus is mainly within wealth managers and independent financial advisors. But we also see that our offering sits extremely well within these segments—ranging from neobrokers and digital investment platforms to large enterprises and system integrators seeking to use our technology and infrastructure.

Ramtin Matin: But we also see that our offering sits extremely well within these segments, ranging from neo brokers and digital investment platforms to large enterprises and system integrators seeking to use our technology and infrastructure. This was just a quick overview of the different segments that we are working with. I think I have spoken enough for now. But if you have questions, please don't hesitate to contact us and I will give the mic back to you, Leif Arnold.

Speaker #2: So, this was just a quick overview of the different segments that we are working with. I think I have spoken enough for now, but if you have questions, please don't hesitate to contact us.

Speaker #2: And I'll give the mic back to you, Leif Arnold.

Speaker #1: Thanks very much, Ramtin. Let's jump right into the most important project we're working on. This summer has definitely not been a calm summer.

Leif Arnold Thomas: Thanks very much, Ramtin. Let us jump right into the most important project we are working on. This summer has definitely not been a calm summer. It has been hard work over the last weeks for sure for very many people. Giga Broker is our first customer on the white label solution, and during June and July, we continued to expand the user group during the summer, and the objective was to make sure that the trades that was initiated from the platform was executed successfully, which they did. Now in August and going into September, we will continue to develop and finalize features in the app. We will increase the number of users to see that we receive more and more feedback from the ones that are using the app, both from the UX but also from the functionality perspective.

Speaker #1: It has been hard work over the last weeks, for sure, for very many people. GigaBrokery is our first customer on the white-label solution.

Speaker #1: And during June and July, we continued to expand the user group during the summer. The objective was to make sure that the trades initiated from the platform were executed successfully, which they were.

Speaker #1: Then now, in August, and going into the September, we will continue to develop and finalize features in the app. We will increase the number of users to see that we receive more and more feedback from the ones that are using the app, both on the UX, but also from the functionality perspective.

Leif Arnold Thomas: Now in August and going into September, we will continue to develop and finalize features in the app. We will increase the number of users to see that we receive more and more feedback from the ones that are using the app, both from the UX but also from the functionality perspective.

Speaker #1: We are preparing the marketing and commercial preparations. And of course, since this is about securities, we will also conduct very important penetration and security testing as part of the whole process.

Leif Arnold Thomas: We are preparing the marketing and commercial preparations. Since this is about securities, we will also do a very important penetration and security testing as part of the whole thing. What we have seen during the summer is that we have received very much valuable feedback and areas where we want to improve and also add some extra requirements. That has added some complexity, but at the same time, it is easy when you have good feedback from the customers that it should be taken into account to also include that in the final product in order to have the best platform in the market when we go live. The live is now planned for October. One of the participants in this project that are, of course, very important is Giga Broker and Simon Lange, who is the CEO of Giga Broker. He is with us today.

Speaker #1: What we have seen during the summer is that we have received very much valuable feedback, and areas where we want to improve and also add some extra requirements.

Speaker #1: That has added some complexity, but at the same time, it's easy. When you have good feedback from the customers, that should be taken into account to also include that in the final product in order to have the best platform in the market when we go live.

Leif Arnold Thomas: That has added some complexity, but at the same time, it is easy when you have good feedback from the customers that it should be taken into account to also include that in the final product in order to have the best platform in the market when we go live. The live is now planned for October. One of the participants in this project that are, of course, very important is GIGA Broker and Simon Lange, who is the CEO of GIGA Broker. He is with us today. Please, Simon, if you can share some of your perspectives, that would be very nice and hopefully interesting for the audience as well.

Speaker #1: So, the live is now planned for October. And one of the participants in this project that are, of course, very important is GigaBroker. And Simon Lange, who is the CEO of GigaBroker, he's with us today.

Speaker #1: And please, Simon, I would like to ask if you can share some of your perspectives; that would be very nice, and hopefully interesting for the audience as well.

Leif Arnold Thomas: Please, Simon, if you can share some of your perspectives, that would be very nice and hopefully interesting for the audience as well.

Speaker #3: Good morning, Leif. Hello, everyone. I'm Simon Lange, the CEO of GigaBroker GmbH and the co-CEO of AVL. Thank you for inviting me back to Huddlestock's quarterly investors presentation.

Simon Lange: Good morning, Leif. Hello, everyone. I am Simon Lange, the CEO of the Giga Broker GmbH and the co-CEO of AVL. Really, thanks for inviting me back to Huddlestock's quarterly investors presentation. I hope everyone has had a great summer. From our side, it is safe to say it has been a busy one. The project teams at Giga and Huddlestock have been working hard with one clear goal in mind, getting the Giga app ready for launch in Germany. As I did in May, I would like to give you a brief update on where we are and what we have been working on together. What we are building is much more than just another investment app. Together, we are creating a modern investment platform with ambitions well beyond the initial launch.

Simon Lange: Good morning, Leif. Hello, everyone. I am Simon Lange, the CEO of the GIGA Broker GmbH and the co-CEO of AVL. Really, thanks for inviting me back to Huddlestock's quarterly investors presentation. I hope everyone has had a great summer. From our side, it is safe to say it has been a busy one. The project teams at Giga and Huddlestock have been working hard with one clear goal in mind, getting the Giga app ready for launch in Germany.

Speaker #3: I hope everyone has had a great summer. From our side, it's safe to say it's been a busy one. The project teams at Giga and Huddlestock have been working hard with one clear goal in mind.

Speaker #3: Getting the Giga app ready for launch in Germany. As I did in May, I would like to give you a brief update on where we are and what we have been working on together.

Simon Lange: As I did in May, I would like to give you a brief update on where we are and what we have been working on together. What we are building is much more than just another investment app. Together, we are creating a modern investment platform with ambitions well beyond the initial launch.

Speaker #3: What we are building is much more than just another investment app. Together, we are creating a modern investment platform with ambitions well beyond the initial launch.

Speaker #3: That requires solid regulatory, technical, and operational foundations, as well as a platform that is robust, scalable, and ready to support long-term growth. Our focus has never been to launch as quickly as possible, but to launch something we can be proud of and continue building on for years to come.

Simon Lange: That requires solid regulatory, technical, and operational foundations, as well as a platform that is robust, scalable, and ready to support long-term growth. Our focus has never been to launch as quickly as possible, but to launch something we can be proud of and continue building on for years to come. Over the summer, Leif, Robert, Ramtin, and I have been in close contact, working through progress and priorities. During the ongoing user testing, we have received valuable feedback and identified several improvements and additional requirements. This has added some complexity, but it is also helping us to build a stronger and robust platform. What has been particularly encouraging is the way that the Huddlestock team has approached these challenges. Solution-orientated, proactive, and focused on maintaining momentum. That collaboration continues to be one of the key strengths of the project, to be honest.

Speaker #3: Over the summer, Leif, Robert, Ramtin, and I have been in close contact, working through progress and priorities. During the ongoing user testing, we have received valuable feedback.

Simon Lange: During the ongoing user testing, we have received valuable feedback and identified several improvements and additional requirements. This has added some complexity, but it is also helping us to build a stronger and robust platform. What has been particularly encouraging is the way that the Huddlestock team has approached these challenges. Solution-orientated, proactive, and focused on maintaining momentum. That collaboration continues to be one of the key strengths of the project, to be honest.

Speaker #3: And identified several improvements and additional requirements. This has added some complexity, but it is also helping us to build a stronger and more robust platform. What has been particularly encouraging is the way that the Huddlestock team has approached these challenges.

Speaker #3: Solution orientated, proactive, and focused on maintaining momentum. That collaboration continues to be one of the key strengths of the project, to be honest. What has been particularly based on the feedback from the ongoing user testing, the improvements, identified and the remaining launch readiness work, we are now targeting a public launch in October.

Simon Lange: Based on the feedback from the ongoing user testing, the improvements identified, and the remaining launch readiness work, we are now targeting a public launch in October. I am really excited about what we are building together with Huddlestock and look forward to sharing more progress with you in the months ahead. Thank you very much, guys, and keep the strong work going forward, and I am sure we will be successful in my point of view.

Speaker #3: I'm really excited about what we are building together with Huddlestock and look forward to sharing more progress with you in the months ahead. Thank you very much, guys.

Speaker #3: And keep the strong work going forward. And I'm sure we will be successful, in my point of view.

Speaker #1: Thank you very much, Simon, for sharing your perspectives with us. OK, then let's continue. We have now talked very much about investment as a service.

Leif Arnold Thomas: Thank you very much, Simon, for sharing your perspectives with us. Okay, then let us continue. We have now talked very much about Investment-as-a-Service, but as you all know, we also have another part of the group, which is the consulting business. For the consulting business, we have set ambitious targets for 2028, where we have ambitions of reaching NOK 100 million in revenues, more than that, and also have a profitability above 20%. The strategy and the activities and the road to that goal is two divided. Number one is to grow the current business. I am pleased to announce today that the Visigon business in Q2 2026 is 20% above last year. We are working on expanding the business out of the Nordics. We have established a Polish entity to have access to skilled resources there.

Speaker #1: But as you all know, we also have another part of the group, which is the consulting business. And for the consulting business, we have set ambitious targets for 2028, where we have ambitions of reaching 100 million in revenues, more than that, and also have a profitability above 20%.

Speaker #1: The strategy, and the activities, and the road to that goal, is two divided. Number one is to grow the current business. And I am very pleased to announce today that Visible Business in the second quarter of '26 is 20% above last year.

Leif Arnold Thomas: The strategy and the activities and the road to that goal is two divided. Number one is to grow the current business. I am pleased to announce today that the Visigon business in Q2 2026 is 20% above last year. We are working on expanding the business out of the Nordics. We have established a Polish entity to have access to skilled resources there.

Speaker #1: We are working on expanding the business outside of the Nordics. We have established a Polish entity to access skilled resources there. We are now also exploring ways to be more visible in other markets and have decided to participate in a fintech conference in Germany in October.

Leif Arnold Thomas: We are now also exploring to be more visible in other markets and have decided to participate at a fintech conference in Germany in October. But in addition to growing the existing business both in Nordics and in Central Europe, we have also part of the strategy to explore new initiatives. Yesterday we published, announced a news about that we have acquired the assets in a software company called DoLand ApS in Denmark. As part of that business, we have made a five-year agreement with a bank called Merkur Andelskasse. So perhaps, Ramtin, you could share a few words about that case.

Speaker #1: But in addition to growing the existing business, both in the Nordics and in Central Europe, we also have, as part of the strategy, to explore new initiatives.

Speaker #1: And yesterday, we published and announced news that we have acquired the assets in a software company called Dolan in Denmark. And as part of that business, we have made a five-year agreement with a bank called Mercure Handelskasse.

Speaker #1: So, perhaps Ramtin, you could share a few words about that case.

Speaker #3: Yes, so I spent quite a considerable amount of time beside the Giga project in July and August, with the team in Copenhagen, and I was fortunate enough to work closely with Lars and Jens to acquire Dolan here, which provides sustainability reporting to Mercure Handelskasse.

Ramtin Matin: Yes. I spent quite considerable time beside the Giga Broker project in July and August with our team in Copenhagen. I was fortunate to work closely with Lars and Jens to acquire DoLand ApS here, which provides sustainability reporting to Merkur Andelskasse. This for us has been a very deliberate and strategic expansion in order to provide managed services in the Nordic financial market. It strengthens our position within the banking alliance, but also shows that we have the competency and merits in order to actually do so. It provides us basically from day one with new revenue streams within the sustainability reporting. The good thing is here that we can utilize our already established sales channels within Copenhagen, Stockholm, Norway and Germany in order to tell the market how we can provide these services.

Ramtin Matin: Yes. I spent quite considerable time beside GIGA Broker project in July and August with our team in Copenhagen. I was fortunate to work closely with Lars and Jens to acquire DoLand ApS here, which provides sustainability reporting to Merkur Andelskasse. This for us has been a very deliberate and strategic expansion in order to provide managed services in the Nordic financial market.

Speaker #3: And this, for us, has been a very deliberate and strategic expansion in order to provide managed services in the Nordic financial market. It strengthens our position within the banking alliance but also shows that we have the competency and merits to actually do so.

Ramtin Matin: It strengthens our position within the banking alliance, but also shows that we have the competency and merits in order to actually do so. It provides us basically from day one with new revenue streams within the sustainability reporting. The good thing is here that we can utilize our already established sales channels within Copenhagen, Stockholm, Norway and Germany in order to tell the market how we can provide these services.

Speaker #3: It provides us basically from day one with new revenue streams within the sustainability reporting. And the good thing is here that we can utilize our already established sales channels within Copenhagen, Stockholm, Norway, and Germany in order to tell the market how we can provide these services.

Speaker #3: So it will give us increased cash flow and profit for Visible, and it's a very good candidate for recurring revenue increases over the coming years.

Ramtin Matin: It will give us an increased cash flow and profit for Visigon, and it is a very good candidate for recurring revenue increase over the coming years. As Leif Arnold said, we have entered the five-year agreement with Merkur Andelskasse, which gives us a foreseeable time in order to actually make this work. From what I have seen until now, the technical solution is quite good and quite promising. Things are moving forward here.

Speaker #3: And as Leif Arnold said, we have entered into the five-year agreement with Mercure Handelskasse, which gives us a foreseeable time frame in order to actually make this work.

Speaker #3: And from what I've seen until now, the technical solution is quite good and quite promising. So, things are moving forward here.

Speaker #1: Thank you. Yes, as you have seen, there's a lot of activities going on, whether it's the white-label app together with Giga, or growing the Visible business and exploring new initiatives.

Leif Arnold Thomas: Thank you. Yes. As you have seen, there is a lot of activities going on, whether it is the white label app together with Giga Broker, it is about to grow the Visigon business to explore new initiatives, but of course, in parallel, to grow the business and to get more customers and more revenues is the most important thing for us. Now with the Investment-as-a-Service as one vertical, we have the Visigon Cloud as another vertical. By yesterday's news, we also now have sustainability reporting as another vertical. We have decided to put this under one umbrella and then have a joint participation at a conference called DKM in October in Germany. That is how we will then try to increase awareness in the market of the tools we have within this group that by this time is quite impressive, I would say.

Leif Arnold Thomas: Thank you. Yes. As you have seen, there is a lot of activities going on, whether it is the white label app together with GIGA Broker, it is about to grow the Visigon business to explore new initiatives, but of course, in parallel, to grow the business and to get more customers and more revenues is the most important thing for us.

Speaker #1: But of course, in parallel, to grow the business and to get more customers and more revenues is one of the most important things for us.

Speaker #1: So now with the investment as a service, as one vertical, we have the Visible Cloud as another vertical. And by yesterday's news, we also now have sustainability reporting as another vertical.

Leif Arnold Thomas: Now with the Investment-as-a-Service as one vertical, we have the Visigon Cloud as another vertical. By yesterday's news, we also now have sustainability reporting as another vertical. We have decided to put this under one umbrella and then have a joint participation at a conference called DKM in October in Germany. That is how we will then try to increase awareness in the market of the tools we have within this group that by this time is quite impressive, I would say.

Speaker #1: We have decided to put this under one umbrella and then have joint participation at a conference called DKM in October in Germany. That is how we will then try to increase awareness in the market of the tool we have within this group, which by this time is quite impressive, I would say.

Speaker #1: We are, of course, working with sales all over the place. And we are also working closer and closer across the company since, as Ramtin said, we are present in Norway, Sweden, Denmark, and Germany.

Leif Arnold Thomas: We are of course, working with sales all over the place, and we are also working closer and closer across the company since, as Ramtin said, we are present in Norway, Sweden, Denmark, and Germany. We have also been more active on using social medias, and what we have seen over the last month is that that also increases the interest for our offering. I would say we are working good, and we see that we have a lot of activities on that side as well. Of course, still we need to sign some contracts. I can promise you we are working on doing so as soon as possible since that is an important part of growing our business. Then let us go over to the financials.

Speaker #1: We have also been more active in using social media. And what we have seen over the last month is that this also increases the interest in our offering.

Speaker #1: So I would say we are working well, and we see that we have a lot of activities on that side as well. But of course, we still need to find some contracts.

Leif Arnold Thomas: I would say we are working good, and we see that we have a lot of activities on that side as well. Of course, still we need to sign some contracts. I can promise you we are working on doing so as soon as possible since that is an important part of growing our business. Then let us go over to the financials.

Speaker #1: But I can promise you, we are working on doing so as soon as possible, since that is an important part of growing our business.

Speaker #1: Then let's go over to the financials. With all the activities we have and pushing both projects, pushing to grow the business in Visible and pushing sales, it is extremely important for us to keep costs down.

Leif Arnold Thomas: With all the activities we have and pushing both projects, pushing growing the business in Visigon and pushing sales, it is of an extreme importance for us to keep costs down. We have done a lot of activities also late in 2025 to keep operating expenses as low as possible, which has resulted in a decrease in the operating expenses of approximately 30% from last quarter until this quarter. The revenues is mainly coming from the consulting business. As you know, or perhaps you do not know, but then I can tell, the consulting business and revenues are fluctuating during the year and have seasonal differences. Even though we have a traditional or an expected decrease from Q1 to Q2, we have been able to keep the EBITDA stable because of the strong cost focus.

Speaker #1: And we have done a lot of activities also late in '25 to keep operating expenses as low as possible, which has resulted in a decrease in operating expenses of approximately 30% from last quarter until this quarter.

Speaker #1: The revenues are mainly coming from the consulting business. And as you know, or perhaps you don't know, but then I can tell you, the consulting business and revenues are fluctuating during the year and have seasonal differences.

Leif Arnold Thomas: The revenues is mainly coming from the consulting business. As you know, or perhaps you do not know, but then I can tell, the consulting business and revenues are fluctuating during the year and have seasonal differences. Even though we have a traditional or an expected decrease from Q1 to Q2, we have been able to keep the EBITDA stable because of the strong cost focus.

Speaker #1: So, even though we have a traditional, or an expected, decrease from Q1 to Q2, we have been able to keep the EBITDA stable because of the strong cost focus.

Speaker #1: But still, as I said earlier, the most important thing to emphasize, I think, is that the quarterly results and the revenues from Visible are 30% higher than last year.

Leif Arnold Thomas: But still, as I said earlier, most important to emphasize, I think, is that the quarterly results and the revenues from Visigon is 30% higher than last year. Below EBITDA, we have now a linear cost base that has ended up in an improved bottom line. Cash flow. The second quarter started with a cash of NOK 3.8 million. We have had cash outflow from operations, mainly to support the European Investment-as-a-Service area. Almost no investments due to the asset-light business model we have. The NOK 8.6 million in financing reflects the net between the new loan facilities and the quarterly down payment of existing loans. If we combine the cash out of the quarter, NOK 4.6, plus access to secured loan facilities, we ended the quarter with NOK 9.6 million in liquidity reserves.

Speaker #1: And below EBITDA, we now have a linear cost base. That has resulted in an improved bottom line. Cash flow: the same quarter started with cash of NOK 3.8 million.

Speaker #1: We have had cash outflow from operations, mainly to support the European investment-as-a-service area. There have been almost no investments, due to the asset-light business model we have.

Leif Arnold Thomas: Almost no investments due to the asset-light business model we have. The NOK 8.6 million in financing reflects the net between the new loan facilities and the quarterly down payment of existing loans. If we combine the cash out of the quarter, NOK 4.6, plus access to secured loan facilities, we ended the quarter with NOK 9.6 million in liquidity reserves.

Speaker #1: The $8.6 million in financing reflects the net between the new loan facilities and the quarterly down payment of existing loans. So then, if we combine the cash out of the quarter—$4.6 million—plus the access to secured loan facilities, we ended the quarter with $9.6 million in liquidity reserves.

Speaker #1: During Q2 and in July, we have secured loan facilities totaling €15 million. The facility is backed by a guarantee consortium that is supported by the company's key shareholders.

Leif Arnold Thomas: During Q2 and in July, we have secured loan facilities, a total of NOK 15 million. The facility is backed by a guarantee consortium that is backed by the company's key shareholders, and we are very thankful for that support. What will happen if you look forward? Well, on the Investment-as-a-Service area, we will continue to have more users on the platform to get more feedback and experience. We will input in more features in the app and then launch the app in October. We will continue to work on sales and business development as we do already, but we will just continue and work hard on that part. The ambition is to turn the business area cash flow positive early 2027. On the consulting business, we confirm our targets for 2028, with a revenue of more than NOK 100 million and with an EBITDA margin more than 20%.

Speaker #1: And we are very thankful for that support. So, what will happen if we look forward? Well, on the investment-as-a-service area, we will continue to have more users on the platform to get more feedback and experience.

Speaker #1: We will input more features into the app and then launch the app in October. We will continue to work on sales and business development as we already do, but we will just continue and work hard on that part.

Leif Arnold Thomas: We will input in more features in the app and then launch the app in October. We will continue to work on sales and business development as we do already, but we will just continue and work hard on that part. The ambition is to turn the business area cash flow positive early 2027. On the consulting business, we confirm our targets for 2028, with a revenue of more than NOK 100 million and with an EBITDA margin more than 20%.

Speaker #1: Our ambition is to turn the business area cash-flow positive early in 2027. For the consulting business, we reconfirm our targets for 2028 with a revenue of more than €100 million.

Speaker #1: And we then have an EBITDA margin of more than 20%. In addition to growing the current business, we will explore and expand what we have now acquired through the Dolan acquisition.

Leif Arnold Thomas: In addition to grow the current business, we will explore and expand what we now have acquired through the DoLand acquisition as part of the road to meet the financial targets for 2028. Of course, in addition to work in the Nordics, it is important for us to grow the business outside the Nordics, and we have already a lot of initiatives on that part to grow it. Of course then utilize the team and the competence and skills and network we already have in Germany through our colleagues in Munich. That was a quick walkthrough of today's report, and now we will be available for questions.

Speaker #1: As part of the road to meet the financial targets for 2028, and of course, in addition to work in the Nordics, it's important for us to grow the business outside the Nordics.

Speaker #1: And we already have a lot of initiatives on that part to grow it. And of course, then utilize the team, the competence, skills, and network we already have in Germany through our colleagues in Munich.

Speaker #1: So, that was a quick walkthrough of today's report. And now, we will be available for questions.

Speaker #2: We have some questions in the Q&A. Do you want me to read them out, Lifon, or can you see them?

Ramtin Matin: We have some questions in the Q&A. Do you want me to read them up, Leif Arnold, or you can see them?

Speaker #1: Yeah, I can see them. Let me see... Yeah. Loan facilities are €23.5 million, secured in Q2. Since the guarantee fee will be settled in new shares at the lower of €60 or the market price before maturity, what is the maximum potential dilution for existing shareholders?

Leif Arnold Thomas: Yeah, I can see them. Let me see. Yeah. Loan facilities of NOK 23.5 million secured in Q2. Since the guarantee fee will be settled in new shares at a lower of 60 øre or the market price before maturity, what is the maximum potential dilution for existing shareholders? Where can we see the quantification of the guarantee fee? I do not know, Øyvind, if you would like to answer that.

Speaker #1: And where can we see the quantification of the guarantee fee? I don't know, Eivind, if you would like to answer that.

Speaker #3: I can answer that. Or, I can't be specific, but first of all, I would like to tell Geir a bit of the background on why we are choosing to have this loan structure.

Øyvind Hovland: I can answer that, or I cannot be specific. First of all, I would like to tell Geir a bit of the background why we are choosing to have this loan structure. That is to fund the gap between launching and going into black numbers, and starting to get revenue on the technology side of our operation. Me and also Frank, as the other board member, are large shareholders, so we are in the same boat as all the share owners of the company. So we are looking to find the cheapest type of funding that we think that we can get. For the time being, we think that it is a good idea to have this loan facility and fund our company through this type of operation. Back to the fee structure. As we said, we are putting the share price on 60 øre.

Speaker #3: That's to fund the gap between launching and going into black numbers, and starting to get revenue on the technology side of our operation. And I, and also Frank as the other board member, are large shareholders.

Speaker #3: So we are in the same boat as all the shareholders of the company. So we are looking to see, to find the cheapest type of funding.

Øyvind Hovland: So we are looking to find the cheapest type of funding that we think that we can get. For the time being, we think that it is a good idea to have this loan facility and fund our company through this type of operation. Back to the fee structure. As we said, we are putting the share price on 60 øre.

Speaker #3: That we think that we can get. So, for the time being, we think that it's a good idea to have this loan facility and fund our company through this type of operation.

Speaker #3: Back to the fee structure. As we said, we are putting the share price at €60. That's now—it's maybe €60 today, but when it was settled, it was lower.

Øyvind Hovland: Now it is maybe 60 øre today, but when it was settled, it was lower. It is a good reason why it is just shareholders in Huddlestock that are a part of this deal. That is because the fee and so on are not on the very exciting side of it. I think you need to be a shareholder to find this interesting to be a part of. When that is said, we are doing this in tranches. Every tranche has a bit different structure, but it is in the same ballpark. That is why we are not specific. But if somebody wants to be a part of this type of structure, please take contact with Leif Arnold or me or whatever.

Speaker #3: So that's a good reason why it's just shareholders in Huddlestock that are part of this deal. And that's because the fee, and so on, are not on the very exciting side of it.

Speaker #3: So I think you need to be a shareholder to find this interesting to be a part of. With that said, we are doing this in tranches.

Speaker #3: And every tranche has a bit different structure, but it's in the same ballpark. That's why we are not specific. But if somebody wants to be a part of this type of structure, please take contact with Lifon or me, or whatever.

Speaker #1: Okay, one other question from Geir Carlsen as well. You guide towards positive EBITDA in 2027, but with continued negative EBIT, negative operating cash flow, and a limited liquidity runway, when do you expect the group to become self-funded without requiring additional loans, guarantees, or equity issues?

Leif Arnold Thomas: Okay. One other question from Geir Carlson as well. "You guide towards positive EBITDA in 2027, but with continued negative EBIT, negative operating cash flow, and a limited liquidity runway, when do you expect the group to become self-funded without requiring additional loans, guarantees, or equity issuances?" It is correct that what we say is that the Investment-as-a-Service area, which is the German business entity, is planned to become EBITDA positive in cash flow positive in early 2027. Then we have Visigon that is positive. We are working on the Investment-as-a-Service from Germany, and we are having a very lean cost on top of that. So we will not give any guidelines on when we will become cash positive or EBITDA positive as a group.

Speaker #1: It's correct that what we say is that the Investment as a Service area, which is the German business entity, is planned to become EBITDA-positive and cash flow positive in early 2027.

Leif Arnold Thomas: It is correct that what we say is that the Investment-as-a-Service area, which is the German business entity, is planned to become EBITDA positive in cash flow positive in early 2027. Then we have Visigon that is positive. We are working on the Investment-as-a-Service from Germany, and we are having a very lean cost on top of that. So we will not give any guidelines on when we will become cash positive or EBITDA positive as a group.

Speaker #1: What is, then we have, then, the Wyssigon. That is positive. We are working on investment as a service from Germany, and we are having a very lean cost on top of that.

Speaker #1: So we will not give any guidelines on when we will become cash positive or EBITDA positive as a group. But we will we indicate how we are working and we are of course extremely it's important for us to do the investment as a service area as positive as cash positive as early as possible.

Leif Arnold Thomas: But we indicate how we are working, and we are, of course, extremely it is important for us to do the Investment-as-a-Service area as cash positive as early as possible. Even though we have big ambitions in Germany and we have a Giga Broker and we are working on sales, we see that we have a very efficient setup in Germany. We are very few people, and that will be able to handle a lot of new customers without increasing the cost in the same way. Okay. Then we have a question from Joachim Werthall. "You maintain the ambition of turning the European Investment-as-a-Service business area cash flow positive from early 2027.

Speaker #1: And even though we have big ambitions in Germany and we have a giga broker and we're working on sales, we see that we have a very, very efficient setup in Germany.

Speaker #1: We're very few people, and that will enable us to handle a lot of new customers without increasing the cost in the same way. Okay.

Leif Arnold Thomas: We are very few people, and that will be able to handle a lot of new customers without increasing the cost in the same way. Okay. Then we have a question from Joachim Werthall. "You maintain the ambition of turning the European Investment-as-a-Service business area cash flow positive from early 2027.

Speaker #1: Then we have a question from Joachim Wertal. You maintained the ambition of turning the European investment-as-a-service business area cash flow positive from early 2027.

Speaker #1: With Giga now launching publicly in October, and assuming typical sales cycles of 12 to 18 months for regulated financial infrastructure deals, most new customers signed in '26 will realistically only contribute revenues in late '27 or in '28.

Leif Arnold Thomas: With Giga now launching publicly in October and assuming typical sales cycles of 12 to 18 months for regulated financial infrastructure deals, most new customers signed in 2026 would realistically only contribute revenues late 2027 or in 2028. What is the specific bridge to Investment-as-a-Service cash flow break even by early 2027? How much of it comes from Giga scaling, how much from Modern Finance Nation GmbH, and how much from customers not yet signed? What is the sensitivity if Giga ramps up 6 months slower than planned?" I cannot comment everything here, but as said what we have now is a very lean organization in Germany that are very effective, and we have an attractive business model and profit-sharing model together with Giga that is set up so that it will be profitable quite soon when we get investors on the platform.

Speaker #1: What is the specific bridge to Investment-as-a-Service cash flow break-even by early '27? How much of it comes from giga scaling?

Speaker #1: How much is from Modern Finance Nation? And how much is from customers not yet signed? And what is the sensitivity if Giga ramps up six months slower than planned?

Leif Arnold Thomas: How much of it comes from Giga scaling, how much from Modern Finance Nation GmbH, and how much from customers not yet signed? What is the sensitivity if Giga ramps up 6 months slower than planned?" I cannot comment everything here, but as said what we have now is a very lean organization in Germany that are very effective, and we have an attractive business model and profit-sharing model together with Giga that is set up so that it will be profitable quite soon when we get investors on the platform.

Speaker #1: Well, I cannot comment on everything here. But as said, what we have now is a very lean organization in Germany that is very effective. And we have an attractive business model and profit-sharing model together with Giga.

Speaker #1: That is set up so that it will be profitable quite soon when we get investors on the platform. And with the way the cost structure and the organization we have in Germany is set up now, we are able to handle a lot more customers before we need to increase the costs.

Leif Arnold Thomas: With the setup, the cost structure, and the organization we have in Germany now is able to handle a lot more customers before we need to increase the costs. So it is a very scalable setup we have in our German business. Let us see. More. Joachim Werthall again. "The Giga Broker public launch has moved from June to October. Two questions on the revenue impact. First, what concrete revenue contributions do you expect from Giga in Q4 2026 and H1 2027? What are the underlying assumption on active users or monthly trades volumes?" Unfortunately, I cannot comment that except from that we are working on having it as big as possible.

Speaker #1: So, it's a very scalable setup we have in our German business. Let's see... more. Joachim Wertal again. The giga broker public launch has moved from June to October.

Speaker #1: Two questions on the revenue impact. First, what concrete revenue contributions do you expect from Giga in Q4 '26 and the first half of '27? And what are the underlying assumptions on active users or monthly trade volumes?

Leif Arnold Thomas: Two questions on the revenue impact. First, what concrete revenue contributions do you expect from Giga in Q4 2026 and H1 2027? What are the underlying assumption on active users or monthly trades volumes?" Unfortunately, I cannot comment that except from that we are working on having it as big as possible.

Speaker #1: Unfortunately, I cannot comment on that, except to say that we are working on having it as big as possible. Second, since the stock contract is volume-based on trades and customers, can you share how many monthly active traders Giga needs to reach for your share of the revenue to become material at the group level?

Leif Arnold Thomas: Second, since the SOC contract is volume-based on trades and customers, can you share how many monthly active traders Giga needs to reach your share of the revenue to become material at the group level, say NOK 5 million per quarter?" That is also a question that I will not comment on. What will be interesting is, of course, to present KPIs on trading volumes and more insight that we can share at a later stage. But at this point, we have decided not to go into or comment such details. Okay. That was the questions received for today. Thank you very much, everybody, for participating. You are always welcome to contact us if you have questions, and we will answer them. That applies for Øyvind, myself, and also from now, you are also welcome to contact Ramtin. So again, thank you very much for participating.

Speaker #1: Say $5 million per quarter. That is also a question that we will not comment on. What will be interesting is, of course, to present KPIs on trading volumes and more insights that we can share at a later stage.

Speaker #1: But at this point, we have decided not to go into or comment on such details. Okay. Those were the questions received for today. Thank you very much, everybody, for participating.

Leif Arnold Thomas: That was the questions received for today. Thank you very much, everybody, for participating. You are always welcome to contact us if you have questions, and we will answer them. That applies for Øyvind, myself, and also from now, you are also welcome to contact Ramtin. So again, thank you very much for participating. Thank you for supporting Huddlestock, and I hope that you are as energized as we are as this training is moving forward now in a big speed. Thank you very much, and have a nice day.

Speaker #1: And you are always welcome to contact us if you have questions, and we will answer them. That applies for Øyvind, myself, and also, from now on, you're also welcome to contact Ramtin.

Speaker #1: So again, thank you very much for participating. Thank you for supporting Huddlestock. And I hope that you are as energized as we are, as this train is moving forward now at great speed.

Leif Arnold Thomas: Thank you for supporting Huddlestock, and I hope that you are as energized as we are as this training is moving forward now in a big speed. Thank you very much, and have a nice day.

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Half Year 2026 Huddlestock Fintech AS Earnings Call

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