Huddlestock Fintech (HUDL) investor relations material

Executive summary

• Expanded services and commercial traction in Continental Europe, signing new customers such as Modern Finance Nation and strategic partnerships like XENIX for ETF data services in Germany.

• Launched a white-label laaS solution in Germany, reducing time-to-market for brokers and fintechs, and signed multiple LOIs for embedded finance and investment platforms.

• Accelerated European expansion with coordinated partner efforts, scalable consulting capabilities, and a focus on commercial development and ecosystem partnerships.

• Confirmed 2028 targets: NOK 100 million revenue and 20% EBITDA margin, with Consulting (Visigon) aiming for growth outside the Nordics.

• Focus on consulting business expansion, including new structures in Poland and broader treasury system capabilities.

Financial highlights

• Q1 2026 total operating income was NOK 11.2 million, consistent with Q4 2025 but down 35% year-over-year.

• EBITDA improved to NOK -6.0 million from NOK -9.1 million in Q4 2025, reflecting over 30% sequential improvement due to cost reductions.

• Net result for Q1 2026 was NOK -12.1 million, a 34% improvement year-over-year.

• Personnel and other operating costs decreased, stabilizing at approximately NOK 10–10.5 million.

• Cash at quarter start was NOK 4.6 million; a NOK 10 million facility secured, totaling nearly NOK 14 million liquidity entering Q2.

Outlook and guidance

• Commercial expansion in Europe remains a priority, with the GIGA Broker platform soft launching in June and a full launch in September, targeting a top-3 market position in Germany within three years.

• Ambition to make the laaS/EIS business area cash flow positive by late 2026.

• Consulting (Visigon) targets NOK 100 million revenue and 20% EBITDA margin by 2028, with continued growth outside the Nordics.

• Additional cost improvements expected in Q2 2026.