Valuno Group (VALUNO) investor relations material

Executive summary

• Net sales for Q3 '25/26 were €16.5m, down 84.6% year-over-year, mainly due to lower volumes in traditional products and delayed impact from revenue model restructuring.

• Gross margin for the quarter was 1.8%, reflecting higher costs from suboptimal banking and redemption services due to low transaction volumes.

• Adjusted EBITDA for Q3 was -€0.2m, and operating profit was -€1.2m; EPS before dilution was -€0.01.

• Significant management and board changes occurred, including a new CEO and board members, and a cost-cutting drive was implemented.

• Ongoing tax cases and regulatory uncertainties continue to impact operations.

Financial highlights

• Q3 net sales: €16.5m (vs. €107.4m prior year); 9-month net sales: €52.0m (vs. €312.1m prior year).

• Q3 gross profit: €0.3m (vs. €2.3m); gross margin: 1.8% (vs. 2.2%).

• Q3 adjusted EBITDA: -€0.2m (vs. -€0.1m); 9-month adjusted EBITDA: -€4.2m (vs. €1.7m).

• Q3 operating profit: -€1.2m (vs. -€0.6m); 9-month operating profit: -€6.5m (vs. €0.1m).

• Cash flow from operating activities for Q3: -€1.3m; liquid assets at quarter-end: €0.1m.

Outlook and guidance

• Focus remains on cost reduction and prioritizing business lines that can deliver positive cash flow quickly.

• Management expects liquidity to improve as the new revenue model gains traction but acknowledges the potential need for additional capital.

• Regulatory and tax case outcomes remain uncertain and could materially impact future operations.