K33 delivered 429M SEK in revenue in Q4 2025, up 14% year-over-year, concluding a year where full-year revenue increased by 128% compared to 2024. Trading activity on K33 Markets has remained solid into the beginning of 2026, with 632M SEK traded so far in Q1 2026.

The full report for Q4 2025 is available on k33.com/ir/reports.

Highlights

• Revenue increased 14% year-over-year in Q4
  • Group revenue increased to 428,674 kSEK (375,432).
• Revenue more than doubled in 2025
  • Group revenue increased to 2,211,330 kSEK (969,515), corresponding to 128% growth compared to 2024.
• Q4 result impacted by non-cash Bitcoin revaluation
  • The net result for Q4 includes approximately 35,565 kSEK in unrealised loss related to the Group’s Bitcoin holdings.
• Partnered with Pensum Asset Management
  • K33 partnered with the Norwegian wealth manager Pensum to explore professional and secure exposure to Bitcoin and other digital assets for Pensum’s clients.
• 12-month rolling trading volume reached SEK 2.7bn (Subsequent Event)
  • K33 Markets’ 12-month rolling trading volume increased to approximately 2.67bn SEK as of 25 February 2026, up from 2.29bn SEK at year-end 2025.
• 632M SEK traded so far in Q1 2026 (Subsequent Event)
  • Trading activity on K33 Markets has remained solid into 2026, with 632M SEK traded so far in Q1 2026, as of February 25, 2026
• Launched Crypto-Backed Loans (Subsequent Event)
  • K33 launched crypto-backed loans, enabling eligible clients to unlock liquidity without selling Bitcoin or other digital assets, by using crypto as collateral to borrow USDC
• Entered into SPA to Become Largest Shareholder in Sixty Six Capital Inc (Subsequent Event)
  • K33 has entered into an SPA to acquire a 46 percent stake in Sixty Six Capital Inc., a Canada-based Bitcoin treasury company listed on the Canadian Securities Exchange. The transaction is expected to substantially increase the total Bitcoin exposure of K33, as Sixty Six currently holds an exposure of 144 BTC. This strengthens K33's balance sheet and expands its ability to deploy bitcoin within its operating platform.

Fourth quarter of 2025
-compared to the fourth quarter of 2024-

• Group revenue increased to 428,674 kSEK (375,432)
• EBITDA amounted to -4,074 kSEK (1,349)
• Adjusted EBITDA amounted to -3,517 kSEK (1,349)
• EBIT amounted to -41,453 kSEK (-533)
• The result for the period amounted to -39,726 kSEK (72)
• Earnings per share before dilution amounted to SEK -0.0027 (0.0000)
• Earnings per share after dilution amounted to SEK -0.0029 (0.0000)

Full year 2025
-compared to full year 2024-

• Group revenue increased to 2,211,330 kSEK (969,515)
• EBITDA amounted to -6,103 kSEK (6,967)
• Adjusted EBITDA amounted to -3,106 kSEK (6,967)
• EBIT amounted to -52,553 kSEK (-1,243)
• The result for the period amounted to -52,146 kSEK (-4,178)
• Earnings per share before dilution amounted to SEK -0.0040 (-0.0004)
• Earnings per share after dilution amounted to SEK -0.0038 (-0.0004)

Torbjørn Bull Jenssen, CEO of K33, comments:

“2025 was a breakthrough year for K33. Revenue more than doubled as we gained market share and strengthened relationships with larger clients. We improved our platform, expanded our product offering, and are now actively leveraging our balance sheet through lending and increased Bitcoin exposure via Sixty Six Capital. This confirms that our model scales. We enter 2026 with strong momentum, a stronger balance sheet, and a clear path to continued growth.”

Webcast presentation
The company will hold a webcast presentation today at 08:00 CET, during which CEO Torbjørn Bull Jenssen will present the report. Investors, analysts, and media are invited to follow the webcast.

Webcast link: https://qcnl.tv/p/0udPVoMqO5rkRFp9yaLc2w

No pre-registration is needed for the webcast. The presentation will be held in English.