CodeLab Capital AS - Q1 2026 update

Oslo, May 27th 2026

1Q was a mixed picture, but laid the foundation for a fantastic start to 2Q
- Onboarding Cloudya, investing in the organization and entertaining M&A
processes
- Some seasonality and one large churn (due to M&A) impacting revenues for the
quarter
- Reaping benefits of previous investments already in 2Q with new wins and
customer deliveries

Very positive start to 2Q with organic and inorganic milestones 
- Record ARR for both Kuba and Cloudya, reaching over NOK 60m
- Pipeline more promising than ever
- Announcement of Agil Helse acquisition to significantly strengthen the OHS
business, adding NOK ~25m in revenues
- Secured private placement of NOK 17m @ share price of NOK 4.0 (74% premium)
- High M&A activity pipeline

More information about Q1 2026 can be found in the attached presentation.
e attached presentation.\