Klappir · Investor presentation

History of Klappir

More than a decade of growth, innovation & proven results

Klappir is built on a robust, scalable infrastructure and validated by strong market references, positioning the company for accelerated and capital-efficient growth in international markets.

2014

Founded

Maritime focus - first integrations, record books digitised.

2015

Platform

First platform interface launched.

2017

Listed

Nasdaq First North Iceland.

2019

SaaS focus

Decision on pure software services

2020

Klappir Nordic

Entered Danish market.

2025

Ready to scale

Infrastructure-grade. Flywheel launched.

2026

Global deployment

Scaling: funding & listing in Sweden.

The 2019–2025 strategy transitioned Klappir from a hybrid operating model into a scalable, platform-centric company.

SaaS revenue · €m

€1.4m → €2.5m

2017 → 2025

~7.4% EUR CAGR

2017 → 2025

62% → 96%

Recurring revenue · cycle

0% → 32%

Freemium share · 2025 → 2026

2026–2030 · Scaling phase

Implementation of further international expansion from 2026, while maintaining platform consistency and operational efficiency across markets.

→ Funding round & Sweden listing unlock the next decade.

Leaders and board of directors

Operators that have done it before

Klappir's team brings deep expertise in sustainability, technology, and international growth, the operating foundation for continued product development and scalable expansion.

Executive Management

Þorsteinn Svanur Jónsson

CEO & Co-founder

Íris Karlsdóttir

CBDO

Hulda Þórhallsdóttir

CCO

Sigrún Hildur Jónsdóttir

CPO

Helgi Páll Þórisson

CTO

Ólöf Ásta Ólafsdóttir

CFO

Board of Directors

Ágúst Einarsson

Chairman of the board

Jón Ágúst Þorsteinsson

Board member & Co-founder

Vilborg Einarsdóttir

Board member

Sverrir Sverrisson

Board member

Áslaug Eva Björnsdóttir

Board member

Sigrún Hildur Jónsdóttir

Alternate board member · Co-founder

Shareholders

Shareholder	Ownership
Kvistar holding ehf.	47,8%
Sindrandi ehf.	23,4%
Pund ehf.	3,6%
Nýsköpunarsjóður atvinnulífsins	2,6%
Stey ehf.	2,1%
Kjalvegur ehf.	2,1%

Shareholder	Ownership
Eyktasalir ehf.	1,9%
Dexter fjárfestingar ehf.	1,9%
Klappir ehf.	1,6%
Bjarni Þór Björnsson	1,6%
Haru Holding ehf.	1,4%
Other shareholders	10,0%
Total shares	100%

One customer's data hub

Live data streamed in from every supplier

The customer pulls in data in real-time. Electricity, water, waste, fuel and more streaming directly from suppliers or own databases.

01 Sign up 02 Expand 03 Compound

It starts with a sign-up into the Platform.

In the beginning the new organisation operates in a silo — data can be imported, asset models configured, reports generated and resource consumption analysed.

What we offer

We deliver quality data, in depth and detail

app.klappir.com

Live product

What you're seeing

Resource monitoring across fuel, waste, electricity, water, cargo, travel, materials and services — every stream in one harmonised structure.

Resource monitoring
Collect data
Structure & enrich data
Measure
Optimize
Report performance

Klappir Platform Data infrastructure focusing on material use, energy, waste and services.

Built on the operations of leading enterprises

800+ installations

30+ countries

…and many more

Operations across Industrial · Public sector · Retail · Hospitality · Maritime · Construction · Aviation · Food

The cost of resources

Costs are increasing across the board

Prices for energy, water, waste, carbon and materials are rising in lockstep across Europe, and public policy accelerates the increase through 2032.

Commodity outliers

Brent crude−2%

Baltic Dry Index−38%

Not what consumers pay.

Index · 2010 = 100 · nominal

EU ETS carbon allowance

+1,087%

EU landfill tax (weighted avg.)

+286%

EU combined water tariff

+106%

EU household electricity

+100%

EU construction cost index

+93%

EU retail diesel (Brent flat)

+78%

Sources · Eurostat nrg_pc_204/205 · EC Weekly Oil Bulletin · Eurostat sts_copi · ICE/EEX (EUA) · Member-State landfill schedules · IEA WEO STEPS · Baltic Exchange. Forecast layers ETS2 · CBAM · UWWTD · landfill escalators.

The trust gap

Stakeholders are demanding data

Customers, consumers, authorities and investors are all asking the same question.

01 · Customers

1.4×

Faster sales growth for products with verified sustainability claims — 28% vs 20% cumulative (2017–2022).

NielsenIQ & McKinsey, 2023

02 · Consumers

64%

Perceive greenwashing. Only 22% trust claims without verification.

Capgemini · Deloitte

03 · Authorities

84%

Agree EU environmental legislation is necessary to protect the environment — the mandate behind CSRD, CBAM & ETS2.

Special Eurobarometer · Environment, 2024

04 · Investors

83%

Of companies struggle to access accurate emissions data.

GHG Protocol · EcoVadis 2025

What every stakeholder is really asking for

ReportsAuditsRaw dataCertificatesVerifications

Based on projected market trends, a mid-cap industrial company could save 20% in OPEX cost using Klappir

Profit - by focusing on avoidable costs

1 · Start

Voices from the field

Customers see it too: in cost, in carbon, in time

Real numbers from operators across construction, shipping, retail, hotels, beverages & the public sector.

−20%

cost per kilo of waste, YoY

57 → 83% sorting · 33 → 77% recycling

“A complete game changer. We publish our waste ratio at the top of our website.”

Bergur Helgason · Quality Manager

−23.5%

CO₂e per ton of cargo transported

Real-time KPI monitoring

“Real-time monitoring exposes environmental impact and the non-financial factors in our value chain.”

Eyþór H. Ólafsson · Eimskip

200 hrs+

saved on the first DMA process

DKK 300,000 saved

“Foundational for our first DMA, saved valuable time and eliminated the need for external advisors.”

Rasmus Jørgensen · Head of ESG

SBTi approved

emission targets validated by Science Based Targets initiative

Scope 1 & 2 automated

“Klappir’s data connections save time during statement periods, a key factor in getting targets approved.”

Thora Rut Jonsdottir · Dir. of Sustainability

2019

carbon-neutral operations since

2040 target · loans & investments

“Better data, measurements and comparisons. We set the goal higher every year.”

Kristrún Tinna Gunnarsdóttir · Head of Strategy & Sustainability

Real-time across stores

energy & waste data direct from service providers

YoY improvement across measures

“The platform collects real-time data and calculates the carbon footprint of the operation.”

Jón Þórir Þorvaldsson · ESG Lead

-€1.42M saved

emissions tracking across the municipality

5 years of hourly heat-meter data

A single hidden leak, that surfaced during Klappir’s data processing, was fixed in 3 weeks which saved the municipality over one million euros.

Based on data from the Klappir Platform

Since 2018

NASDAQ ESG guidelines, published

Measurable waste reduction

“The basis for us to set measurable goals when it comes to reducing waste.”

Guðrún Eva Gunnarsdóttir · CFO

Competitive advantage

Securing market leadership through three structural advantages

Competitors cannot easily steal market share because Klappir is protected by deep software integration, an interconnected supplier network, and pre-approved data trust, advantages that take years to build from scratch.

01 · Replacement

Connection to customers.

Deeply connected

Data integrations made, data enhanced and stored, digital models built and it's auditability over time builds stickiness.

Painful to rip out

Replacing Klappir means breaking every data connection and starting over.

High customer loyalty

Once a company plugs into Klappir, they stay.

02 · Replication

Network of customers.

Connected ecosystem

Large number of suppliers and businesses are already linked to Klappir.

Interconnected data sharing

When a supplier connects, its data instantly auto-populates for dozens of corporate buyers.

Uncopiable ecosystem value

A competitor's product has zero connected network data on day one.

03 · Rebuilding

Deep trust in the data.

Trusted data

The data acts as a secure ledger that cannot be tampered with.

Instant approval

Auditors already trust Klappir's formats, saving customers months of manual verification.

Massive time barrier

Rebuilding equivalent models takes years of configuration.

The compounding moat

Competitors cannot easily displace Klappir because the value grows with every new connection. Klappir continuously extends it's data capabilities, enhancing existing data with the latest scientific knowledge, technology and outcomes. The ability to mass-produce data-sharing capabilities through strict harmonised channels is a feat hard to replicate.

The future of Klappir

AI will supercharge efficiency

With data in good detail and quality, AI can spot big opportunities and suggest an action plan in a fraction of a time a capable specialist can.

01The foundation

Data.

High-volume data on energy, water, waste, cargo, travel, gas, fuel and more.

The core foundation of the Klappir platform: 130+ source systems harmonised the moment data arrives.

02The opportunity

AI.

Understood and explained in minutes.

AI inside the Klappir platform unlocks significant possibilities for every customer.

03The result

Outcomes.

Operational efficiency for every user, regardless of expertise.

Global knowledge and computing power, unleashed on each customer's unique data.

Embla · your data in plain language

Ask it anything.
Get clear directions

A data feed detailed enough to optimise every kilo, kilowatt, and cubic metre.

Two ways customers use the data

1

Run it all on the Klappir Platfom

They operate entirely on Klappir with Embla as their agent, a junior analyst works at CSO level, and expansion revenue grows without adding seats.

2

Stream data into own database and own agent

Large enterprises run their own warehouses and AI agents, drawing on Klappir as the utility-grade source layer underneath. We are their supplier, not their app.

Demo product Real data

99%

Time to outcome

Any role

No expertise needed

€0

Training cost

Stage 01 · Start

A large municipality · 24 schools · 5 years of hourly heat-meter data

Huge savings hiding in the data.
AI surfaces them and builds an action plan in minutes

€2.1M / yr

Avoidable annual cost

With Klappir · 24 buildings

−37%

Whole-portfolio reduction

Sustained 24 months · payback < 1 quarter

€1.42M

A single hidden leak

1 school · surfaced & fixed in 3 weeks

Customer pays Klappir

€58k / yr

ROI · year one

36×

Klappir captures 2.8% of the value · 97.2% flows to the customer

app.klappir.com · schools

Real data

Stage 01 · Start

The Klappir distribution strategy

The Klappir flywheel distribution model

Problem

Organisations need data from one another.

Solution

Klappir enables easy sharing of important data between organisations unlocking new margins.

Five stages, in spin order

1Sign up - one data stream free.

2Measure - surface the first saving in live data with help from Embla.

3Expand - pay to add more data sources.

4Optimize - Embla act continuously, savings compound.

5Stream - share data, become the next hub ↻ loop restarts

Driving through existing value chains

Pillars of the go-to-market strategy

01Geographical markets

Enter each market by lighting up its core data integrations first — utilities, ports, registries — so every local customer plugs into rails that already exist.

02Network effect

Every data integration serves all customers at once. Supply-side connections compound — the next customer in a market onboards with zero new pipework.

03Partner-focus

Grow through partners’ existing business networks — advisors, consultants, industry bodies — who introduce Klappir to customers they already serve.

04Instant wins in freemium

A free first data stream, then Embla surfaces a concrete saving in minutes — the instant win that turns a sign-up into a paying, expanding customer.

Integrations 0

Installations 0

● Network demo

Financials · 04

Guidance

Revenue guidance (€ thousand)

Reported EBITDA guidance (€ thousand) & margin

CAPEX guidance (€ thousand)

Penetration of new international markets, and the application of the flywheel distribution model are the foundation Klappir expects to build its growth upon. With AI layered on top of the system, customers will find wins easily, increasing retention and ACV for Klappir.

With accelerated revenue growth and the high operating leverage enabled by the distribution model and AI advancements, reported EBITDA margin is projected to expand to 43.7% by 2030. Net of capitalisation the EBITDA margin is projected to be 19.1%.

From 2026-2030, investments in business development efforts to realise the growth plan are expected. These costs are often not eligible for capitalisation. Capitalisation as a % of revenue is thus expected lower, reflecting a shift from a building phase to the growth phase. No grants are included in the forecast.

Financials · 05

Balance sheet: 31.12.2025

Assets (EUR ’000)
Intangible assets	4.554
Property and equipment	324
Security deposit	10
Deferred income tax	155
Non-current assets	5.043
Trade receivables	63
Other receivables	1.064
Cash and cash equivalents	994
Current assets	2.121
Total assets	7.163

Equity & liabilities (EUR ’000)
Share capital	499
Other restricted shares	4.437
Retained earnings	(1.651)
Total equity	3.285
Non-current loans	2.404
Liabilities to related parties	298
Lease liabilities	213
Non-current liabilities	2.915
Current maturities of lease liabilities	129
Trade payables	185
Other payables	350
Deferred revenue	298
Current liabilities	963
Total liabilities	3.878
Total equity & liabilities	7.163

Convertible bond

Klappir maintains a simple capital structure with only one debt instrument outstanding. The €2.4m NEFCO convertible aligns long-term stakeholders with the company’s growth strategy.
Potential future conversion would deleverage the balance sheet and increase equity capitalization.

Capital structure

54%

Debt

3.8 mEUR

46%

Equity

3.3 mEUR

Assets

7.2 mEUR

The offering

Why now?

A built platform, demand pulling in our direction, a network that compounds with every customer, and capital that converts all of it into market share.

01Built and proven

The heavy build is behind us.

800+ organisations already run on the platform. R&D drops from ~90% of spend to 40–50%, from building the infrastructure to selling it.

02Demand

Pressure is relieved by good data.

Costs, regulation and stakeholders all ask the same thing: show the data. We turn that obligation into measurable savings.

03The flywheel distribution

Every customer opens a network.

Shared data is worth more to both sides. Each deployment pulls in suppliers, buyers and partners, and the flywheel does the selling.

04The effect

Capital becomes market share.

EUR 5–8m funds a faster roll-out into new markets and secures leadership in AI driven resource optimisation.

Offering · 05

Offering share price set at EUR 3.43, implying a pre-money enterprise value of EUR 19.8m

Attractive multiple in the present and long term, based on growth potential.

Listed comparablesEV / Sales LFY¹EV / Sales CFY²

Samsara (NYSE)

Collects and analyses operational data from businesses to provide better insights and enable data-driven decision-making

11.7x

9.5x

Clearwater Analytics (NYSE)

SaaS platform automating accounting, data aggregation, performance measurement, risk and reporting for large institutional investors

11.1x

8.7x

Guidewire Software (NYSE)

Integrates and analyses data for the insurance sector

8.7x

7.1x

Klappir hf. (Pre-money)

Data infrastructure for resource data

7.8x

6.3x

Veeva Systems (NYSE)

Cloud-based solutions for managing data and processes for the life-science industry

7.1x

6.3x

Xero (XASX)

Business platform and financial operating system unifying accounting, payroll and payments

5.1x

4.2x

Dataproces (XCSE)

Danish data-infrastructure company servicing the Danish public sector with data applications for decision making

2.8x

na³

Median (excl. Klappir)

7.9x

7.1x

¹ LFY = last fiscal year · ² CFY = current fiscal year · ³ na = not available

7.4%

Revenue CAGR in EUR 2017–2025

9.9%

Revenue CAGR in ISK 2017–2025

43.3%

Reported EBITDA margin 2025

96%

Recurring revenue

Multiple compresses as revenue scales

Sales 20252.5 EURmEV / Sales 20257.8x

Sales 2026 guidance2.7 EURmEV / Sales 20266.3x

Sales 2030 guidance11.0 EURmEV / Sales 20301.8x

Offering · 05

Key dates and terms of the offering

August 2026

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September 2026

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20 August – 7 September

Investor meetings

Roadshow with potential investors.

8 September

Subscription requests

Subscription requests submitted and the book assembled.

11 September

Results of the offering published

Allocation of shares confirmed and announced.

15 September

Final due date for payment

Payment by investors falls due.

18 September

Closing and delivery

Settlement and delivery of the new shares.

Later in 2026

First North admission

Listing in Sweden. NEFCO has expressed a willingness to convert at that point.

Terms of the offering

Size of the offeringEUR 5–8 million

Number of issued shares1,457,726 – 2,332,362

Offer price per shareEUR 3.43

Minimum ticketEUR 100,000

InstrumentNew B shares, primary issue only

InvestorsPublic offering

NEFCOConversion rights offer 20% discount to the share price upon listing in Sweden

Questions and subscription

For further questions on the offering, and for subscription requests for the new shares, contact:

Fossar Investment Bank

ftr@fossar.is

Offering · 05

Capital into go-to-market, and the resulting capital structure

Where the EUR 5–8 million goes

45%

Go-to-market

Sales, partnerships and market entry across the Nordics and beyond

45%

AI and product

Continued build-out of the AI layer and platform capabilities

10%

Working capital

General corporate purposes and operational headroom

Go-to-market

AI & product

WC

Split indicative, allocation confirmed with the final size of the offering.

Resulting capital structure

31.12.2025 · ReportedDebt / equity 1.34x

54%

46%

Post raise · EUR 8 millionDebt / equity 0.34x

25.6%

74.4%

Post potential conversionDebt / equity 0.11x

9.7%

74.4%

15.9%

DebtEquityConverted equity (NEFCO)

NEFCO has indicated a willingness to convert when Klappir lists on First North Sweden. The potential value-dilution effect is estimated at around 2%, and the conversion leads to an interest-bearing debt-free balance sheet.

Klappir today

More than a decade of growth, innovation & proven results

Operators that have done it before

Executive Management

Board of Directors

Live data streamed in from every supplier

It starts with a sign-up into the Platform.

We deliver quality data, in depth and detail

Built on the operations of leading enterprises

The market

Costs are increasing across the board

Stakeholders are demanding data

Profit - by focusing on avoidable costs

Customers see it too: in cost, in carbon, in time

Securing market leadership through three structural advantages

Connection to customers.

Network of customers.

Deep trust in the data.

The future of Klappir

AI will supercharge efficiency

Ask it anything.Get clear directions

Huge savings hiding in the data.AI surfaces them and builds an action plan in minutes

The Klappir flywheel distribution model

Pillars of the go-to-market strategy

Financials

Guidance

Balance sheet: 31.12.2025

Convertible bond

Offering

Why now?

The heavy build is behind us.

Pressure is relieved by good data.

Every customer opens a network.

Capital becomes market share.

Offering share price set at EUR 3.43, implying a pre-money enterprise value of EUR 19.8m

Key dates and terms of the offering

August 2026

September 2026

Investor meetings

Subscription requests

Results of the offering published

Final due date for payment

Closing and delivery

First North admission

Capital into go-to-market, and the resulting capital structure

Go-to-market

AI and product

Working capital

The data infrastructure for resource efficiency

Ask it anything.
Get clear directions

Huge savings hiding in the data.
AI surfaces them and builds an action plan in minutes