Klappir · Financials

Financials · 01

A decade of product-revenue growth

Product revenue (€ thousand)

7.4% CAGR (EUR) — 9.9% CAGR (ISK)

1.431

1.531

1.786

1.445

1.788

2.152

2.343

2.446

2.543

201720182019202020212022202320242025

Reported EBITDA as a % of product revenue has been on a strong upward trajectory since 2022. Klappir’s cost structure is simple, with the majority of costs being salaries.

As is accustom in tech companies and in accordance with IFRS, Klappir capitalizes a portion of salaries as intangible software assets that are later amortized. For information on capitalization, refer to page 29.

Low customer acquisition costs through the flywheel distribution model, advances in artificial intelligence and its adoption into operations, result in high operating leverage and primes the company for profitable growth.

Financials · 02

Growing profitability

Reported EBITDA (€ thousand) & margin

Margin 27.1% → 43.3% · 2021 → 2025

48527.1%

22110.3%

65227.8%

99440.6%

1.10143.3%

20212022202320242025

Reported EBITDA as a % of product revenue has been on a strong upward trajectory since 2022. Klappir’s cost structure is simple, with the majority of costs being salaries.

As is accustom in tech companies and in accordance with IFRS, Klappir capitalizes a portion of salaries as intangible software assets that are later amortized. For information on capitalization, refer to page 29.

Low customer acquisition costs through the flywheel distribution model, advances in artificial intelligence and its adoption into operations, result in high operating leverage and primes the company for profitable growth.

Financials · 03

CAPEX driven by capitalized R&D costs

Capitalized costs and total CAPEX, EURk, by year

Klappir has since 2017 qualified and been awarded a grant from Rannís. The role of the Technology Development Fund is to support development and research in the field of technology aimed at innovation in the Icelandic economy.

While there has been uncertainties surrounding Rannís recently, Klappir’s application for a grant in 2025 has been approved. The grant is recorded in Klappir’s accounts as an offset to the corresponding year’s capitalized R&D costs.

Minimal investments are otherwise required to maintain Klappir’s asset base, they are limited to computers and furniture as the company rents its premises and thus the capital intensity required is low.

Annual accounts 2017-2023 have been amended to align with the 2024 and 2025 account after the company took up IFRS. Previously, grants were recognized as other revenue. After IFRS, the grants are recognized as reduction of capitalized R&D costs.

Financials · 04

Guidance to 2030

€11.0M

Product revenue · 2030E

from €2.744M in 2026E

43.7%

Reported EBITDA margin · 2030E

€4.805M EBITDA · 19.1% net of capitalization

€2.7M

CAPEX · 2030E

net capitalized R&D + fixed assets

Revenue guidance (€ thousand)

1.788

2.152

2.343

2.446

2.543

2.744

11.002

202120222023202420252026E2030E

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 capitalization the EBITDA margin is projected to be 19.1%.

From 2026-2030, investments in business development efforts to realize the growth plan are expected. These costs are often not eligible for capitalization. Capitalization 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.
NEFCO has indicated a willingness to convert to B-shares once Klappir’s listing on the Nasdaq First North market in Sweden is completed.

Capital structure

54%

Debt

3.8 mEUR

46%

Equity

3.3 mEUR

Assets

7.2 mEUR

Klappir investor relations