Executive Summary

THE PROJECT

Building the data
infrastructure for
resource efficiency

Klappir builds the data infrastructure that helps organisations collect, structure and use data with accuracy and confidence. The software transforms complex data into accountable insights, reducing waste of resources, realising stronger savings and ensuring full regulatory compliance

The need

Organisations need better data to be competitive

The gap

Resource data is difficult to collect and hard to manage, but highly valuable

The answer

Klappir solves this problem with high quality data flow and enhancements → and turns data into outcomes

Klappir at a glance

The data infrastructure for operations & sustainability

Organisations come to Klappir for the best resource data available in the highest automation possible. The data they collect is used to optimise operations and share information they trust with their stakeholders.

01 · The product

Product built for trust and excellence.

We unify scattered, complicated data on energy, water, waste, fuel and transport into one enhanced data structure.

→Less manual work, fewer errors, decisions customers can trust.

02 · The distribution

Customer-driven distribution

Customers invite their stakeholders to share data for free. Freemium users upgrade to paid subscriptions for more data and more opportunities.

→Distribution compounds with the network, and CAC trends toward zero.

03 · The team

Hardened team of data experts

Expertise in resources and sustainability, paired with engineers and operators who've shipped software at scale across product, success and international expansion.

→Domain depth + tech discipline, in the same room.

THE SOFTWARE CATEGORY

Data Infrastructure

Setting the industry standard for how resource data is structured, used and exchanged.

Key figures

>96%

Recurring revenue

>22%

EBIT margin

800+

Ecosystem installations

30+

Countries

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.

€1.4m → €2.5m

~7.4% 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

Kristján Hall

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

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.

01Sign up 02Expand 03Compound

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.

How it works Suppliers connect once · Data flows continuously
The customer sees one unified, verified view.

Problem & Solution

Solving the complex data challenge, all on one platform

Companies cannot manage what they cannot measure reliably. The unified platform replaces chaotic spreadsheets and disconnected databases with structured, real-time data for enterprises.

01 · The problem

Disconnected data & growing pressure.

Scattered data

Electricity, water, waste, fuel, goods and services data sit in disconnected systems with different formats and quality.

Trust & verification issues

Companies can't share data confidently; it's hard to trace back to its source and risk of brand damage increases.

Mismanaged resource use

Lack of good data causes most companies to mismanage and waste resources.

Dependence on experts

Inefficient data leads to dependence on specialists to collect, understand and report on sustainability performance.

02 · The solution

A platform that streamlines fragmented data.

Data aggregation & structure

Collects from all sources and structures into a uniform model, enabling reliable, comparable monitoring and reporting.

Automated reporting

Automates calculations and generates reports derived from huge quantities of tamper-proof data.

Highly reliable monitoring

Real-time visibility across all resource streams enables continuous optimisation and measurable reduction in waste.

Independence & empowerment

The platform puts data collection, analysis and reporting directly in the hands of your own team, reducing cost, dependency and delay.

End-to-end · Data → Impact

Transforming scattered data into actionable outcomes

Klappir powers the entire resource data journey (sourcing, processing and delivering trusted insights) on one unified infrastructure that drives transparency, compliance and sustainable business impact.

01 · Data sourcing

The Foundation

Collecting data from all sources into one structured foundation.

Energy & utilities Goods & services Asset models Value-chain model Internal systems Coefficients

02 · Data processing

The Engine

Turning raw data into reliable, standardised building blocks.

Error corrections Standardisation Data enrichment Calculations & conversions Perpetual storage Mapping rules

03 · Outcomes

The Impact

Delivering insights that drive decision making and value.

Resource monitoring Impact monitoring Reports Share data Due diligence

The outcome: Transparent, investor-grade information that enables true resource efficiency and satisfies evolving global regulations, de-risks corporate value chains, and unlocks access to a more competitive position.

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.

+1,087% EU ETS carbon allowance, 2010 → 2032

+286% EU landfill tax, weighted average

+106% EU combined water tariff

+100% EU household electricity

+78% EU retail diesel (Brent flat)

+93% EU construction cost index

Index · 2010 = 100 · nominal

Resource costs across Europe, 2010 → 2032

Actuals 2010–2026 · Forecast 2027–2032

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

Reports Audits Raw data Certificates Verifications

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.

01 The 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.

02 The opportunity

AI.

Understood and explained in minutes.

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

03 The 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

Run it all on the Klappir Platform

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

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.

Ask any questions

Demo product

Real data

Klappir Waste — half-empty pickup analysis

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 fee

€58k

Savings

€2.1M

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

Klappir Schools — heating demand by building

● Demo product

● Real data

Ask any questions

Stage 01 · Start

Driving through existing value chains

Pillars of the go-to-market strategy

Geographical 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.

Partner‑focus

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

Network effect

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

Instant 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.

Same classification. Every market. One platform.

ISO 14064GHG ProtocolCSRDTCFDGRIUN SDGs

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 · 01

A decade of product-revenue growth

Product revenue (€ thousand)

Klappir’s product revenue has demonstrated a solid 7,4% CAGR since 2017, driven by the expansion of the company´s ecosystem, user base and product offerings, alongside external growth.

The pillars in Klappir´s growth is driven by a partner led go-to-market model, a strong local delivery network, and a platform centric approach powered by self serve onboarding. In product guidance, and usage-based expansion.

Note that the graph only illustrates product revenue and from 2017-2023 the ISK result have been translated to EUR using the average EUR/ISK FX rate of the corresponding year. In ISK terms the CAGR over the period is a strong 9,9%.

Financials · 02

Growing profitability

Reported EBITDA (€ thousand) & margin

Reported EBITDA and EBITDA margin, 2017–2025

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 customary in tech companies and in accordance with IFRS, Klappir capitalises a portion of salaries as intangible software assets that are later amortised. For information on capitalisation, refer to page 28.

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 capitalised R&D costs

Capitalised costs, EURk

Grants recognised as reduction of R&D costs Capitalised R&D costs Net capitalised R&D costs

Total CAPEX, EURk

Net capitalised R&D costs Fixed assets M&A Total CAPEX

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 for the amount of 991 mEUR. The grant is recorded in Klappir’s accounts as an offset to the corresponding year’s capitalised 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 accounts after the company took up IFRS. Previously, grants were recognised as other revenue. After IFRS, the grants are recognised as reduction of capitalised R&D costs.

Financials · 04

Guidance

Revenue guidance, EURk

Product revenue

Rep. EBITDA guidance, EURk

Rep. EBITDARep. EBITDA margin

CAPEX guidance, EURk

Net capitalised R&D costsFixed assets

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 assets4.554

Property and equipment324

Security deposit10

Deferred income tax155

Non-current assets5.043

Trade receivables63

Other receivables1.064

Cash and cash equivalents994

Current assets2.121

Total assets7.163

Equity (EUR ’000)

Share capital499

Other restricted shares4.437

Retained earnings(1.651)

Total equity3.285

Liabilities (EUR ’000)

Non-current loans2.404

Liabilities to related parties298

Lease liabilities213

Non-current liabilities2.915

Current maturities of lease liabilities129

Trade payables185

Other payables350

Deferred revenue298

Current liabilities963

Total liabilities3.878

Total equity & liabilities7.163

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 capitalisation

Capital structure

54%

Debt

3.8 mEUR

46%

Equity

3.3 mEUR

Assets

7.2 mEUR

Summary

Investment highlights

01 · Klappir today

Proven leader solving a critical problem.

10+ years building the leading sustainability data platform
Trusted by 800+ organizations in 30+ countries across all industries
Enabling organizations to measure, manage and report ESG performance resulting in value adding outcomes

02 · The market

Market tailwinds and competitive advantage.

Regulations, stakeholder demands and rising costs are driving urgent need for data and transparency
Deep expertise, data infrastructure and customer relationships secure Klappir's leadership

03 · The future of Klappir

AI-powered platform and global expansion.

Embedding AI (Embla) to automate data collection, enhance insights and drive actionable outcomes in 99% less time compared to pre-AI
Scaling internationally with strong momentum in key markets

04 · Financials

Strong financial profile and clear outlook.

Recurring-revenue model with strong growth potential through the flywheel model, high retention and proven scalability
High operating leverage enables profitability growth as recurring revenues scale

Organisation

Built for PLG & Partner-led distribution and service

Board

Compliance officer

CEO

Corporate functions

FinanceLegal & ComplianceInvestor relationsInternal digital systemsExternal growth like M&A

Business development

Business developmentPartner networkEcosystemInternational ExpansionMarketing

Customer Success

Customer SuccessOnboardingAcademyKnowledge base

Product & Innovation

EngineeringAI and AutomationProduct ManagementData and ecosystemProduct roadmapProduct marketing

A scalable organisation built for partner-led expansion, rapid onboarding, and unified product innovation.

Customer Value fully integrated under Ecosystem & Growth aligns delivery, adoption, and expansion into one unified growth engine.

Stronger partner-led scalability because partners and CS teams collaborate under the same leadership.

Better customer lifecycle management: onboarding → success → engagement → expansion all sit in one unit.

Aligned research and product development

Strong feedback loop from ecosystem for product development

Disclaimer

This presentation has been prepared by Fossar Investment Bank (“Fossar” or “the Advisor”) in connection with a potential capital raise as publicly disclosed by Klappir Green Solutions hf. (“the Company”). This presentation is strictly confidential and is provided to the recipient solely for their private information and not for general or further distribution.

The contents of this presentation do not constitute investment research, investment advice, offer or a recommendation to buy or sell any specific financial instruments under Act no. 115/2021. Recipients are solely responsible for any investment decisions made based on the information presented herein and are strongly encouraged to seek independent professional advice prior to making such decisions. Trading in financial instruments can be risky and past performance is not a guarantee or a reliable indicator of future results.

The presentation has been prepared based on limited information made available to the Advisor. The Advisor relies on information obtained from sources believed to be reliable but does not guarantee its accuracy or completeness. The information contained herein has not been independently verified by the Advisor and may be subject to change or revision, which could materially affect the content of this document. The Advisor shall not be liable for any loss that may be attributed to any information proving to be inaccurate, unreliable or inadequate. The Advisor is not obliged to make amendments or changes to this presentation should errors be discovered or opinions or information change.

Neither the Advisor nor any other person makes any representation or warranty, express or implied, as to the accuracy, reliability, completeness, or fairness of the information or opinions contained herein. Accordingly, neither the Advisor nor any officer, employee or shareholder thereof accepts any liability whatsoever, whether direct or indirect, for any loss or damage of any kind arising from the use of, or reliance on, the information contained in this presentation.

The Advisor makes no assurance or guarantee that any forecasts, projections, or intentions described herein will be achieved. Any statements regarding anticipated or expected future performance, forecasts, or intentions are subject to risks and uncertainties which may result in materially different outcomes. Recipients are therefore cautioned not to place undue reliance on such forward-looking statements or intentions, which should not be regarded as promises or assurances of future results or performance, including but not limited to profitability.

KLAPPIR

Building the datainfrastructure forresource efficiency

Klappir today

The data infrastructure for operations & sustainability

More than a decade of growth, innovation & proven results

Operators that have done it before

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

Solving the complex data challenge, all on one platform

Disconnected data & growing pressure.

A platform that streamlines fragmented data.

Transforming scattered data into actionable outcomes

The Foundation

The Engine

The Impact

The Market

Costs are increasing across the board

Resource costs across Europe, 2010 → 2032

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

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

Geographical markets

Partner‑focus

Network effect

Instant wins in freemium

Pillars of the go-to-market strategy

Raising €8M · Growth round

Financials

A decade of product-revenue growth

Growing profitability

CAPEX driven by capitalised R&D costs

Guidance

Balance sheet: 31.12.2025

Summary

Investment highlights

Built for PLG & Partner-led distribution and service

Disclaimer

Building the data
infrastructure for
resource efficiency

We deliver quality data,
in depth and detail

Ask it anything.
Get clear directions

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