Other information

Parent company

Second quarter, October-December 2025

The parent company's net sales for the second quarter amounted to 0.0 MSEK (28.4). Intra-group services are eliminated in the group's consolidated accounts and are therefore not reported in the group's income statement.

• Other operating income amounted to 0.1 MSEK (0.1).
• The operating result in the parent company amounted to -32.4 MSEK (-2.2).
• Net profit for the period after tax amounted to -9.1 MSEK (-2.2).
• Liquid funds amounted to 6.7 MSEK (33.2) as of December 31, 2025.

Six months, July-December 2025

The parent company's net sales for the half-year period amounted to 0.0 MSEK (54.1) and mainly relate to intra-group services.

• Other operating income amounted to 0.1 MSEK (-0.2).
• The operating result in the parent company amounted to -57.9 MSEK (-2.9).
• Net profit for the period after tax amounted to -34.4 MSEK (-2.9)

Employees

The number of employees on the payroll as of December 31, 2025, was 17 (30), and the number of consultants with a valid agreement as of December 31, 2025, was 5 (10). During the second quarter, the average number of employees was 24 (30) and consultants was 5 (10), with a total average workforce of 29 (40).

Risks and uncertainty factors

General Risks

Valuno's operations are exposed to risks and uncertainties that can directly or indirectly affect the company's operations. These risks and uncertainties include, among other things, regulatory risks that may arise from changes in legislation in the markets where Valuno operates.

Valuno's primary revenue is in euros, which therefore has a negative impact if the krona strengthens against the euro.

Specific Risks

Tax Risk

The Tax Authority has conducted an audit regarding the financial years 2017/2018 to 2021/2022. The audit covers VAT and income tax. During the quarter, the Tax Authority announced a decision on the imposition of tax for the financial year 2021/2022. The decision concerns VAT and tax surcharge totaling approximately 28 MSEK. The decision is appealed, and Valuno has applied for a deferral of tax and tax surcharge until the dispute is resolved.

Liquidity Risk

Valuno's liquidity is still strained, and the revenue is currently not sufficient to finance the operations. This is expected to be addressed during the second half of the year, i.e., January-June 2026, as the new revenue model gains momentum. The company has strengthened its capital and liquidity position during the quarter through two targeted new share issues. However, it cannot be ruled out that additional capital contributions may be needed to ensure continued operations.

Regulatory Risk

The company's legal assessment is that the operations, primarily conducted by QB Europe AB, can continue based on the older so-called VASP regulation and the registration held by the company. This is until a final decision regarding the company's MICA application has been determined by the court. The proceedings in the Administrative Court in Stockholm are ongoing, and the parties have completed their respective pleadings within the framework of the process. A verdict can be expected before the summer.

The group has other subsidiaries in other EU countries that have the same type of registration as the Swedish subsidiary that conducts the group's main operations, and can, if necessary, relocate the operations to one of these countries. Furthermore, the company has prepared an application for an MiCA license in several other EU countries. If these are not approved, and the company's appeal of the Financial Supervisory Authority's decision is not granted, the company will need to procure so-called "license as a service" from another organization that holds such a license at that time.

The share

The Valuno share has been listed on the Nordic Growth Market Nordic SME since July 11, 2019. The listing price was 3.20 SEK, and the last trading price for the share on December 30, 2025, was 1.30 SEK.

During the period from September 30 to December 30, 2025, approximately 69 million shares were traded at a value of approximately 78 million SEK, corresponding to approximately 33 percent of Valuno's total number of shares at the end of the period. The highest trading price during the period from September 30 to December 30, 2025, was 1.99 SEK (November 13, 2025), and the lowest was 0.42 SEK (October 21, 2025).

Valuno's share capital as of December 31, 2025, was 2,119,892 SEK (1,399,802.4).

The number of shares as of the end of the second quarter was 211,989,259, with a quota value of 0.01 SEK per share.

Shareholders

As of December 31, 2025, Valuno had 8,503 shareholders, which is a change of 392 compared to the end of the second quarter of the previous financial year. Below is a table of the largest shareholders as of December 31, 2025:

Source: Monitor by Modular Finance AB. Compiled and processed data from, among other things, Euroclear, Morningstar, and the Financial Supervisory Authority.

Transactions with related parties

None.

Forward-looking statements

This interim report contains statements regarding, among other things, Valuno's financial situation and profitability, as well as statements about growth and long-term market potential, which may be forward-looking. Valuno believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions. However, forward-looking statements involve risks and uncertainties, and the actual results or consequences may differ significantly from those expressed. In addition to what is required by applicable law, forward-looking statements apply only as of the date they are made, and Valuno does not undertake to update any of them in light of new information or future events.

Review

This report has not been subject to review by the company's auditors.

Financial calendar

Interim Report Q3 '25/26 (Jan-Mar 2026) 21 May 2026

Year-end report ‘25/26 (Apr-Jun) 27 Aug 2026

Contact

Daniel Sonesson, VD

Phone: +46 (0)10-204 54 31

E-mail: investor@valuno.com