Other information

Parent company

Third quarter, January-March 2026

The parent company's net sales for the second quarter amounted to 0.0 MSEK (30.0). Intra-group services are eliminated in the group's consolidation and are therefore not reported in the group's income statement.

• Other operating income amounted to 4.3 MSEK (1.5).
• The operating result in the parent company amounted to -10.7 MSEK (4.0).
• Net income for the period after tax amounted to -11.3 MSEK (3.9).
• Liquid funds amounted to -0.1 MSEK (17.5) as of March 31, 2026.

The period, July 2025-March 2026

The parent company's net sales for the half-year period amounted to 0.0 MSEK (85.5).

• Other operating income amounted to 4.5 MSEK (1.3).
• The operating result in the parent company amounted to -68.6 MSEK (1.0).
• Net income for the period after tax amounted to -45.6 MSEK (0.9)

Employees

The number of employees on the payroll as of March 31, 2026, was 16 (32), and the number of consultants with a valid agreement as of March 31, 2026, was 3 (10). During the second quarter, the average number of employees was 16 (31.3), and consultants were 3.5 (10.6), with a total average workforce of 19.5 (41.7).

Risks and uncertainty factors

General risks

Valuno's operations are exposed to risks and uncertainty factors 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 thus 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.

The Tax Authority has not yet announced a decision regarding the income tax part of the audit.

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 as the new revenue model takes off. 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, which are primarily conducted under QB Europe AB, can continue based on the older so-called VASP regulations 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, move 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 kronor, and the last payment price for the share on March 31, 2026, was 0.26 kronor.

During the period from January 1 to March 31, 2026, approximately 65 million shares were traded at a value of approximately 30 million kronor, corresponding to approximately 30 percent of Valuno's total number of shares at the end of the period. The highest payment price during the period from January 1 to March 31, 2026, was 1.322 kronor (January 2, 2026), and the lowest was 0.091 kronor (March 19, 2026).

Valuno's share capital amounted to 2,176,389.77 kronor (1,399,802.4) on March 31, 2026.

The number of shares was 217,638,977 as of the end of the second quarter, with a quota value of 0.01 kronor per share.

Shareholders

As of March 31, 2026, Valuno had 8,213 shareholders, which is a change of 1,628 compared to the end of the second quarter of the previous financial year. Below is a table of the largest shareholders as of March 31, 2026:

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 uncertainty factors, 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

Year-end report '25/26 (Apr–Jun 2026) August 27, 2026

Kontakt

Peter Liljeroos, VD

Telefon: +46(0) 72 -1610511

E-post: investor@valuno.com