Good morning and welcome to CodeLab Capital Q2 2026 presentation. My name is Anton Bondesen and I am the CEO of CodeLab Capital. With me today I have our CFO, Christoffer Mathiesen, who will dive into the numbers a bit later. We will do a recording of today's meeting and it will be shared afterwards and it can be downloaded, et cetera. I just want to say that we will do a Q&A session after today's presentation. If you have any questions, please use the button in the right corner. There is a dotted button where you can put in questions and then we will look at them after the presentation. Today, we will cover this quarter's highlights, the status of our portfolio companies, our M&A pipeline, and close off with our investment case. Let us get going. The disclaimer, please do read it. Q2 was a very strong quarter.
We now have an ARR of NOK 52 million, up 53%, and an ARR visibility of almost NOK 70 million [audio distortion]. End of June, we had almost NOK 14 million cash at hand. Three things defined the quarter. First, we completed the Agil Helse transaction, which of course, strengthens our occupational health vertical and opens up tons of cross-selling opportunities for Kuba and brings in estimated revenue between NOK 20 million and NOK 25 million. Second, we executed a private placement and did a settlement of shares in the transaction at NOK 4 and NOK 4.4 in share, settlement shares. Both issue of above market price. Very satisfied with that transaction and of course getting the whole Agil company into the structure. Generally speaking, a very strong financial performance, and most importantly, I am very proud of it.
According to plan, the plan which we set out one and a half year ago when we started this revitalization of CodeLab, we have actually managed to deliver on the plans which we set out to do. Both Cloudya and Kuba with growth and profitability expansion and we really look forward to show you the numbers later. We keep signing contracts, converting into recurring revenue. Again, tracking to plan. Very good quarter. Yes, thank you. CodeLab Capital at a glance for new investors and people not knowing us from before, what are we? We are a listed investment company with a clear and disciplined strategy. We pursue opportunistic M&A deals through both greenfield initiatives and add-ons. We try to deploy our infrastructure capital, that is the team in CodeLab in the listed company, across the portfolio companies.
Today we have more than 3,500 customers, 1,500 added in the recent quarter through the Agil acquisition and we operate across service, SaaS and reseller business models. As I mentioned, we now have ARR of NOK 52 million. 48% of the company is owned by employees. It secures great alignment with all shareholders and this is what we do. We try to deliver value creation on a day-to-day basis and a very strong alignment in the management with all the other teams. Let us look at what we have today. Today we have four companies. We have Kuba which we own 100%. We have Agil Helse, 100%. Cloudya on majority stake, 50.1%. Uniscale, 100% as well. Kuba delivers health, safety and environment software for a range of customers, almost 1,500, and occupational health services as well.
And then our recent add-on, Agil, which is a pure occupational health play that is a very great fit to the group portfolio. People keep joining and it links here. And then Cloudya, the AWS reseller with fast growth and clear profit expansion since we acquired them and they are performing very, very well. Very satisfied with the development in Cloudya and Kuba and still getting to know Agil, but we have come off to a good start with the management and the people in the organization. I am very pleased with seeing everybody is being motivated, enjoying the whole new ownership structure and, as you can see, Christoffer and I are offsite. We are sitting at a meeting facility here in downtown Oslo, and we have a workshop very later today with all the teams.
Last but not least, we have Uniscale, which we own 100% of, which holds some IP rights to a B2B software tool and a large tech carried forward outside as well. No operations currently. But that is what we own today. We are even more excited to talk about what is ahead. Let us look at our pipeline for a few minutes. The next 12 months will fundamentally shape the future for CodeLab and our business units. We are right now in dialogue with nine different targets that combined have more than 350 million NOK in revenue. We work across three parallel tracks, building out the occupational health business with add-on acquisitions to Kuba and Agil, expanding our software offering with products to Kuba's customer base, and establishing the last vertical, which is eHealth. As some of you might know, eHealth is a very big thing for us.
That is how CodeLab Capital was originally listed with PatientSky, which was later sold, and that has been a space where I have been working for most of my adult life. We are really eager to continue to see if we can get a presence in that market once again. So right now, we are in due diligence with a Scandinavian target who operates out of Norway. We announced the term sheet before the summer holidays, and things are progressing. By acquiring or getting a good position within eHealth, we now fulfill the virtual goals which we set out to do, having occupational health software and adding the eHealth solution. We can become our own best customer in primary care because so many of the professionals which are working on the occupational health side of things, they can use the potential add-on we are acquiring now.
We can build a really strong service offering, improving the whole operational model of occupational health in Norway. So super excited about it. And then, of course, potential add-ons to Kuba and occupational health. I think that is it. Super excited. More news will come soon. I think, Christoffer, you can jump to the next one. So why did we do the Agil Helse transaction? Why does it make sense? Kuba started out being a software company, and then they expanded into occupational health by doing small acquisitions before our ownership some years ago. The bottleneck for really expanding and increasing the quality of the delivery there is adding the right people. Agil was just a perfect match.
They didn't have a software solution today, and they needed that, and we needed the right people to really get the growth going within that space, and that was the rationale. Now we have people working both with software and expanding the whole service side of things, and we really see a great cross-sell potential already. Kuba addressing Agil customers and Agil doing the upsell to current Kuba customers. Christoffer, next slide. The team I mentioned already.
It's me, it's Christoffer, our CFO, Lasse, Tetyana on accounting, and then we have our recent hire, Svein Stormyr, who will join us from August 1st. He's been working with us for quite some time already as a third-party contractor to Kuba, helping scale that organization's sale and professionalizing it through a great partner of ours called Brave. Very satisfied with Svein joining us now and really putting speed on our commercialization. That's us, and I will let Christoffer show you the numbers. Enough talking from me.
Thank you, Anton. I'm happy to go through the numbers. Really pleased with the posting NOK 17.7 million in revenues for the quarter. Bear in mind that the financial report contains the actual reported numbers, while this presentation is more focused on the pro forma and pro rata development. Meaning that as if we had owned both Agil and all the other companies throughout the entire period that we're looking at. That way you can compare apples to apples. Basically, all our companies that we own now grew their revenue from NOK 13.3 million- NOK 7.7 million year-over-year. We also posted a loss of NOK 1 million in cash EBITDA, which we are rather pleased with given that we spent almost NOK 2 million on growth initiatives, being digital marketing and sellers in the quarter. Please note that there are two rather noticeable seasonality effects.
In the occupational health segment, you have normally a very good and strong fourth quarter. You can see that clearly in the graph for 2025. You also expect that to be the picture for this year. The other seasonality effect is on the cost side, where you have a second quarter with lower costs in your P&L than you have in the other quarters, given that you pay out holiday pay. So you miss one month of salary expense in your P&L. If we dig more into the revenue side of things, we are really pleased to see that it's the recurring revenues that are the driving force behind the positive development, which increased with 74% year-over-year and also constitutes 74% of total revenues.
With the base we have now and what we have already signed, and without further growth and what we see in the pipeline, we already see that we have close to NOK 70 million in recurring revenues as a visibility base, which gives us great comfort and visibility going into the next periods. A small comment to the fourth quarter 2025. I mentioned this is now the effect on the previous slide. You can clearly see here that it is the service element within the occupational health that is driving the uptick in revenues. If we focus more on the cost side, the total operating expenditures and personnel expenses for the quarter ended at NOK 10 million. We are doing what we said we would do. We would invest in the right things. We increased the costs in growth initiatives with over 100% year-over-year.
What we also are quite focused on is cost control on the other elements, and pleased to see that the other costs are down year-over-year, and CodeLab costs are in line with the second quarter for 2025. We expect that the team we have set now, and the cost base that we have established is scalable going forward. If we focus more on the company specific numbers, let us start with Kuba, which had a great quarter. Kuba is continuing to grow based on the strong assessment they have had historically. Basically increasing the top line to NOK 4.3 million, with recurring revenues growing over 30% year-over-year. The new sales volume, or actually value, is 2.9x higher than the comparable period last year.
Probably the graph and the development which I am most satisfied with is the cash EBITDA development, which is NOK 1.2 million, and NOK 2.3 million before growth costs, and even taking into account around, let us say, NOK 700,000 in salary costs that are missing from these numbers. Kuba has reached a milestone being self-funded, at least proven for the second quarter, with a great cash flow production. Cloudya. It is the same story all over again. The growth is really, really strong, going from a one-man team to a two-man team for the first half in 2026. Have a great momentum, and has started to onboarding also international customers and I would say also more complex enterprise kind of customers or longer contracts. Really pleased with their development and the pipeline looks extremely strong. Cloudya alone has secured over NOK 15 million in recurring revenues.
I would expect that number to increase quite dramatically in the second half of this year. Furthermore, which is a win-win situation for the company and for us, obviously, is that even though you are growing almost exponentially, you also get the improved margins from AWS tweaking their partner strategy. Also in the fact that Cloudya is delivering better and more high-quality services, taking on projects and also adding competence to their team and stakeholders around the company, which translates into higher margins and higher profitability. Obviously looking forward also to the next quarter presentation, where we plan to show you more actual numbers on Agil as well, even though we have only owned that for a month now. I will let Anton to wrap things up before we go to Q&A.
Yes. Thank you, Christoffer. As you can tell, we are executing. We are doing our utmost best to deliver on what we said we wanted to do. I think we are proving that we are able to deliver on our targets. Again, I am really glad CEO of CodeLab and a happy owner of our portfolio companies. I am really pleased to see how all of the people working in the business are aligned, share the same interest and we get very valuable feedback in making the right decisions when we look to the future, and doing add-ons and discussing getting great insights into both the industry, especially occupational health, where we learn a lot and get inputs on how to position for making a profitable journey into that space. Yeah, as you can tell, the pipeline is active.
The platform is taking shape and we look forward to update you again next quarter. We are still working on improving our investment relations side of things. But right now, we are keeping the cash we have in the company. We spend it to grow and want to make profits for our shareholders first, and then we can invest even more into investor relations later. That is us.
As you know, you are always welcome to reach out to me or Christoffer directly, either through mail, phone or whatnot. This is what we do. I think we can start with the Q&A session now. Any questions? If people have a hard time finding the button, look at the bottom down right, and you should be able to see if there are Christoffer, I do not see any questions. Maybe we gave out such a good presentation that we answered everything. But please do ask if you have any. If not-
No, it is just a comment, but we are obviously also available after this call if anyone wants to reach out.
Absolutely. Please do follow CodeLab closely the next few weeks because things is about to happen. The targets we are looking at are very, very interesting. Cool. Thank you so much, everyone. Thank you for joining in. Enjoy the rest of your day.