Second quarter, October - December 2025 in summary

• Net sales totalled € 28,2 million (129,0).
• Gross profit amounted to € 0,4 million (3,7) with a gross margin of 1,4% (2,9%).
• Adjusted EBITDA was € -1,9 million (1,3).
• EBIT totalled € -2,9 million (1,2).
• Basic earnings per share amounted to -0,01 EUR (0,01).

Six months period, July – December 2025 in summary

• Net sales totalled € 35,5 million (204,7).
• Gross profit amounted to € 0,4 million (6,1) with a gross margin of 1,1% (3,0%).
• Adjusted EBITDA was € -3,9 million (1,6).
• EBIT totalled € -5,4 million (1,2).
• Basic earnings per share amounted to -0,01 EUR (0,01).

Events during the quarter

• Valuno entered into a letter of intent regarding a joint venture with D2I and Citigiro.
• The Swedish Tax Agency decided to impose VAT and tax surcharges on Valuno relating to RÅ 2021/2022.
• Valuno resolved on a share issue of approximately SEK 25.6 million.
• NGM’s Disciplinary Committee resolved to impose a fine of SEK 200,000 on Valuno due to the Company’s handling and disclosure of information in connection with the Swedish Financial Supervisory Authority’s decision to reject QB Europe AB’s application for authorisation under MiCA.
• Valuno announced a strengthened partner structure with Mandato and Zodia Markets.
• Valuno resolved on an additional share issue of SEK 10.0 million.
• Valuno announced that Mandato had selected Valuno as technology provider in a major trade finance transaction.
• Valuno announced that it has taken significant steps towards a licence-independent business model.
• The Administrative Court ruled that Valuno should be granted a deferral of the VAT imposed by the Swedish Tax Agency relating to RÅ 2021/2022 and remitted the matter to the Swedish Tax Agency for reconsideration.

Events after the quarter

• Citigiro Holding AB requested that the Board of Directors convene an Extraordinary General Meeting in order to change the composition of the Board. The Extraordinary General Meeting will be held on 25 February 2026.

Comments by the CEO

The second quarter has been a challenging period for Valuno Group. We have navigated a time that required focus, discipline, and strategic clarity. At the same time, it has been a quarter that in many ways marks a structural turning point for the Company.

During the period, we completed our capital raise and share issue to secure financing going forward. This time, the share issue was fully subscribed. This is a vote of confidence. Even more important is the quality of the investors now joining Valuno. Among them is Utexo, which is backed by Tether.

Engaging with Tether means more than just capital. Tether is a world leader in stablecoins and a central player in the global digital financial infrastructure. Through the connection with Utexo, Valuno has taken a clear step into a new environment - a sphere where the ambition is global dominance in next-generation payment solutions. This opens doors, strengthens our credibility, and positions us in an ecosystem with entirely different expansion opportunities than before.

In parallel with the capitalisation, we have carried out extensive internal work. Valuno has consolidated its technology, streamlined its product packaging, and enabled integrations within the comprehensive banking platform obtained as part of the financing model closed together with Utexo and Mandato in the latter part of the autumn. This work is fundamental. It is about creating a scalable, modular, and institutionally viable infrastructure that can support significantly larger volumes and more complex client relationships going forward.

During the quarter, our transaction volumes remained at a lower but stable level. This aligns with the strategic transition we have previously communicated. Going forward, Valuno will not primarily drive proprietary volumes but will focus on being a technology and service provider to transaction houses across various industries. This is a more capital-efficient model, with a better margin profile and a clearer position in the value chain.

We are now building a company that is more focused, more integrated, and better capitalised than before. Our goal is clear: to become a central infrastructure player in the global transformation of payments and digital assets.

It has been a tough period. But it has also been a quarter in which the foundation for the next phase has been laid. With strong investors, a consolidated technology platform, and a clear strategy, Valuno is well prepared to take the next step.

Daniel Sonesson
CEO, Valuno Group

Please note that the report has currently been published in Swedish. The English version will be made available later today.

For further information, please contact:
Daniel Sonesson, CEO
+46 (0)10-2045431
investor@valuno.com

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About Valuno Group AB
Valuno is a Swedish fintech company with a vision of a borderless economy where cryptocurrencies and digital payments are seamlessly integrated into everyday life. The company offers solutions for crypto payments, digital wallets, and related financial services. Valuno has been listed on NGM Nordic SME since July 2019. For more information, visit www.investor.valuno.com.