Hawk Infinity Software AS – Q3 2025 results and response to anonymous allegations

18 Nov 2025 06:45 CET

Hawk Infinity Software AS (“HIS”) reports its Q3 2025 financials today. The
summarized results for Q3 2025 are (pro-forma figures):

-LTM revenue of NOK 2,996m
-LTM EBITDA of NOK 836m
-LTM free cash flow of NOK 741m
-Annualized like-for-like growth of 29% in revenue and 23% in free cash flow
-Leverage Ratio of 4.4x

HIS and its parent company Hawk Infinity AS have recently been subject to
various allegations by an anonymous source.

HIS wants to communicate clearly that all the allegations are unfounded and have
all been refuted. HIS has been in dialogue with Nordic Trustee AS as trustee on
behalf of the bondholders and provided the trustee with a written response
addressing the allegations. Nordic Trustee and their legal counsel confirmed on
November 1st in writing to HIS that they have completed their assessment and
have not found any reason to declare a default under any of HIS’ bond terms
based on the allegations. Furthermore, the auditors of both HIS and the parent
company have confirmed that they stand by all previous audited statements and
audit reports.

Johan B. Michelsen, Chairman of the Board of HIS, comments:

“The third quarter report shows that we continue to create value by building an
attractive home for cash-generating software companies with proven track
records. It is regrettable that the people at HIS and our portfolio companies
have to deal with this smear campaign, but I am very happy to confirm that this
has not affected our businesses, which are still growing steadily in terms of
organic cash flow development and addition of new companies.”

The external board member in HIS, Jon Erik Reinhardsen, who assumed the position
in August 2025, has the following comment relating to the anonymous allegations:

“I believe the business model of acquiring asset-light and profitable companies
from founders and inviting them to join as shareholders on a longer journey is a
very good alternative to private equity and industrial buyers. These anonymous
emails about Hawk that have been sent in recent weeks do not change my positive
view of Hawk and their business model.”

The quarterly results will be presented in an audio webcast at 13:30 CET on
Tuesday, November 18th. The audio webcast targets investors, analysts and media.
Attendees will be able to post questions in a Q&A session following the webcast.

To join the audio webcast and post questions, please go to:

https://eur03.safelinks.protection.outlook.com/ap/t-59584e83/?url=https%3A%2F%2F
teams.microsoft.com%2Fl%2Fmeetup-join%2F19%253ameeting_YWEyZjdhZGUtNTJlZC00YTkxL
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ad98-4028-ab89-ddd330566e92%2522%257d&data=05%7C02%7Cjk%40hawk.no%7C952964ebcb75
40e8ff1e08de22a63b36%7C513d592d8ae8411ca118fa1cb68c62ee%7C0%7C0%7C63898629452185
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C%2F6vbUgCCoz6572GfBr6j44fik%3D&reserved=0

For further information please contact:

Joakim Stavnes Karlsen
Chief Executive Officer
Tel: +47 483 88 583
E-mail: jk@hawk.no

Lars Fredrik Revling
Chief Financial Officer
Tel: +47 412 22 772
E-mail: lr@hawk.no

More information:
Access the news on Oslo Bors NewsWeb site

659891_Hawk Infinity Software AS - Q3 2025 report.pdf
659891_Hawk Infinity Software AS - Q3 2025 Presentation.pdf