Project Kona Updated valuation materials November 2025 DRAFT All numbers and references herein are highly preliminary and subject to material refinement Exhibit (c)(vii)

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Disclaimer 1. Section name This presentation was prepared by Rothschild & Co US Inc. (“Rothschild & Co”) on a confidential basis for the benefit and internal use of the Special Committee (the “Special Committee”) of the Board of Directors of KORE Group Holdings, Inc. (the “Company” or “Kona”) in the context of the Special Committee’s consideration of the matters described herein. In creating this presentation, Rothschild & Co has relied upon information that is publicly available or which was provided to Rothschild & Co by or on behalf of the Company’s management, including, without limitation, management operating and financial forecasts or projections. Such information involves numerous significant assumptions and subjective determinations that may or may not be correct. Rothschild & Co has not assumed any responsibility for independent verification of any of such information contained herein, including, but not limited to, any forecasts or projections set forth herein, and Rothschild & Co has relied on such information being complete and accurate in all material respects. Accordingly, no representation or warranty, express or implied, can be made or is made by Rothschild & Co as to the accuracy or completeness of any such information or the achievability of any such forecasts or projections. Except where otherwise indicated, this presentation speaks as of the date hereof and is necessarily based upon the information available to Rothschild & Co and financial, stock market and other conditions and circumstances existing and disclosed to Rothschild & Co as of the date hereof, all of which are subject to change. Rothschild & Co does not have any obligation to update, bring-down, review or reaffirm this presentation. Under no circumstances should the delivery of this presentation imply that any information or analyses included in this presentation would be the same if made as of any other date. Nothing contained in this presentation is, or shall be relied upon as, a promise or representation as to the past, present or future. Nothing contained herein shall be deemed to be a recommendation from Rothschild & Co to any party, including without limitation, any security holder of the Company, to enter into any transaction or to take any course of action. By accepting these materials, the Special Committee acknowledges that Rothschild & Co is not in the business of providing (and the Special Committee is not relying on Rothschild & Co for) legal, tax or accounting advice, and the Special Committee should receive (and rely on) separate and qualified legal, tax and accounting advice. These materials do not constitute an offer or solicitation to sell or purchase any securities. Rothschild & Co is not acting in any capacity as a fiduciary or agent of the Special Committee, the Board of Directors of the Company, the Company or the Company’s security holders. In the ordinary course of their asset management, merchant banking and other business activities, affiliates of Rothschild & Co may at any time hold long or short positions, and may trade or otherwise effect transactions, for their own accounts or the accounts of their clients in equity, debt or other securities (or related derivative securities) or financial instruments of the Company or any of its affiliates or any other company that may be involved in any transaction. This presentation is confidential and was not prepared with a view to public disclosure or filing thereof under state or federal securities laws or otherwise. This presentation may not be copied by, or disclosed or made available to, any person without the prior written consent of Rothschild & Co. This presentation was not prepared for use by readers not as familiar with the business and affairs of the Company as the Special Committee, and accordingly, Rothschild & Co does not take any responsibility for the accuracy or completeness of any material if used by persons other than the Special Committee. Rothschild & Co shall not have any liability, whether direct or indirect, in contract or tort or otherwise, to any person in connection with this presentation. 2

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Contents Situation overview Management LTP Preliminary valuation perspectives Appendices 4 8 11 20

1 Situation overview

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE - - Sep-21 Feb-22 Jul-22 Dec-22 May-23 Oct-23 Mar-24 Aug-24 Jan-25 Jun-25 Nov-25 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 6-month return 70% 1-year return 127% 2-year return 64% 3-year return (75%) Return since de-SPAC (92%) VWAP 1-month $4.43 3-month 4.18 6-month 3.96 52-week performance 3 High $4.88 Low 1.10 Historical EV / NTM Adj. EBITDA multiples Current 7.9x 3-month 7.6x 6-month 7.3x 1-year 7.1x Since de-SPAC 7.7x Dec ’24 Samoa files an amended 13D indicating it may seek to further invest in or acquire Kona Mar ’23 Announces acquisition of Twilio’s IoT business unit Jun ’24 1:5 reverse stock split Nov ’24 Completes operational restructuring plan Nov ’23 Kona reports strategic investment from Samoa disclosing 12.0% ownership2 Apr ’24 CEO transition Feb ’22 Announces acquisition of Business Mobility Partners & SIMON Stock price EV / NTM Adj. EBITDA Samoa events Other events Q / K filed Share price (November 13, 2025) $3.93 $45.00 3-month return 65% Kona historical trading performance Share price and EV / NTM Adj. EBITDA multiple have declined following the de-SPAC, although business shows signs of stabilization amidst operational improvements Sources: Company filings, FactSet (as of November 13, 2025), press releases Notes: FDSO includes 17.5m common shares,1.6m RSUs and 2.4m warrants issued to Samoa as of October 6, 2025, per Kona Management Ownership percentage calculated including the 2.4m warrants issued to Samoa Inclusive of intraday price movements over the past 52 weeks Kona stock price and NTM Adj. EBITDA multiple since 2021 de-SPAC1 Select data points Stock price ($ actuals) Historical NTM trading multiple (x) Situation overview 1 16.0x 14.0x 12.0x 10.0x 8.0x 7.9x 6.0x 4.0x 2.0x $3.93 Dec ’24 NYSE accepts plan to regain compliance with listing standards Nov ’25 Amended 13D filing indicating Samoa / Amelia proposal to acquire outstanding shares for $5.00 per share cash consideration 5

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE - 2.0x 4.0x 6.0x 8.0x - Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Sources: Company filings, FactSet (as of November 13, 2025), press releases Notes: $1.00 $2.00 $3.00 $4.00 Aug-25 Sep-25 Oct-25 Nov-25 Share price 1 day prior to 13D $1.17 1 month prior 13D (36%) 1 day after 13D 7% 1 week after 13D 62% 1 month after 13D 73% 3 months after 13D 111% Return since 13D 236% VWAP 1 month after 13D $3.30 3 month after 13D 3.20 6 month after 13D 3.15 Share performance3 High after 13D $4.88 Kona historical trading performance (cont’d) Share price increased 70% in the following 1 month after Samoa’s amended 13D filing, and 236% since the filing 7.9x $1.17 Situation overview 1 $3.93 $3.22 Dec ’24 Samoa files an amended 13D indicating it may seek to further invest in or acquire Kona Stock price ($ actuals) Historical NTM trading multiple (x) Dec ’24 NYSE accepts plan to regain compliance with listing standards Unaffected date as of December 18, 2024, the day prior to Samoa’s amended 13D filing FDSO includes 17.5m common shares,1.6m RSUs and 2.4m warrants issued to Samoa as of October 6, 2025, per Kona Management Inclusive of all intraday price movements following the filing of Samoa’s amended 13D Kona stock price and NTM Adj. EBITDA multiple since 1 month prior to Samoa’s amended 13D filing1,2 Select data points Stock price EV / NTM Adj. EBITDA Samoa events Other events Q / K filed Nov ’25 Amended 13D filing indicating Samoa/Amelia proposal to acquire outstanding shares for $5.00 per share cash consideration 6

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Kona’s valuation at various stock prices Sources: Company filings, FactSet (as of November 13, 2025), Kona Management, LTP Notes: Transaction assumed to occur after November 15, 2025 with current capital structure. Samoa and WL 5. offers are both non-binding offers Unaffected date as of December 18, 2024, day prior to Samoa’s initial amended 13D filing 6. FDSO includes 17.5m common shares and 1.6m RSUs as of October 6, 2025, per Kona Management Net debt of $282m as of September 30, 2025 Inclusive of preferred equity redeemed at 1.8x minimum return inclusive of accumulated PIK interest and value of 2.4m warrants Additional payment in the event of a change of control comprised of the remaining coupons to maturity 7 and accrued interest on the $120m in backstop notes, as of November 16, 2025 Implied valuation at various prices1 Situation overview 1 Ilustrative share price ($) $3.93 $1.17 $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 Implied premia to: Current (November 13, 2025) $3.93 - (70%) 27% 53% 78% 104% 129% 154% Unaffected $1.17 236% - 327% 413% 498% 584% 669% 755% 1-month VWAP $4.43 (11%) (74%) 13% 35% 58% 81% 103% 126% 3-month VWAP $4.18 (6%) (72%) 20% 43% 67% 91% 115% 139% 6-month VWAP $3.96 (1%) (70%) 26% 52% 77% 102% 128% 153% 52-week high $4.88 (19%) (76%) 2% 23% 43% 64% 84% 105% 52-week low $1.10 257% 6% 355% 445% 536% 627% 718% 809% (x) Fully diluted shares outstanding (m)3 19 19 19 19 19 19 19 19 Implied equity value (excl. Samoa warrants) $75 $22 $96 $115 $134 $153 $172 $191 (+) Net debt4 $282 $282 $282 $282 $282 $282 $282 $282 (+) Returned capital to Samoa5 275 275 275 275 275 275 275 275 Implied enterprise value $632 $580 $653 $672 $691 $710 $729 $749 Memo: implied EV premium Memo: mandatory redemption of backstop notes 6 - $20 (8.3%) $20 3.2% $20 6.3% $20 9.3% $20 12.3% $20 15.3% $20 18.4% $20 Implied multiples: EV / Adj. EBITDA LTM (September 30, 2025) $60 10.6x 9.7x 10.9x 11.3x 11.6x 11.9x 12.2x 12.5x 25E $63 10.1x 9.2x 10.4x 10.7x 11.0x 11.3x 11.6x 11.9x 26E $63 10.0x 9.2x 10.3x 10.6x 10.9x 11.3x 11.6x 11.9x $m, unless noted Current Unaffected Samoa offer WL offer

2 Management LTP

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE b LTP: review of key plan assumptions 1. CaaS ARPU is calculated as the weighted average monthly revenue over the period 2025E 2026E 2027E Sources: Kona Management, LTP Note: Selected KPIs (Management LTP) Key assumptions a CaaS Connectivity1 revenue is forecast to decline (1.1%) in 2025, reflecting a transitional year with strategic focus on continued improvements to operational efficiency Growth accelerates to 8.3%, 10.9%, 9.8% and 9.9% in 2026 to 2029, respectively, reflecting a return to industry growth rates Solutions revenue is held approximately flat throughout the forecast period, as Management prioritizes higher-margin opportunities that support recurring Connectivity revenue c Gross margin is forecast to improve, reflecting improved vendor pricing with carriers due to higher volumes, while accounting for customer re-rates d Operating expenses are forecast to grow ~2–3% annually, with the anticipated realization of efficiency gains expected to offset the impact of higher revenue Management believes additional cost levers are available should revenue fall short of expectations Average CaaS connections (m) CaaS ARPU1 Gross margin % YoY growth (%) YoY growth (%) YoY improvement (bps) Management LTP 2 (111bps) 109bps 31bps 22bps 11bps 55.2% 56.3% 56.6% 56.8% 56.9% 2025E 2026E 2027E 2028E 2029E (9.1%) (0.4%) 0.6% (2.0%) (2.0%) $0.89 $0.88 $0.89 $0.87 $0.86 2025E 2026E 2027E 2028E 2029E 8.7% 8.7% 10.2% 12.0% 12.1% 19.8 21.5 23.7 26.6 29.8 2028E 2029E 9

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Summary of LTP Sources: Kona Management, LTP Notes: 1. Other tax deductible expenses include integration-related costs and other one-time items Average CaaS Connections and ARPU based on CaaS, SuperSIM and Carrier+ revenue and average monthly connections CaaS ARPU is calculated as the weighted average monthly revenue over the period CAGR $m, unless noted 2023A 2024A 2025E 2026E 2027E 2028E 2029E '23-'25 '25-'29 Total IoT Connectivity 204 228 Total IoT Solutions 73 58 226 239 260 285 313 64 57 58 59 60 5% 9% (6%) (2%) Revenue $277 $286 % growth 14% 3% $290 $295 $318 $344 $373 2% 7% 1% 2% 8% 8% 8% Gross profit $149 $161 % margin 54% 56% $160 $166 $180 $196 $212 4% 7% 55% 56% 57% 57% 57% Adj. EBITDA $56 $53 % margin 20% 19% $63 $63 $74 $87 $100 6% 12% 22% 21% 23% 25% 27% (-) One-time items1 ($18) ($19) (-) Stock-based compensation (tax deductible (4) (4) (-) Tax D&A (58) (56) ($19) ($2) ($2) - - (1) (2) (3) (4) (4) (41) (35) (23) (22) (22) EBIT % margin $3 $25 $46 $60 $74 130% 1% 8% 14% 18% 20% Memo: Average CaaS connections (m)2 18.2 CaaS ARPU2,3 $0.98 CapEx $13 19.8 21.5 23.7 26.6 29.8 11% $0.89 $0.88 $0.89 $0.87 $0.86 (1%) $10 $9 $9 $10 $10 0% Management LTP 2 10

3 Preliminary valuation perspectives

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Illustrative discounted cash flow analysis Projected cash flows1 Sources: Company filings, Kona Management, LTP Notes: Unlevered cash flow line items based on LTP 2029E revenue growth rate applied to terminal revenue and Adj. EBITDA margin held flat Per Kona Management, other tax-deductible expenses include integration-related costs and other one-time items 40% of SBC is tax-deductible per Kona Management. SBC treated as cash expense 25% tax rate per LTP Valuation date assumed as of December 31, 2025. FDSO includes 17.5m common shares, 1.6m RSUs and 2.4m warrants issued to Samoa as of October 6, 2025, preferred stock valued at liquidation value of 1.8x MOIC ($275m), senior secured note valued at principal balance ($182m), backstop notes valued at principal value ($120m), cash balance ($20m), all as of September 30, 2025, per Kona Management and company filings Enterprise value ($m) at terminal multiple of 6 PV of terminal value as % of EV at terminal multiple of 6 Implied share price at terminal multiple of 6 2 $m 2026E 2027E 2028E 2029E Terminal period Total revenue $295 $318 $344 $373 $405 % growth 1.9% 7.6% 8.3% 8.4% 8.4% Adj. EBITDA $63 $74 $87 $100 $109 % margin 21.4% 23.4% 25.2% 26.9% 26.9% (-) One-time items3 (2) (2) - - - (-) Stock-based compensation (tax deductible)4 (2) (3) (4) (4) (4) (-) Tax D&A (35) (23) (22) (22) (10) EBIT $25 $46 $60 $74 $94 (-) Tax at 25% rate 5 (6) (11) (15) (18) (20) NOPAT $19 $35 $46 $56 $74 (+) Tax D&A 35 23 22 22 10 (-) Stock-based compensation (non-tax deductible)4 (3) (5) (6) (6) (6) (-) CapEx (9) (9) (10) (10) (10) (+/-) Source / (use) of NWC (0) (2) (2) (2) (2) Unlevered FCF $41 $41 $50 $59 $65 WACC 8.0x 8.5x 9.0x 9.5x 10.0x 8.0x 8.5x 9.0x 9.5x 10.0x 8.0x 8.5x 9.0x 9.5x 10.0x 13.0% $682 $715 $748 $782 $815 78% 79% 80% 81% 82% $6.51 $8.25 $9.99 $11.74 $13.48 14.0% 661 693 725 757 789 78% 79% 80% 81% 82% 5.40 7.09 8.77 10.45 12.14 15.0% 640 672 703 734 765 78% 79% 80% 80% 81% 4.35 5.97 7.60 9.22 10.85 16.0% 621 651 681 711 741 77% 78% 79% 80% 81% 3.34 4.91 6.48 8.05 9.62 17.0% 603 632 661 690 719 77% 78% 79% 80% 81% 2.37 3.88 5.40 6.92 8.43 Preliminary valuation perspectives 3 12

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE $5.06 $6.57 $6.92 $1.60 $11.04 $10.01 $7.99 $11.01 Illustrative discounted cash flow analysis sensitivity DCF sensitivity to various operating assumptions Implied per-share midpoint DCF range1 LTP assumption Item Sources: Company filings, Kona Management, LTP Notes: Sensitivity analyses vs. LTP. Valuation date assumed as of December 31, 2025. FDSO includes 17.5m common shares, 1.6m RSUs and 2.4m warrants issued to Samoa as of October 6, 2025 per Kona Management. Assumes WACC of 15.0% and terminal multiple midpoint of 9.0x 2025E to 2029E CAGR 55.2% represents 2025E LTP gross margin and 57.9% represents 2029E LTP gross margin +1% Represents 2026E margin Sensitivity range Avg. CaaS connections (% CAGR)2 Average CaaS connections reach 29.8m by 2029 2025-2029 CAGR of 11% 9% 13% 11% Solutions (% CAGR) IoT Solutions has (2%) CAGR across 2025 to 2029 (5%) 5% (2%) Gross margin (% +/-) Gross margin increases from 55.2% in 2025 to 56.9% in 2029 55.2%3 57.9%3 56.9% Adj. EBITDA margin increases from 21.7% in 2025 to 26.9% in 2029 Terminal Adj. EBITDA margin 21.4%4 30% 26.9% TMM Base DCF midpoint: $7.60 Preliminary valuation perspectives 3 13

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Selected public company analysis Sources: Company filings, FactSet (as of November 13, 2025), Kona Management, LTP Notes: Metrics based on median consensus estimate Digi and Powerfleet financials calendarized to Kona’s fiscal year ending December 31 Preferred stock valued at liquidation value of 1.8x MOIC ($275m) assumed after November 15, 2025 Powerfleet pro-forma financials include the acquisition of MiX Telematics in October 2023 and Fleet Complete in September 2024 Share %52w Market Enterprise EV / Revenue EV / Adj. EBITDA Revenue growth Adj. EBITDA margin $m, unless noted1, 2 price ($) high cap value 2025E 2026E 2025E 2026E 2025E 2026E 2025E 2026E 3 Kona LTP $3.93 80.5% $75 $632 2.2x 2.1x 10.1x 10.0x 1.4% 1.9% 21.7% 21.4% Kona consensus3 $3.93 80.5% $75 $632 2.2x 2.1x 10.3x 8.9x (0.9%) 7.7% 21.7% 23.4% IoT Solutions Digi $38.53 86.0% $1,495 $1,633 3.7x 3.3x 14.4x 12.6x 4.0% 10.2% 25.5% 26.6% Powerfleet 4 4.99 57.3% 679 922 2.2x 2.0x 10.0x 7.8x 16.2% 11.7% 21.8% 25.1% Ituran 37.03 81.5% 737 689 2.0x 1.9x 7.5x 6.9x 1.9% 5.7% 26.8% 27.7% Mean 2.6x 2.4x 10.7x 9.1x 7.3% 9.2% 24.7% 26.5% Median 2.2x 2.0x 10.0x 7.8x 4.0% 10.2% 25.5% 26.6% Preliminary valuation perspectives 3 14

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE 10yr 5yr 4yr 3yr 2yr 1yr Kona1 n.a n.a. 7.7x 7.0x 7.0x 7.1x IoT Solutions Digi 10.1x 12.3x 12.5x 12.4x 11.6x 12.2x Powerfleet 14.4x 12.4x 11.4x 10.2x 9.6x 8.3x Ituran 6.9x 5.8x 5.6x 5.5x 5.7x 6.5x Mean 10.3x 10.2x 9.8x 9.4x 8.9x 9.0x Average EV / NTM Adj. EBITDA since July 2015 - 4.0x 8.0x 12.0x 16.0x 20.0x Nov-15 Nov-17 Nov-19 Nov-21 Nov-23 Nov-25 Selected public company analysis: valuation over time EV / NTM EBITDA (L10Y) Sources: Company filings, FactSet (as of November 13, 2025), Kona Management Note: 1. Kona since 2021 de-SPAC Kona1 IoT Solutions 9.0x 7.9x Preliminary valuation perspectives 3 15

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Target Acquiror EV ($m)3 $200 $52 $126 $1,246 $375 $1,134 $86 $137 $1,034 Date Sep-24 Sep-24 Oct-23 Aug-22 May-21 Apr-21 Apr-19 Mar-19 Jan-19 7.8x 2.1x 17.7x 8.0x 18.7x 6.8x 3.9x 40.9x 9.2x 22.9x 16.2x 10.0x 12.7x Selected precedent transactions Sources: Company filings, press releases Notes: Calculated using reported synergies where available Acquisition completed under the name I.D. Systems (rebranded as Powerfleet on October 3, 2019) 3. Shown in US$m, converted at announcement date EV / LTM Adj. EBITDA multiples of select IoT Solutions sector transactions since 2019 (Telematics) 2 Value of synergies 15.7x 12.7x 8.9x 7.9x Gross mean: 15.7x Gross median: 12.7x Synergized mean: 8.91 Synergized median: 7.9x1 Preliminary valuation perspectives 3 16

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Ke 8.0x 9.0x 10.0x 11.0x 12.0x 15.0% n.m. $0.62 $3.77 $6.98 $10.21 17.5% n.m. 0.62 3.76 6.96 10.18 20.0% n.m. 0.62 3.75 6.94 10.15 Ke 8.0x 9.0x 10.0x 11.0x 12.0x 15.0% $1.10 $4.27 $7.70 $11.06 $14.40 17.5% 1.08 4.17 7.52 10.79 14.05 20.0% 1.05 4.07 7.34 10.54 13.72 Ke 8.0x 9.0x 10.0x 11.0x 12.0x 15.0% $4.14 $8.22 $12.03 $15.43 $18.51 17.5% 3.96 7.85 11.49 14.74 17.68 20.0% 3.78 7.51 10.99 14.09 16.90 Ke 8.0x 9.0x 10.0x 11.0x 12.0x 15.0% $6.36 $10.71 $14.36 $17.59 $20.72 17.5% 5.94 10.01 13.42 16.45 19.37 20.0% 5.56 9.37 12.56 15.40 18.13 Implied PV of '25E share price at illustrative trading multiple of Implied PV of '26E share price at illustrative trading multiple of Implied PV of '27E share price at illustrative trading multiple of Implied PV of '28E share price at illustrative trading multiple of Illustrative PV of Kona future share value Share price sensitivity at trading multiple between 8 – 12x and cost of equity of 15 – 20% Sources: Bloomberg, company filings, FactSet (as of November 13, 2025), Kona Management, LTP Notes: Illustrative share prices based on FDSO including 17.5m common shares and 1.6m RSUs as of October 6, 2025, per Kona Management Assumes current capital structure (as of September 30, 2025) and cost of equity 15 - 20% Accounts for total capital returned to Samoa includes preferred stock (valued at liquidation preference inclusive of accumulated PIK interest), value of warrants and incremental amount to minimum MOIC (where applicable) Cost of equity held at 17.5% NPV of future share value1,2,3 9.0x 8.0x EV / NTM Adj. EBITDA4: 11.0x 10.0x 12.0x Preliminary valuation perspectives 3 17 $1.08 $3.96 $5.94 $0.62 n.m. $4.17 $7.85 $10.01 $3.76 $7.52 $11.49 $13.42 $6.96 $10.79 $14.74 $16.45 $3.93 $10.18 $14.05 $17.68 $19.37 - $5.00 $10.00 $15.00 $20.00 Current 2025E 2026E 2027E 2028E

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Illustrative PV of Kona future share value (cont’d) 2025-2029 Revenue CAGR sensitivity from 3 to 8% for 2026E, 2027E and 2028E Assumptions1,2 2026E1,2 Summary assumptions: 1 EBITDA margins consistent with prior scenario 2 Cost of equity held at 17.5% (midpoint of sensitivity range) 3 Exit multiple range of 8 – 12x NTM adj. EBITDA 4 LTP assumes revenue CAGR of 7% Sources: Bloomberg, company filings, FactSet (as of November 13, 2025), LTP, Kona Management Notes: 1. Illustrative share prices based on FDSO including 17.5m common shares and 1.6m RSUs as of October 6, 2025, per Kona Management 2. Accounts for total capital returned to Samoa includes preferred stock (valued at liquidation preference inclusive of accumulated PIK interest), value of warrants and incremental amount to minimum MOIC (where applicable) 2027E1,2 2028E1,2 Preliminary valuation perspectives 3 Revenue Implied PV of '26E share price at illustrative trading multiple of CAGR ('25-'29) 8.0x 9.0x 10.0x 11.0x 12.0x 3% $0.00 $2.69 $5.88 $8.98 $12.07 4% 0.05 2.93 6.16 9.30 12.42 5% 0.36 3.30 6.57 9.75 12.92 6% 0.84 3.87 7.19 10.44 13.67 7% 1.08 4.17 7.52 10.79 14.05 8% 1.79 5.03 8.47 11.84 15.19 Revenue Implied PV of '27E share price at illustrative trading multiple of CAGR ('25-'29) 8.0x 9.0x 10.0x 11.0x 12.0x 3% $0.00 $5.34 $8.80 $11.90 $14.80 4% 0.43 5.83 9.36 12.52 15.41 5% 2.08 6.48 10.06 13.29 16.16 6% 3.42 7.39 11.00 14.26 17.16 7% 3.96 7.85 11.49 14.74 17.68 8% 5.33 9.21 12.94 16.15 19.21 Revenue Implied PV of '28E share price at illustrative trading multiple of CAGR ('25-'29) 8.0x 9.0x 10.0x 11.0x 12.0x 3% $0.00 $6.61 $9.77 $12.43 $14.99 4% 0.69 7.43 10.71 13.49 16.15 5% 3.33 8.36 11.73 14.61 17.38 6% 5.23 9.45 12.84 15.82 18.68 7% 5.94 10.01 13.42 16.45 19.37 8% 7.73 11.65 15.16 18.33 21.41 18

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE 22.3% 36.4% 42.1% 56.2% 81.1% 25th percentile Median Mean 75th percentile 90th percentile 20.2% 32.4% 44.3% 53.4% 94.4% 25th percentile Median Mean 75th percentile 90th percentile Share price premium 1-day Premiums paid analysis Share price premium 1-month Source: Refinitiv Note: Analysis includes 172 going-private transactions since 2017 with EV values greater than $250m, excludes target businesses in financial services, real estate, energy, biotechnology and pharmaceutical sectors Preliminary valuation perspectives 3 19

Appendices

Appendix A Additional valuation support

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE 4% 9% 1% 1% 5% 27% 18% n.a. 24% 19% 7% 4% 2% 1% 3% 8% 1% 12% 5% 6% 48% 52% 73% 60% 54% 8% 24% n.a. 9% (8%) Selected public company analysis: operational benchmarking Historical financials1 2022A – 2024A 2022A – 2024A 2024A 2022A – 2024A 2024A 2024A 3% | 4% 6% | 6% 56% | 58% 9% | 14% 24% | 23% 2% | 3% Gross profit CAGR Gross profit margin Adj. EBITDA CAGR Adj. EBITDA margin CapEx % of sales Revenue CAGR Solutions only 2 Sources: Company filings, Kona Management Notes: Digi and Powerfleet financials calendarized to Kona’s fiscal year ending December 31 Pro-forma for MiX Telematics (acquired October 2023) excluding Fleet Complete (acquired September 2024) Additional valuation support A 22

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Additional reference points: acquired IoT providers Historical financials1 Sources: Company filings, press releases Notes: Calendarized to Kona’s fiscal year ending December 31; margins and CapEx % sales based on final year of public reporting EV / adj. LTM EBITDA Filed for Ch. 11 bankruptcy in June 2024 (2021A – 2023A) Acquired by Powerfleet in October 2023 for 3.9x2 (2021A – 2024A) Acquired by GI Partners in September 2021 for 22.9x2 (2018A – 2020A) Revenue CAGR CapEx % of sales Additional valuation support A 7% 1% (2%) %) Gross profit CAGR Gross profit margin Adj. EBITDA CAGR Adj. EBITDA Margin 5% 3% (6%) 63% 68% 37% (11%) (2 (25%) 20% 35% 6% 14% 12% 4% 23

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE n.a. 6% n.a. 1% 3% 3% 28% 22% n.a. 26% 22% 22% 7% 37% n.a. 14% 17% 9% n.a. 56% n.a. 63% 56% 55% 5% 14% 19% 8% 5% 2% Kona Consensus LTP Sources: Company filings, FactSet (as of November 13, 2025), Kona Management, LTP, Wall Street research Notes: 1. Digi and Powerfleet financials calendarized to Kona’s fiscal year ending December 31 2. Pro-forma for MiX Telematics (acquired October 2023) and Fleet Complete (acquired September 2024) Additional valuation support A Selected public company analysis: operational benchmarking Forward financials1 2024A – 2026E 2025E 2024A – 2026E 2025E 2025E Gross profit margin Adj. EBITDA CAGR Adj. EBITDA margin CapEx % of sales Revenue CAGR 11% | 11% 59% | 59% 14% | 19% 26% | 25% 3% | 3% 2 Solutions only 24

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE 3% 18% 23% 27% 22% 6% < $1.5 $1.5 - 2.5 $2.5 - 3.5 $3.5 - 4.5 $4.5 - 5.5 $5.5+ 6% 22% 17% 37% 18% - < $1.5 $1.5 - 2.5 $2.5 - 3.5 $3.5 - 4.5 Sources: FactSet (as of November 13, 2025), Kona Management Note: $4.5 - 5.5 $5.5+ - 13% 15% 16% 56% - < $1.5 $1.5 - 2.5 $2.5 - 3.5 $3.5 - 4.5 $4.5 - 5.5 $5.5+ 7% 10% 18% 65% - - < $1.5 $1.5 - 2.5 $2.5 - 3.5 $3.5 - 4.5 $4.5 - 5.5 $5.5+ Last 90 days Last 6 months Last 1 year Last 2 years 1. Represents shares traded as a % of average basic shares outstanding over given period ADTV (in millions / day): 0.09 % of VWAP: $4.18 VWAP: $3.96 ADTV (in millions / day): 0.06 % of VWAP: $3.30 ADTV (in millions / day): 0.09 % of VWAP: $2.85 ADTV (in millions / day): 0.06 % of S/O1 S/O1 3% 0% 3% 6% 22% 0% S/O1 S/O1 Total % of S/O: 35% Total % of S/O: 40% Total % of S/O: 126% Total % of S/O: 262% 6% 0% 5% 6% 22% 0% 22% 8% 28% 47% 22% 0% 61% 9% 47% 72% 59% 15% Historical trading volume analysis Largest number of shares traded between $1.50 – $4.50 over the last year Additional valuation support A 25

Appendix B Other supporting materials

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE Sep-25 Interest rate Maturity Net leverage $25m WhiteHorse senior secured revolver $185m WhiteHorse senior secured term loan $120m Convertible backstop notes - 182 120 S+650 S+650 5.50% Nov-28 Nov-28 Sep-28 2.6x 4.8x 9.2x 2.6x 4.5x 8.9x Existing capital structure overview Balance sheet as of September 30, 2025 Capitalization overview ($m) Sources: Company filings, FactSet (as of November 13, 2025), Kona Management Notes: 1. Valued at liquidation preference inclusive of accumulated PIK interest (as of anticipated close of December 31, 2025) FDSO includes 17.5m common shares,1.6m RSUs and 2.4m warrants issued to Samoa as of October 6, 2025, per Kona Management Q3 2025 LTM Credit Agreement EBITDA per Kona Management inclusive of pro-forma adjustments Includes senior secured term loan and revolver Other supporting materials B $25m Senior Secured RCF $25 (-) Amount outstanding – Facility available $25 (+) Cash and cash equivalents 20 Total liquidity $45 Gross leverage Gross leverage (including preferred equity) 1st lien net leverage4 Net leverage Net leverage (including preferred equity) Total debt $302 4.5x $153m Series A-1 preferred1 275 13.0% Nov-33 Total debt and preferred $577 8.9x Cash and cash equivalents (20) Net debt incl. preferred $557 Market capitalization (based on $3.93 stock price)2 75 Total capitalization $632 LTM Credit Agreement EBITDA3 $63 Credit metrics Liquidity analysis 27

PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE 24% 12% Kona shareholder base Samoa and Amelia collectively own ~36% of Kona’s basic shares outstanding, assuming Samoa chooses to exercise its warrants1 1. 17.5m common shares outstanding and 2.4m warrants issued to Samoa as of October 6, 2025, per Kona Management Terence Jarman, former Chairman of Kona, is President of Terrdian CCPC Jared Deith is the current CRO at Kona Overview of top 10 shareholders % of BSO (incl. Samoa warrants)1 Investor details Holding Shareholder Type % BSO incl. Samoa warrants1 % BSO Amelia Active 24% 28% Samoa Active 12% - Corient Private Wealth LLC Passive 11% 12% Koch Industries (Investment Management) Active 10% 11% Cerberus Active 8% 9% Twilio, Inc Passive 5% 6% Terrdian CCPC 2 Individual 5% 6% Other supporting materials B Individual 7% Active 22% Passive 20% Samoa Amelia Upon exercise of the Samoa warrants, Goldman Sachs & Co LLC (Private Banking) Active 4% 5% Amelia and Samoa collectively hold ~36% of basic shares outstanding Dotmar Investments Ltd Passive 4% 5% Jared Deith 3 Individual 2% 3% Top 10 shareholders 86% 84% Sources: Bloomberg, company filings, Kona Management Notes: 28