Cyviz AS

Investor Presentation • Aug 29, 2024

Q2 and H1 Results 2024

Cyviz August 29th, 2024

Today's Agenda and Presenters

Q2'24 in brief

Performance 2020-2024

Business Highlights

Q2 and H1 financials

Outlook

Q&A

Espen Gylvik CEO

Karl Peter Gombrii CFO

Underlying business, as defined by order intake, on a positive trajectory; Q2 financials behind last year.

Q2'24 in brief

Revenue of NOK 139 million in Q2, down 12.9% compared to last year.

Gross profit of NOK 69.0 million equivalent to 49.6% margin.

EBITDA of NOK 2.2 million in Q2, down NOK 9.4 million vs. last year

Order intake of NOK 156 million, up 27% compared to Q2 2023.

561 589

Q3-22

Q4-22

Q1-23

Q2-23

Q3-23

Q4-23

Q1-24

Q2-24

626 632

517

710

+7%

642 676

Cyviz Group ROLLING 12-MONTHS TREND 2020-2024

Business Highlights

Business Highlights

H1 2024

-

Business highlights

YTD Bookings July '24

rd highest monthly orders ever in July 2024

All-time-high back-log: 452 MNOK by July 31st

BOOKINGS YTD (JULY) BOOKINGS BY BRAND YTD (JULY)

Q2 Financials

Q2 Financial highlights

Revenues

• 12.9% decline from Q2 2023
• Rolling 12-months trend at NOK 534 million versus NOK 593 million in Q2 2023 (NOK -59 million)

Gross profit

• 49.6% gross margin for the quarter, gross profit down 8.8 million
• Rolling 12-months trend at NOK 286 million versus NOK 280 million in Q2 2023 (+2%)

EBITDA

• NOK 9.4 million decrease compared to 2023
• Rolling 12-months trend at NOK 20.8 million after Q2 compared to NOK 36.7 million after Q2 2023

Bookings

• Up 27 % compared to same quarter last year

Half-year results 2024

Revenues

• 17 % decline from H1'23 driven by high-margin, lower revenue items shipped in Q1, higher than-usual order intake in Q4.

Gross profit

• 57.3 % gross margin for first half, gross profit down 2.9 million

EBITDA

• NOK 7.0 million decrease compared to 2023 driven by revenue decrease in Q2

Bookings

• Down 12 % compared to same quarter last year; driven by higherthan-usual order intake in Q4 and correspondingly lower in Q1. Q2 bookings increased 27% yoy

Operating cash flow

Key drivers Q2

• Operating break-even driven by positive EBITDA of NOK 2.2 million
• Slower collection and associated increase in AR with impact of -19 million
• Inventory build-up of NOK 25.4 million explained by multiple large, more complex projects (negative cash effect)
• Increase in AP of NOK 40.9 million

Key drivers H1'24

• The high receivable collection reflects Q4 bookings, which were weighed to geographical areas that traditionally have shorter collection times (high Q1 collection).
• Other effects similar to Q2 albeit less pronounced

Outlook

Outlook

Profitable growth driven by growing core business, new products and services, and cost optimization

Profitable growth & cash management

Increased focus on profitability through cost optimization, new services and continued revenue growth. Putting new tighter processes in place for collecting cash, improved contractual terms and conditions. Maintaining the medium-term 15-20% EBITDA-margin .

Growing demand for advanced collaboration solutions

Market trends and pipeline development indicate a positive development in order intake across all regions and verticals for 2024, with the recovery of private sector investments

Launching the new Software platform through a partner eco system

Leveraging the legacy of the Cyviz technology to commercially launch a new Software platform as a service through a partner eco system for scale, increased subscription revenue and market reach.

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