Mintra Holding

Investor Presentation • May 4, 2022

Q1 2022 results presentation

mintra.com

Highlights Q1– Positive momentum continues

• Q1 revenue at 62 MNOK up from 60 MNOK in Q1 2021
• Q1 EBITDA at 17.3 MNOK up from 14.7* MNOK in Q1 2021
• EBITDA margin at 28% vs 24.5% in 2021
• Increased market activity
• Total new order income is up 17% compared to 2021
• Significant contract wins across all product lines with 40% increase for OCS HR
• Sharpened competitive edge leading to additional partnerships and industry recognition
• Kongsberg Digital, NTC Manila, Mybreev and Mission to Seafaers signed partnerships
• Multiple industry awards for maritime library solution, digital learning capabilities and gold standard service
• Safebridge Electronic Chart and Display (ECDIS) courses available on Trainingportal offline
• Release of several new modules to further enhance the OCS HR crew management software

We're experts in eLearning and human capital management software for safety critical industries.

We service over 2.2 million system users and 4,000 companies operating in some of the worlds most challenging environments.

Est.1997 Oslo / Norway

Disruptive business model with a global reach

One-stop-shop to help customers develop and deploy their workforce

Develop: elearning products for delivering key knowledge regarding regulations, HSE, safe working and any company - specific regulations

Deploy: HCM software that allows worldwide workforce management to ensure safe, compliant, reliable and efficient operations

Comprehensive course library that meets clients needs

2,340* COURSES & 67 TRAINING PARTNERS

* Total of all courses available to purchase from Mintra

Course format & ownership

ENERGY 40%

MARITIME 40%

Expanding into adjacent energy & maritime industries

Strong position in digital training

ELEARNING CONTENT

HUMAN CAPITAL MANAGEMENT SYSTEMS

CONSULTING SERVICES

50%

35%

15%

COMMERCIAL IN CONFIDENCE

Key growth initiatives

ENTERING NEW GEOGRAPHIES

M&A

EXPANDING

RD PARTY CONTENT & PARTNERSHIPS

3

INCREASING SYSTEM USERS & USAGE

GROWING COMPLIANCE & ACCREDITATION

Increasing system user activity

Trainingportal quarterly unique user access*

*Registered users logging in to Trainingportal

Significant sales increases

• Order income reached 41 MNOK with a 17% increase on Q1 2021
• 40% increase in OCS HR sales compared with Q1 2021
• Including a 3.9 MNOK agreement with a leading offshore service group
• Digital sales accounted for 33% of elearning revenue

Increased order income

• Markets continue to strengthen
• Q1 order income strong and increasing at NOK 41 million
• Digital sales channels increasing to NOK 11 million
• Marketplace
• Webshop

Quarterly Order income

NOK million

Order income Direct sales

Industry awards & recognition

"The company really understands its core market, and is building solutions and capability to support organisational success."

David Wilson, Fosway Group CEO

''The company's expanded maritimespecific elearning library was named as the winner of the training category at the SMART4SEA Awards.''

New strategic partnerships – strengthening Mintra's offering

• K-Sim Connect subscription-based simulation library on Trainingportal
• Welfare organisation supporting seafarers in 200 ports and 50 countries.

• Financial and social wellbeing elearning courses

• Philippines based not-forprofit organisation owned by the Norwegian Shipowner Association

• Automatic flow-through of course completion documentation for OCS HR customers
• German based company known for its engaging content and use of storytelling to help students learn
• 43 wellbeing, safety and security courses on Trainingportal Marketplace

Improved KPI's demonstrating a healthy business

ELEARNING	HCM SOFTWARE	MINTRA GROUP
2,340 AVAILABLE COURSES1	308,114 UUNIQUE USER ACCESS LTM	95% SHARE OF PREDICTABLE REVENUES2
33% DIGITAL SALES SHARE OF ELEARNING REVENUES3	245,238 USER LICENCES	MNOK 114 Annualized recurring revenues4

1 : Includes all courses available to purchase from Mintra

2 : Based on FY 2021 with 43% annual recurring, and 52% Reoeat purchase

3 : Sales through direct channels like marketplace and mantra.com

4 : Contracted Annualized monthly recurring revenue per end-Q1 2022

Q1 - Profitable growth

Revenue

• NOK 62 million vs NOK 60 million last year
• LTM NOK 241 million vs NOK 239 million in 2021
• Anualized recurring revenue at 114 MNOK

Gross margins stable at high level

• 87% for the quarter vs 88% last year

Cost base

• Stable in line with expectations.
• Main part is salaries and benefits
• Restructuring/redundancy payments booked in the quarter of ca 1 MNOK.

EBITDA continue to improve

• 28% for Q1 vs 24% adjusted in Q1 2021
• EBIT at 18.5% vs 5.3% in 2021

REVENUE & EBITDA

Selected P&L items

Figures presented in NOK million **Cost related to the acquisition of Safebridge in 2021

	Q1 2022	Q1 2021	Full year 2021
Revenue	62,0	60,0	238,7
Cost of sales	(7,8)	(7,5)	(29,0)
Gross Profit	54,2	52,5	209,7
Gross Margin	87%	88%	88%
Operating expenses	(36,9)	(42,1)	(151,7)
EBITDA	17,3	10,4	58,0
Non-recurring **	-	4,3	7,0
Adj EBITDA	17,3	14,7	65,0
Adj EBITDA Margin	28%	24%	27%

Q1 – Revenue trend continues

eLearning segment driving the growth

• MNOK 33 in Q1 up from MNOK 30 last year
• Growing activity in the market. Rebound in energy and significant wins in the maritime segment.
• Maritime segment 80% of the growth
• Good progress in Asia

REVENUE eLearning

HCM software stable

• 18.3 MNOK in Q1 vs 19.5 MNOK Q1 2021
• Cancellation of 0.5 MNOK*
• Two prepaid contracts of 0.5 MNOK reclassified as content recognized upon consumption (not lost)
• OCS HR with some significant wins towards end quarter that secures good backlog for 2022
• 14 MNOK in new contract wins
• Increased pipeline and customer interest

*A major competitor trying to reduce dependency on Mintra

Consulting services returning towards normalized levels

• MNOK 8.8 in Q1 vs MNOK 8.9 Q1 2021
• 16% growth from previous quarter
• Recent OCS HR contract wins drive increase utilization for implementation

REVENUE Consulting

Strong operational cash flow for the quarter

Cashflow from operations

• MNOK 44.8 for the for the quarter
• Release of working capital in relation to subscription and prepaid billing

R&D spend at

• MNOK 3.4 for the quarter

NOK million EBITDA & CASH GENERATION

Mintra continues to maintain a strong balance sheet

Cash position at MNOK 196.5 Negative Working capital of MNOK 63 Equity ratio at 76% Loan facilities of MNOK 88 to Q2 2023

At the crossroads of four megatrends

Positive market indicators for 2022

POSITIVE ENERGY

• Return to operations and workforce training
• Reskilling for energy transition
• Lasting digital adoption and expectation

Positive market indicators for 2022

MARITIME TRAINING BACKLOG

75% of operators anticipate increased use of elearning in 2022

60% acknowledge a backlog in required training

Maritime Training Insights Database for 2021

DIGITAL DELIVERY

COMPLIANCE PRODUCTS

ASSET LIGHT & LOW RISK

AGILE & SCALABLE

REPUTABLE BRAND

REGULATION

DIGITALISATION

EDUCATION

SUSTAINABILITY

ENERGY TRANSITION

COMMERCIAL IN CONFIDENCE

Outlook remains attractive

COMMERCIAL IN CONFIDENCE

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