Mintra Holding

Investor Presentation • Feb 10, 2022

Q4 2021 results presentation

mintra.com

Highlights Q4 – Improved profitability

• Q4 revenue at 61.4 MNOK up from 43.2 MNOK in Q4 2020
• Safebridge contributed with MNOK 12
• Q4 adjusted EBITDA* at 16.5 MNOK up from 10.4 MNOK in Q4 2020
• EBITDA margin at 27%
• Operational cashflow for the year NOK 45.1 million.
• 12% increase in system usage and 3% more course completions in Q4 compared with the rest of 2021
• Strategic partnerships were secured with Marlink, Future Care and The Work Shop Pte Ltd
• Strong revenue progress in Asia with 34 MNOK 2021 versus 18 MNOK 2020
• Introduced eproctoring anti-fraud technology to our digital learning course offering

COMMERCIAL IN CONFIDENCE

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.

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

2,335* COURSES & 66 TRAINING PARTNERS

* Total of all courses available to purchase from Mintra

Course format & ownership

ENERGY 40%

Expanding into adjacent compliance-driven industries

MARITIME 40%

Strong position in digital training

ELEARNING CONTENT

HUMAN CAPITAL MANAGEMENT SYSTEMS

CONSULTING SERVICES

50%

35%

15%

Key growth initiatives ENTERING

DIVERSIFYING INTO ADJACENT INDUSTRIES

NEW GEOGRAPHIES

EXPANDING

& PARTNERSHIPS

INCREASING SYSTEM USERS & USAGE

M&A

3 RD PARTY CONTENT

GROWING COMPLIANCE & ACCREDITATION

COMMERCIAL IN CONFIDENCE

Increasing system user activity

Trainingportal quarterly unique user access*

*Registered users logging in to Trainingportal

COMMERCIAL IN CONFIDENCE

Significant contract wins in maritime

ELEARNING CONTENT

• 20+ new vessels > MNOK 1.5

HUMAN CAPITAL MANAGEMENT SYSTEMS

• New OCS HR multi-year and contract extensions > MNOK1.5

CONSULTING SERVICES

• OCS HR module changes & upgrades > NOK 500k

COMMERCIAL IN CONFIDENCE

Significant contract wins in energy

ELEARNING CONTENT

• New course license sales & extensions > MNOK 6.8

HUMAN CAPITAL MANAGEMENT SYSTEMS

• New SaaS multi-year contracts > MNOK 2

CONSULTING SERVICES

• Elearning and technology migration projects for > MNOK 1.8

Strong pipeline & increased order income

• Market showing signs of improvement
• Q4 order income strong
• Winning 38 MNOK (>400 opportunities) 23

Quarterly Order income

34 36 27 38 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021

NOK million

New strategic partnerships - sharpened competitive edge

• Leading provider of smart network solutions

• Streamlines on board delivery of Trainingportal to seafarers

• Singapore-based specialist maritime training and engineering consultancy

• Extends Asia footprint

• Shoreside and on board medical services with telemedical support to thousands of vessels

• Cross-collaboration and combining maritime networks

Unique offering with new technologies

eProctoring anti-fraud technology

• Monitors and identifies suspicious activity that could indicate cheating
• Further increases the integrity of Mintra's online exam process

'Insights' data reporting tool

• Available initially on OCS HR with five separate data dashboards
• Automates reporting processes and makes the data available beyond system users

Improved KPI's demonstrating a stronger business

ELEARNING	HCM SOFTWARE	MINTRA GROUP
2,335 AVAILABLE COURSES1	294,688 USER ACCESS LTM	95% SHARE OF PREDICTABLE REVENUES2
33% MARKETPLACE SHARE OF ELEARNING REVENUES3	254,297 USER LICENCES	MNOK 108 Annualized recurring revenues4

1 : Includes all courses available to purchase from Mintra

2 : Based on Q4 2021 with 43% Annual recurring, and 52% Reoeat purchase

3 : Excluding Safebridge revenue

4 : Contracted Annualized recurring revenue per end-Q4 2021

COMMERCIAL IN CONFIDENCE

Q4 financial results shows YOY growth

Revenue

• MNOK 61.4 Q4
• MNOK 239.9 FY

Gross margins stable at high level

• 89% for the quarter vs 87% last year
• 88% for the year vs 89% last year

EBITDA* remains healthy

• 27% for Q4
• 28% FY EBITDA

Cost base

• Some larger non-recurring elements due to restructuring hit the Q4 and full year results
• Normalized operating cost base of ca MNOK 35 pr quarter going into 2022

REVENUE & EBITDA

Selected P&L items

Figures presented MNOK

	Q4 2021	Q4 2020	FY 2021	FY 2020	FY 2020 pf
Revenue	61,3	43,7	239,9	205,3	237,5
Cost of sales	(6,6)	(5,6)	(29,0)	(20,4)	(25,4)
Gross profit	54,7	38,1	211,0	184,9	212,1
Gross margin	89 %	87 %	88 %	90 %	89 %
Operating expenses	(38,7)	(27,7)	(151,7)	(117,7)	(149,3)
EBITDA	15,9	10,3	59,2	67,2	62,8
Aqcuisition cost/listing	(0,6)	0,0	(7,0)	(2,6)	(2,6)
Adjusted EBITDA Margin***	27 %	24 %	28 %	34 %	28 %

Q4- Positive trend driven by elearning

eLearning shows strong YOY growth

• 33 MNOK in Q4 up from 21 MNOK last year (inc Sbg)
• 127 MNOK YTD up from 110 MNOK
• Growing activity in the market. Rebound in energy and significant wins in the maritme segment.
• Maritime segment 80% of the growth
• Good progress in Asia

HCM software shows signs of improvement

• 19.5 MNOK in Q4 vs 21.2 MNOK Q4 2020
• 77 MNOK FY vs 84 MNOK last year
• Trainingportal challenging for the year, but shows improvement in Q4
• OCS HR with some significant wins towards end quarter that secures good backlog for 2022
• Increased pipeline and customer interest

Consulting services challenging but improving on the quarter

• 7.6 MNOK in Q4 vs 9.4 MNOK Q4 2020
• 30.3 MNOK FY vs 39.6 MNOK 2020
• Recent OCS HR Contract wins is increased utilization for implementation in Q4 and outlook for 2022

NOK million REVENUE Consulting

Positive operational cash flow for the quarter

Cashflow from operations

• MNOK 45.1 for the year
• MNOK 3.3 for the quarter
• Temporary increase in working capital at year end

R&D spend at

• MNOK 5.4
• MNOK 19.1 for the year
• 8 MNOK invested in content for maritime

Well-funded to pursue growth opportunities

716 714 6 6 ^{40 99} 172 Q3 2021 Q4 2021 Intangibles Fixed assets Receivables Cash NOK million BALANCE SHEET 733 736 102 99 ^{98 146} Q3 2021 Q4 2021 Short-term liabilities Long-term liabilities Equity

At the crossroads of four megatrends

Positive market indicators for 2022

ENERGY TRANSITION

End of field life activity will almost double over the next two years.

150 wells to be decommissioned by the end 2022

Oil and Gas UK's Decommissioning Insights 2021

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

SUSTAINABILITY

ENERGY TRANSITION

EDUCATION

COMMERCIAL IN CONFIDENCE

Outlook remains attractive

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