StrongPoint

Earnings Release • Feb 13, 2025

Q4 and year 2024 Financial report and status

CEO's Perspective

Although 2024 has been a financially challenging year, I am pleased to observe an improvement in the second half of the year, including the fourth quarter. Revenue in Q4 increased by 3%, which is a result of solid growth in Scandinavia, whilst sales in Spain have been challenging and the Shop Fitting market in the UK has continued to be difficult. However, we are building a more solid and sustainable revenue base where recurring revenue on a twelve-month rolling basis is up 15% for the year. Overall EBITDA for Q4 improved by 25.7 MNOK to 5.1 MNOK. Profitability in Scandinavia and the Baltics is approaching our targets, however our International business segment is still affected by investments and market conditions in Spain and the UK. At the end of the quarter, we announced

Jacob Tveraabak CEO of StrongPoint

an exciting multifaceted partnership with VusionGroup, the global leader in digitalization solutions for physical commerce. The partnership is two-folded: first, an e-commerce partnership which includes our end-to-end e-commerce platform being integrated into Vusion's advanced Retail IoT Cloud platform. Second, we will serve as a Value-Added Reseller of VusionGroup's retail technology solutions. The partnership solidifies our Order Picking solution as the e-grocery fulfilment solution of choice, and is also a testament of our strong customer intimacy in the countries in which we operate with our own offices. With this backdrop, I continue to be cautiously optimistic about the short-term improvement in our business operations and am very inspired by what we can achieve with our break-through customers, partners and solutions.

In the fourth quarter of 2024, we recorded a revenue of 340 MNOK, reflecting a 3% increase from the same quarter in the previous year. This growth was achieved despite a 33% revenue drop in Spain and a 5% revenue drop in the UK & Ireland, primarily due to ongoing challenges in the Shop Fitting sector. However, the Scandinavian market demonstrated robust performance, with a 12% increase in revenue, particularly driven by a 19% increase in Sweden.

Recurring revenue, on a twelve-month rolling basis, is up 15%. This growth is largely driven by delivering our Order Picking solution to Sainsbury's. Growing our recurring revenue base, in particular recurring revenue from own software, is an important priority for StrongPoint going forward to build a more valuable, sustainable and stable business.

The reported EBITDA for Q4 2024 was 5.1 MNOK, a substantial improvement from the -20.6 MNOK recorded in Q4 2023. This significant improvement, even when adjusted for one-off restructuring items, is driven by lower personnel costs and operating expenses, following last year's cost reduction efforts and continued cost prudence. We are pleased to see that our efforts taken last year have brought the Scandinavian business back to near targeted profitability. At the same time our international business segment as a whole is not yielding satisfactory profitability. We expect our investments in the UK to start to pay off over the course of 2025.

For the full year 2024, StrongPoint's revenue decreased by 2%. EBITDA for the year was 2 MNOK, including 10 MNOK in non-recurring restructuring costs.

We are building customer intimacy in our core markets. We are gaining this customer intimacy based on our passion for grocery retail and our dedication to making technology solutions work. On average our top customers in Scandinavia and the Baltics have between 4 and 5 solutions from StrongPoint. This allows for operational efficiencies and as such, continued solid financial performance in these markets. Building that same level and depth of customer relationship in the much larger UK market is a priority for us. With the Order Picking win at Sainsbury's, multiple proof of concepts (POC) of our theft prevention solution, Vensafe, POC for Grocery Lockers and a growing team of top

professionals in the UK on the back of an established shopfitting business for grocery retailers, I believe we have all the reasons to be optimistic about achieving similar levels of customer intimacy in the UK as well.

We continue to forge strong partnerships and the multifaceted partnership agreement announced in the fourth quarter with VusionGroup, one of the most important retail technology companies globally, underlines this priority. Integrating our e-commerce solution into Vusion's retail platform will provide opportunities for us outside our core markets, and will be important for building a recurring and sustainable business. Additionally, StrongPoint will serve as a reseller of VusionGroup's wide portfolio of retail technology solutions at the start of Q3 2025, further increasing our relevance to grocery retailers.

Looking ahead, we remain cautiously optimistic about our short-term prospects. Our focus for 2025 is continuing and strengthening our customer intimacy in our core markets in Scandinavia and the Baltics. Furthermore, we will focus on growing our presence and business in the UK in a profitable manner.

The CashGuard Connect project has taken longer than anticipated. This is due to a complex product development and challenges with our JV partner. Consequently, we are continuously assessing our resource allocation into this development project.

While general market uncertainties persist today, we are encouraged by the positive trends in our results, the sustained interest in our diverse solution portfolio and our continued trust by customers, making us positive about thriving in the medium and longer term.

In closing, I would like to extend my gratitude to our shareholders, partners, and employees for their unwavering support and dedication. Together, we have navigated a challenging year and emerged stronger. As we move forward, we remain committed to our customers to drive a more efficient shopping experience for a better and smarter life.

Stay safe, strong, and passionate!

HIGHLIGHTS

Financial performance 4th quarter

• y Revenue increased 3% to 340 MNOK (331) in the fourth quarter compared to the same quarter last year. For the full year 2024, revenue declined by 2%
• y Recurring revenue rolling twelve months was 358 MNOK at the end of 2024, a 15% increase during the year.
• y EBITDA for the quarter ended at 5 MNOK (-21), with EBITDA margin of 1.5% (-6.2%). For the full year 2024, EBITDA ended at 2 MNOK (-1), including 10 MNOK in restructuring costs in Q2 2024.
• y Cash flow from operations was 77 MNOK (34) for the quarter and 93 MNOK for the full year 2024.

Continued customer success in priority areas

• y Multifaceted partnership agreement signed with VusionGroup to integrate StrongPoint's e-commerce platform into their platform solution.
• y Vensafe Proof of Concepts in the UK launched with grocery retailers Sainsbury's and Asda.
• y Baltic grocery retailers, Rimi and IKI, ordered self-checkouts from StrongPoint for a combined total of EUR 3.8 million.

Outlook and long term ambitions

• y We continue to experience a positive upward trend year-on-year this quarter, similar to the previous quarter. However, overall market uncertainty remains a significant factor, leading us to maintain a cautiously optimistic perspective on the short term outlook.
• y We continue to maintain our long term ambitions of healthy revenue growth and an EBITDA margin of >10%.

Key figures

MNOK	Q4 2024	Q4 2023	Year 2024	Year 2023
Revenue	339.8	330.9	1 309.1	1 342.4
EBITDA	5.1	-20.6	2.0	-1.3
EBITDA margin	1.5 %	-6.2 %	0.2 %	-0.1 %
EBITDA excluding option cost	6.3	-19.2	6.3	5.1
Operating profit (EBIT)	-5.3	-31.0	-39.5	-39.4
Ordinary profit before tax (EBT)	-8.2	-38.4	-46.8	-45.3
Cash flow from operational activities	77.4	33.7	93.1	25.2
Disposable funds	102.5	95.2	102.5	95.2
Earnings per share (NOK)	-0.05	-0.65	-0.72	-0.77

StrongPoint Group

StrongPoint is a grocery-focused retail technology company that serves customers with products and solutions for in-store and online shopping.

Revenue	Q4		Year	Year
MNOK	2024	2023	2024	2023
Scandinavia	158.0	141.3	648.8	633.9
International incl Product	181.8	189.6	660.3	708.5
ASA/Elim	-	-	-	-
Total	339.8	330.9	1,309.1	1,342.4

EBITDA	Q4		Year	Year
MNOK	2024	2023	2024	2023
Scandinavia	15.5	4.3	55.0	41.5
International incl Product	-4.7	-17.4	-26.6	-10.4
ASA/Elim	-5.7	-7.5	-26.3	-32.4
Total	5.1	-20.6	2.0	-1.3
Number of employees 1)	497	524	497	524

1) The Q4 2023 EBITDA was -20.6 MNOK, including non-recurring restructuring and M&A costs of 7.3 MNOK and write-downs 10.6 MNOK. Excluding these costs, the Q4 2023 EBITDA was -2.7 MNOK.

2) The Q2 2024 EBITDA was -9.1 MNOK, which includes restructuring cost and severance pay of 10 MNOK. Excluding these costs, EBITDA was 0.9 MNOK.

StrongPoint Group

2022 2023 2024

Operating revenue per quarter (MNOK) EBITDA per quarter (MNOK)

-20 -15 -10 -5

2022 2023 2024

2018 2019

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Financial performance

In Q4 2024, the total revenue increased by 3% to 339.8 MNOK compared to the same quarter last year, with a 12% revenue increase in Scandinavia and a 4% decrease in International.

In Scandinavia, the positive development is mainly driven by Sweden, where revenue increased by 19% following ESL rollouts as well as an increase in ShopFlow Logistics service revenue. The market conditions in Sweden are slowly improving, leading to higher customer activity levels and interest in our product portfolio. Norway continues to experience a weaker market compared to Sweden with a 4% revenue growth during the quarter.

The International segment experienced a revenue decrease of 33% in Spain and a 5% decline in the UK, both driven by reductions in projects and one-off revenues. In the UK, this is partly mitigated by an increase in Order Picking recurring revenue from the Sainsbury's contract spread out over time and which will improve visibility in revenue going forward. As informed in the previous quarterly report, several improvement actions and measures have been initiated to increase sales in the UK not only on Shop Fitting but also on our other products such as Vensafe.

During the quarter, the gross margin decreased slightly from 40.0% to 39.4% year on year due to margin pressure and write-downs of Lockers inventory, partly mitigated by an increase in Order Picking.

Personnel costs were 82.9 MNOK in Q4 2024 compared to 102.7 MNOK the same quarter last year. The reduction of 19.8 MNOK in the quarter relates to the one-off restructuring costs charged in the Q4 2023 and the following cost reduction efforts completed during 2024. For the same period, other operating expenses decreased from 49.0 MNOK to 44.7 MNOK due to maintained cost prudency during the quarter and project write-downs incurred in Q4 2023.

The EBITDA increased to 5.1 MNOK (1.5% margin) in Q4 2024 (-20.6 MNOK, -6.2% margin), with positive developments both in Scandinavia and International driven by a combination of revenue increase in Scandinavia but more importantly the cost reduction measures in both segments that were completed in Q4 2023 and Q2 2024. Whereas the profitability in Scandinavia has improved to 9.8% EBITDA margin, the International segment including Product remains negative at -2.6% EBITDA margin, mainly due to lower performance in the UK and Spain.

80 100 120 For the full year 2024, revenue decreased by 2% due to 4% decline in International, partly offset by a 12% increase in Scandinavia. The International segment was mainly impacted by a significant decline in Shop Fitting in the UK and a reduced contribution from CashGuard sales in Spain. The revenue growth in Scandinavia is mainly attributable to ESL rollouts in Norway and Sweden as well as increases in Vensafe and CashGuard (mainly service revenue).

40 60 Recurring revenue rolling twelve months increased by MNOK 46 (15%) to MNOK 358 from the end of 2023 to the end of 2024. This is attributed to the growth in license revenues, mainly from the Order Picking contract with Sainsbury's that started earlier this year.

20 EBITDA for the full year 2024 ended at 2 MNOK (-1 MNOK). This includes non-recurring costs of 10 MNOK (21 MNOK) during the year, mainly relating to restructuring measures.

100

2021 2022 2023 2024

200

2017 2018 2019

-20 -15 -10 -5

2021 2022 2023 2024

400

600

800

1000

1200

200

300

400

500

2017 2018 2019 As of end Q4 2024, the net interest-bearing debt was 60 MNOK, a decrease of 49 MNOK from 109 MNOK compared to Q3 2024.

Continued customer success in priority areas

In December 2024, StrongPoint announced a multifaceted international partnership with VusionGroup, a global leader in digitalization solutions for physical commerce. This partnership involves integrating StrongPoint's end-toend e-commerce platform into VusionGroup's advanced Retail IoT Cloud platform, making it available to retailers internationally. Additionally, StrongPoint will serve as a reseller of VusionGroup's wide portfolio of retail technology solutions.

During the period, two Vensafe proof-of-concept trials were launched in the UK with the grocery retailers Sainsbury's and Asda, marking the first time this solution has been properly trialed by UK grocery retailers amid rising retail theft. The Asda proof of concept focuses on using Vensafe to securely store and dispense tobacco products, reflecting its traditional use in Scandinavia. Meanwhile, the Sainsbury's project is dedicated to dispensing children's trading cards, a high-theft item. This is the first instance of a Vensafe unit being fully stocked with a single non-tobacco product, demonstrating its potential for securing a broader range of high-theft prone items beyond its conventional use. Additionally, a third proof-of-concept with another leading UK grocery retailer is expected to go live in Q1 2025.

In November 2024, Rimi, a prominent grocery retailer in the Baltic region and part of the ICA Group, placed a substantial order worth approximately EUR 2.3 million with StrongPoint for the supply and installation of Self-Checkout solutions in their stores. Furthermore, another large retailer in Lithuania, IKI (part of REWE Group), placed an order of EUR 1.5 million for delivery of Self-Checkouts.

Moreover, there was a planned pause in the ongoing rollout of the Order Picking solution at Sainsbury's during the Christmas months. The project continues to progress, and installation is expected to be completed in all targeted stores by Q3 2025. While this timeline has been slightly adjusted from the estimate in our third-quarter report, it remains aligned with the overall plan.

300 350 With regards to CashGuard Connect, we are continuing to make progress in both the development and industrialization of the solution. Testing of the latest features and enhancements is currently underway, paving the way for the next steps toward the planned pilot programs. At the same time, the project has taken longer than anticipated. This is due to a complex product development and challenges with our JV partner. Consequently, we are continuously assessing our resource allocation into this development project.

Outlook and long term ambitions

50 100 150 200 250 We continue to experience a positive upward trend in our results this quarter, similar to the previous quarter. However, overall market uncertainty remains a significant factor, leading us to maintain a cautiously optimistic perspective on the short term outlook. Despite these challenges, we continue to see sustained and positive customer interest across our diverse solution portfolio. This reinforces our confidence in both our competitive positioning and long term strategic direction. We remain fully committed to delivering on our long term objectives, targeting steady revenue growth and maintaining an EBITDA margin in excess of 10%.

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StrongPoint's product-market fit – our 'double opportunity'

Grocery retailers are facing pressures like never before – in-store and online.

The growth in In-store costs for goods, transportation and labour have recently come down, but is still higher than two-three years ago. This has driven many customers to shop at discounters. In addition, theft in-store is a growing concern for retailers and their staff.

In mature grocery e-commerce markets such as the UK where e-grocery makes up over 13% of the grocery market, profitability is a major challenge and costs continue to surge.

This means that grocery retailers need to find efficiency-savings in-store and online to maintain their already razor-thin margins. As well as ensuring a safe and secure working and shopping environment.

StrongPoint focuses on providing smart retail technologies to grocery retailers to boost profitability in-store and online. Our passion for grocery retail combined with our dedication to making technology solutions work is our unique selling point and allow for StrongPoint to build long-lasting customer relationships.

From in-store self-checkouts, electronic shelf labels, cash management solutions to worldclass e-commerce fulfilment solutions, StrongPoint solutions cut grocery retailers costs and create outstanding customer experiences.

The StrongPoint double opportunity

Grocery retailers are under pressure:

• y Labour costs going up
• y Discounters becoming mainstream
• y In mature e-commerce markets, profitability a challenge

Efficiency-saving e-commerce solutions StrongPoint Double Opportunity:

Technology solutions solving

1) instore and 2) online challenges

StrongPoint Solutions

In-store

In-store Productivity

ShopFlow Logistics * Digi Scales and Wrapping Systems Electronic Shelf Labels Grocery Cooling Solutions Autonomous Mobile Robots (AMRs)

Payment Solutions CashGuard Cash Management *

Check Out Efficiency

Self-Checkout * Self-Scanning Vensafe Sales Automation *

Retail Management POS Systems Commerce Management System

Shop Fitting

Online

Grocery Picking

Order Picking solution * AutoStore Automated Fulfilment Warehouse Management Software (WMS)

Last mile

Click & Collect Lockers * Home delivery with route optimization

*) Proprietary technologies

OUR MARKETS

Key markets *

*) Other major markets in Europe, plus USA and South Africa, are served through partners.

Scandinavia

The business segment Scandinavia currently consists of the operating business units in Norway and Sweden. The revenue also includes some deliveries to Denmark and Iceland.

	Q4		Year	Year
MNOK	2024	2023	2024	2023
- Norway	70.6	67.7	345.9	340.3
- Sweden	87.4	73.6	302.9	293.6
Total Revenue	158.0	141.3	648.8	633.9
EBITDA	15.5	4.3	55.0	41.5
- In %	9.8 %	3.0 %	8.5 %	6.5 %
EBT	14.1	1.8	49.5	35.1
- In %	8.9 %	1.3 %	7.6 %	5.5 %

Revenue in Q4 2024 increased 12% compared to the same quarter last year. This was driven by a 19% increase in Sweden mainly through ESL rollouts generating both product and service revenues. In addition, there was an increase in service and support revenue on CashGuard in both Norway and Sweden.

The market conditions are slowly improving, in particular in Sweden, where interest rates have come down and we are experiencing higher customer activity levels and interest in our product portfolio. Norway continues to experience a weaker market compared to Sweden (19% revenue growth) with a 4% revenue growth during the quarter.

The EBITDA for the Scandinavia business segment in Q4 2024 increased from 4.3 MNOK to 15.5 MNOK year on year, with positive development both in Norway and Sweden, as a result of both the revenue increase as well as effects from completed cost reduction measures.

For the full year, revenue increased by 2.4% mainly driven by ESL rollouts in Norway. The EBITDA margin increased to 8.5% in 2024 through a combination of increased revenue, product mix and cost efficiency measures.

	Q4		Year	Year
MNOK	2024	2023	2024	2023
Products	39.0	39.9	222.4	230.4
Services	31.6	27.8	123.5	109.8
Revenue	70.6	67.7	345.9	340.3

Revenue in Q4 2024 increased by 4% compared to the same quarter last year due to a 14% increase in service revenue from CashGuard, Vensafe and AutoStore. For the full year, revenue increased by 2% driven by a 12% growth in service revenue, mainly from ESL rollouts, CashGuard and previously installed AutoStore projects.

Sweden
	Q4		Year	Year
MNOK	2024	2023	2024	2023
Products	46.7	37.5	152.5	155.2
Services	40.8	36.1	150.4	138.4
Revenue	87.4	73.6	302.9	293.6

Revenue in Q4 2024 increased by 19% compared to the same quarter last year. This includes a 24% increase in product revenue driven by ESL rollouts (mainly for the Cyprus-based grocery retailer Alphamega, an account managed by the StrongPoint Sweden team, which is why it is accounted for in Sweden), partly offset by a reduction sale of Grocery Lockers. Moreover, there was a 13% increase in service revenue supported by growth in CashGuard, SFL, ESL and Scales & Packing. For the full year, revenue increased by 3%, driven by a 9% growth in service revenue, mainly from CashGuard and ESLs.

International incl. Product

The business segment International incl. Product consists of the operating business units in the Baltics, Finland, Spain and UK & Ireland, in addition to partner sales in the rest of Europe and rest of world. The ongoing development activities for own products have been allocated to this segment.

	Q4		Year	Year
MNOK	2024	2023	2024	2023
- Baltics & Finland	77.5	76.4	274.5	255.5
- Spain	19.1	28.4	74.1	87.6
- UK & Ireland	61.0	64.1	224.8	283.5
- Rest of Europe	24.2	20.6	86.9	81.9
Total Revenue	181.8	189.6	660.3	708.5
EBITDA	-4.7	-17.4	-26.6	-10.4
- In %	-2.6 %	-9.2 %	-4.0 %	-1.5 %
EBT	-21.7	-33.8	-72.2	-51.5
- In %	-12.0 %	-17.8 %	-10.9 %	-7.3 %

Revenue in Q4 2024 decreased by 4% compared to same quarter last year, mainly due to a 33% decrease in Spain as the Spanish market remains challenging. There was a 5% decrease in the UK & Ireland following a continued reduction in Shop Fitting project revenue, however this was partly mitigated by an increase in recurring revenue on Order Picking from the pre-existing contract with Sainsbury's.

EBITDA for Q4 2024 improved to -4.7 MNOK compared to -17.4 MNOK for the same quarter last year due to an increase in Order Picking revenue and completed cost reduction actions. We continue to invest in our product portfolio, including the Order Picking solution and the new cash management solution, CashGuard Connect, as we seek to leverage new commercial opportunities from these positive commercial developments.

For the full year, revenue decreased by 7% mainly due to Shop Fitting in the UK but partly mitigated by an increase in Self-Checkout rollouts in the Baltics. EBITDA decreased to -26.6 MNOK for the same period, mainly due to the results in the UK.

Baltics & Finland

	Q4		Year	Year
MNOK	2024	2023	2024	2023
Products	41.7	43.0	142.5	136.8
Services	35.8	33.4	132.0	118.7
Revenue	77.5	76.4	274.5	255.5

Revenue in Q4 2024 increased by 1% compared to the same quarter last year. Product revenue decreased by 3% due to a reduction in POS hardware sales, partly mitigated by an increase in Self-Checkout deliveries. Service revenue increased by 7% due an increase in Self-Checkouts. During the quarter, development costs related to our own POS solution (Tree Commerce) of 3 MNOK were capitalized. For Finland, the total revenue contribution in Q4 2024 was 3.3 MNOK, corresponding to a 28% growth, driven by increased service revenue. For the full year, revenue increased by 15% due to Self-checkout rollouts (mainly to Maxima), positively impacting both product and service revenue. The full year revenue from Finland was 15.1 MNOK in 2024 compared to 2.6 MNOK in 2023 (Q4 2023 only after completion of the acquisition in October 2023).

Spain

	Q4		Year	Year
MNOK	2024	2023	2024	2023
Products	13.1	23.6	51.9	67.6
Services	5.9	4.8	22.2	20.0
Revenue	19.1	28.4	74.1	87.6

Revenue in Q4 2024 decreased by 33% compared to the same quarter last year due to a 44% decrease in product revenue driven by challenging market conditions. For the full year, revenue decreased by 15%. StrongPoint Cash Tech S.L., a joint venture in which StrongPoint has a 60% holding, is managing the development of the new cash management solution, CashGuard Connect, as announced in April 2024. In Q4 2024, development costs of 11.0 MNOK were capitalized. The majority of the development costs for the joint venture are capitalized.

UK & Ireland

	Q4		Year	Year
MNOK	2024	2023	2024	2023
Products	1.0	-	1.0	-
Services	60.0	64.1	223.8	283.5
Revenue	61.0	64.1	224.8	283.5

Revenue in Q4 2024 decreased by 5% compared to the same quarter last year due to a reduction of 19% in Shop Fitting. For the full year, revenue decreased by 21% due to a 31% reduction in Shop Fitting The reductions in these oneoff projects are partly mitigated by Order Picking recurring revenue. As informed in the previous quarterly report, several improvement actions and measures have been initiated to increase sales in the UK not only on Shop Fitting but also on our other products such as Vensafe and ESL. This includes improvements in the quality of our project deliveries, broadening the customer base and strengthening the sales team.

Partners

	Q4		Year	Year
MNOK	2024	2023	2024	2023
Products	19.0	17.6	76.7	72.0
Services	5.2	3.0	10.2	10.0
Revenue	24.2	20.6	86.9	81.9

Partner revenue relates to outside of our core markets. In Q4 2024, revenue increased by 17% during the quarter. For the full year, revenue increased by 6% mainly due to higher volume of Lockers delivered in the U.S.

Products

In-store Productivity

	Q4		Year	Year
MNOK	2024	2023	2024	2023
Products	56.5	47.0	292.9	219.7
Services	29.0	24.3	111.9	100.1
Revenue	85.5	71.3	404.8	319.7

Revenue in Q4 2024 increased by 20% compared to the same quarter last year, mainly due to ESL rollouts in Sweden but also increases in both ShopFlow Logistics (in Sweden) and Scales & Packing (in Norway and Sweden). For the full year, revenue increased by 27%, mainly due to large ESL rollouts in Norway and Sweden.

Payment Solutions

	Q4		Year	Year
MNOK	2024	2023	2024	2023
Products	43.2	40.5	115.9	148.2
Services	31.0	27.9	120.6	111.3
Revenue	74.2	68.4	236.4	259.5

Revenue in Q4 2024 increased by 9% compared to the same quarter last year, driven by increases in CashGuard product and service in both Norway and Sweden, partly offset by a decrease in product sales in Spain. For the full year, revenue decreased by 9% due to a decline in Norway and Spain, partly offset by an increase in Sweden.

Check Out Efficiency

	Q4		Year	Year
MNOK	2024	2023	2024	2023
Products	34.4	35.0	121.6	117.6
Services	16.4	12.2	60.6	44.4
Revenue	50.8	47.2	182.2	162.0

Revenue in Q4 2024 increased by 8% compared to the same quarter last year, driven by an increase in service revenue from Self-Checkouts following rollouts in the Baltics. For the full year, revenue increased by 12% for the same reason but also supported by Vensafe service revenue growth in Norway and Sweden.

Shop Fitting

	Q4		Year	Year
MNOK	2024	2023	2024	2023
Products	-	-	-	-
Services	51.8	64.1	196.1	283.5
Revenue	51.8	64.1	196.1	283.5

Revenue in Q4 2024 for the Shop Fitting segment declined by 19% compared to the same quarter last year and 31% for the full year. The Shop Fitting segment relates in its entirety

to the UK & Ireland segment. As explained in the regional section in this report, several mitigating actions have been taken.

Other retail technology

	Q4		Year	Year
MNOK	2024	2023	2024	2023
Products	24.4	23.8	72.8	89.7
Services	27.5	30.2	102.3	101.5
Revenue	51.9	54.0	175.1	191.1

Other retail technology, mainly POS/ERP and software projects in the Baltics, decreased by 4% in Q4 2024 compared to the same quarter last year, mainly due to lower volume in ERP projects. For the full year, revenue decreased by 8% due to lower product sales from POS (hardware reselling).

E-commerce logistics

	Q4		Year	Year
MNOK	2024	2023	2024	2023
Products	9.0	15.4	43.8	86.9
Services	16.6	10.5	70.6	39.7
Revenue	25.6	25.9	114.5	126.6

E-commerce logistics consists of Order Picking, Grocery Lockers and AutoStore. Revenue in Q4 2024 decreased by 1% compared to the same quarter last year, driven by a decrease in product sales of Grocery Lockers both in Sweden and through partners. The decrease was almost offset by an increase in service revenue driven by Order Picking. For the full year, revenue decreased by 10% due to lower product revenue from two AutoStore projects completed in Norway in 2023, which was only partly mitigated by an increase in service revenue from the Order Picking rollout for Sainsbury's.

Recurring revenue rolling twelve months (MNOK) 400

Recurring revenue consists of service and support agreements including spare parts, software license revenue and product rentals.

The Q4 2024 recurring revenue increased by 15% compared to the same quarter last year. This mainly due to a 33% increase in license revenue driven by the Sainsbury's Order Picking contract.

StrongPoint Group

Relative share of revenue per segment (%)

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Strategic Projects Update

Partnership with VusionGroup

Through this partnership, VusionGroup will integrate StrongPoint's end-to-end e-commerce platform into its advanced Retail IoT Cloud platform, making it available to retailers internationally.

VusionGroup serves over 350 retailers in more than 60 countries through 25 offices worldwide, including partnerships with leading retailers such as Walmart, Carrefour, Edeka, and MediaMarkt-Saturn. The company currently operates over 450 million smart electronic shelf labels in more than 45,000 stores, accounting for approximately 50% of the global market share.

Read more about VusionGroup here

Our two Vensafe proof of concepts have been attracting media coverage in the UK:

Asda

Asda is trialling a vape and cigarette vending machine at its Ashton-under-Lyne store. The move is expected to "help prevent antisocial behaviour" an Asda spokesman said. A second phase of the trial could further remove staff from potentially antisocial or unsafe situations, The Grocer understands.

The Grocer

Sainsbury's

Sainsbury's shoppers can order toys and collectibles via an on-shelf touchscreen and collect them from a vending machine when they exit the store, as part of a trial at the supermarket's Redditch superstore.

In the trial, shoppers select from a range of Pokémon toys at a screen on a regular in-aisle shelf, and receive a printed ticket, which can be scanned and paid for at a manned or self-checkout or with a Smartshop handset. Upon purchase, the shopper receives another printed ticket, which is scanned at a vending machine near the exit doors of the store. Once scanned, the machine dispenses the chosen toy. A spokeswoman for Sainsbury's said the testing of the tech was part of "our regular reviews and trials of security measures".

The Grocer

Cash flow and equity

Cash flow from operational activities in the fourth quarter was 77.4 MNOK (33.7), driven by improved financial performance, reduction in inventory and working capital financing arrangements in Norway and the UK. The Group's holding of own shares at the end of the third quarter amounted to 194,374, which represents 0.4 per cent of the outstanding shares. The Group has shareholder programs for the Board of Directors, the Group executive management and employees. 186,746 shares have been assigned in 2024 (148,706 in the year 2023). StrongPoint has a long- term incentive program for management and key employees. More information on the program can be found in note 6.

Net interest-bearing debt

The interest-bearing debt at the end of the year was 142 MNOK and mainly relates to two revolving credit facilities with Norion Bank for a total of 120 MNOK, classified as short term interest-bearing liabilities. In addition, it includes a term loan in our Spanish subsidiary, booked in long term and short term interest-bearing liabilities.

Of leasing liabilities, the IFRS 16 rent obligations are extracted from interest-bearing debt, as these are not interest-bearing. The remaining leasing liabilities relate to service cars and company cars from leasing institutions and are thus included in the interest- bearing debt. The working capital financing arrangement in Norway (and Sweden, to be implemented in 2025) are non-recourse and therefore not included in net interest-bearing debt. The UK working capital financing is a factoring arrangement in which any withdrawn amounts will be included as net interest-bearing debt. As per the end of 2024, nothing was withdrawn.

As of end Q4 2024, the net interest-bearing debt was 59.7 MNOK, a decrease of 49.6 MNOK compared to Q3 2024.

Disposable funds were 102.5 MNOK as of 31 December 2024, comprising cash and cash equivalents of 82.5 MNOK and 20.0 MNOK remaining as undrawn from the Norion RCF. During the fourth quarter, the refinancing from a bank overdraft of 150 MNOK with Danske Bank to Norion RCF of 140 MNOK, was completed.

As part of this new financing, there is a 30% equity covenant. As per 31 December 2024, the equity ratio was 46%.

KNOK	31.12.2024	31.12.2023	30.09.2024
Long term interest-bearing liabilities	1,318	4,983	5,215
Long term lease liabilities	68,664	83,513	68,437
Short term interest-bearing liabilities	128,163	7,962	2,926
Short term lease liabilities	26,190	14,316	24,472
Bank overdraft (credit facilities)	-	94,153	123,071
= Interest-bearing debt and leasing liabilities	224,336	204,926	224,121
Of which IFRS 16 rent liabilities not interest-bearing	-82,186	-84,827	-80,812
= Interest-bearing debt	142,149	120,100	143,309
Cash and cash equivalents	-82,490	-39,340	-34,015
= Net interest-bearing debt	59,659	80,760	109,294

Statement from the Board

The Board and group CEO have today considered and approved StrongPoint's financial statements for the fourth quarter and year 2024, including comparative consolidated figures for the fourth quarter and year 2023. This report has been prepared in accordance with IAS 34 on interim financial reporting as determined by the European Union, and with supplementary requirements pursuant to the Norwegian Securities Trading Act. The Board and CEO hereby declare, to the best of their knowledge, that the financial statements for the fourth quarter and year 2024 have been prepared in accordance with prevailing accounting principles and that the information in the financial statements gives a true and fair view of the assets, liabilities, financial position and profit of the group taken as a whole per 31 December 2024 and per 31 December 2023. To the best of their knowledge, the report gives a true and fair overview of important events during the accounting period and the impact of these events on the financial statements.

The Board of Directors of StrongPoint ASA Oslo, 12 February 2025

Morthen Johannessen Chairman

Ingeborg Molden Hegstad Director

Cathrine Laksfoss Director

Audun Nordtveit Director

Pål Wibe Director

Jacob Tveraabak CEO

Consolidated income statement

KNOK	Q4 2024	Q4 2023	Chg. %	Year 2024	Year 2023	Chg. %
Operating revenue	339,784	330,892	2.7 %	1,309,066	1,342,398	-2.5 %
Total revenue	339,784	330,892	2.7 %	1,309,066	1,342,398	-2.5 %
Cost of goods sold	205,863	198,448	3.7 %	779,109	805,266	-3.2 %
Personnel expenses	82,917	102,696	-19.3 %	366,508	366,782	-0.1 %
Share based compensation	1,257	1,381	-9.0 %	4,232	6,395	-33.8 %
Other operating expenses	44,677	48,996	-8.8 %	157,179	165,244	-4.9 %
Total operating expenses	334,714	351,520	-4.8 %	1,307,027	1,343,687	-2.7 %
EBITDA	5,070	-20,628	124.6 %	2,039	-1,288	258.2 %
Depreciation tangible assets	7,246	7,425	-2.4 %	29,261	26,996	8.4 %
Amortization intangible assets	3,148	2,943	7.0 %	12,256	11,163	9.8 %
EBIT	-5,325	-30,996	82.8 %	-39,478	-39,448	-0.1 %
Interest expenses	3,146	2,211	42.3 %	13,798	9,617	43.5 %
Other financial expenses/currency differences	-259	5,115	-105.1 %	-6,249	-3,543	-76.4 %
Profit from associated companies	18	-38	146.5 %	245	191	28.4 %
EBT	-8,194	-38,360	78.6 %	-46,783	-45,331	-3.2 %
Taxes	-6,128	-9,253	33.8 %	-14,853	-11,132	-33.4 %
Profit after tax	-2,066	-29,108	92.9 %	-31,930	-34,200	6.6 %
Earnings per share:
Number of shares outstanding	44,888,352	44,888,352		44,888,352	44,888,352
Av. number of shares - own shares	44,687,807	44,493,344		44,631,136	44,397,547
Av. number of shares diluted- own shares	48,782,807	47,915,844		48,726,136	47,820,047
EPS	-0.05	-0.65		-0.72	-0.77
Diluted EPS	-0.04	-0.61		-0.66	-0.72
EBITDA per share	0.11	-0.46		0.05	-0.03
Diluted EBITDA per share	0.10	-0.43		0.04	-0.03
Total earnings:
Profit/loss after tax	-2,066	-29,108	92.9 %	-31,930	-34,200	6.6 %
Exchange differences on foreign operations	-1,921	8,782	-121.9 %	16,207	32,894	-50.7 %
Total earnings	-3,988	-20,325	80.4 %	-15,723	-1,305	-1104.7 %
Of which
Majority interest	-3,857	-18,704	79.4 %	-14,108	606	-2428.4 %
Minority interest	-131	-1,621		-1,615	-1,911

Consolidated balance sheet

KNOK	31.12.2024	31.12.2023	30.09.2024
ASSETS
Intangible assets	152,326	125,327	141,185
Goodwill	179,875	174,325	180,931
Tangible assets	29,748	30,397	30,761
Right-of-use assets	96,647	99,568	92,908
Long term investments	4,799	4,854	4,781
Other long term receivables	896	1,372	1,205
Deferred tax assets	45,979	31,106	39,750
Non-current assets	510,270	466,949	491,522
Inventories	173,151	230,424	181,718
Accounts receivables	223,238	240,790	224,313
Prepaid expenses	28,236	22,032	18,541
Other receivables	10,351	14,955	15,937
Cash and cash equivalents	82,490	39,340	34,015
Current assets	517,467	547,541	474,525
TOTAL ASSETS	1,027,738	1,014,490	966,047
EQUITY AND LIABILITIES
Share capital	27,831	27,831	27,831
Holding of own shares	-121	-217	-133
Other equity	437,493	447,238	440,045
Total equity	465,203	474,852	467,743
Long term interest bearing liabilities	1,318	4,983	5,215
Long term lease liabilities	68,664	83,513	68,437
Other long term liabilities	602	1,848	2,290
Deferred tax liabilities	16,547	18,111	18,111
Total long term liabilities	87,132	108,455	94,053
Short term interest-bearing liabilities	128,163	7,962	2,926
Bank overdraft (credit facilities)	-	94,153	123,071
Short term lease liabilities	26,190	14,316	24,472
Accounts payable	140,789	159,690	95,246
Taxes payable	-4,557	-10,603	-8,332
Other short term liabilities	184,817	165,665	166,868
Total short term liabilities	475,403	431,183	404,251
TOTAL EQUITY AND LIABILITIES	1,027,738	1,014,490	966,047

Overview of changes in the equity

KNOK	Share capital	Treasury shares	Other paid-in equity	Translation variances	Share Option Program	Other equity	Total equity	Minority interest	Total equity
Equity 31.12.2022	27,831	-362	351,262	32,755	11,301	84,422	507,207	-	507,207
Sale of own shares		74				2,444	2,518		2,518
Dividend 2022						-39,935	-39,935		-39,935
Share Option Program					4,475		4,475		4,475
Acquisition of Hamari paid in shares		72				1,821	1,892		1,892
Profit this year after tax						-32,231	-32,231	-1,968	-34,200
Other comprehensive income and expenses 1)				32,837			32,837	57	32,894
Equity 31.12.2023	27,831	-217	351,262	65,592	15,776	16,521	476,763	-1,911	474,852
Sale of own shares		97				1,755	1,852		1,852
Share Option Program					4,222		4,222		4,222
Profit this year after tax						-30,435	-30,435	-1,495	-31,930
Other comprehensive income and expenses 1)				16,327			16,327	-120	16,207
Equity 31.12.2024	27,831	-121	351,262	81,919	19,998	-12,159	468,729	-3,526	465,203

1) The balance sheet is converted with the closing rate at the balance sheet date, while the income statement is converted with the average monthly exchange rate. The net effect of the translation is recognized as translation differences in other comprehensive income and expenses. Due to weaker NOK after 31.12.2023, the value of the balance sheet from our foreign companies has increased significantly and this is booked against the Comprehensive income.

Statement of cash flow

KNOK	Q4 2024	Q4 2023	Year 2024	Year 2023
Ordinary profit before tax	-8,194	-38,360	-46,783	-45,331
Net interest	3,146	2,211	13,798	9,617
Tax paid	2,181	-9,056	4,953	-26,047
Share of profit, associated companies	-18	38	-245	-191
Ordinary depreciation	10,395	10,368	41,517	38,159
Profit / loss on sale of fixed assets	-320	60	-446	-235
Change in inventories	7,790	20,109	64,709	17,169
Change in receivables	1,154	4,324	27,868	52,485
Change in accounts payable	45,659	32,246	-24,871	-170
Change in other accrued items	15,585	11,730	12,604	-20,275
Cash flow from operational activities	77,379	33,670	93,105	25,182
Payments for fixed assets	-2,197	-10,845	-8,581	-17,643
Payment for intangible assets 1)	-14,573	-4,969	-31,545	-23,425
Payment from sale of fixed assets	292	289	756	467
Net effect acquisitions	-	-2,357	-	-2,357
Dividends received from associated companies	-	-	300	300
Interest received	562	402	3,503	1,604
Cash flow from investment activities	-15,917	-17,481	-35,568	-41,054
Purchase/sale of own shares	200	2,186	1,852	4,410
Change in long-term debt	113,370	-3,674	90,965	-24,555
Change in overdraft	-122,937	-9,787	-91,799	75,664
Interest paid	-3,708	-2,613	-17,301	-11,221
Dividend paid	-	-	-	-39,935
Cash flow from financing activities	-13,075	-13,888	-16,282	4,363
Net cash flow in the period	48,387	2,301	41,255	-11,510
Cash and cash equivalents at the start of the period	34,015	37,141	39,340	47,248
Effect of foreign exchange rate fluctuations on foreign currency deposits	88	-102	1,896	3,602
Cash and cash equivalents at the end of the period	82,490	39,340	82,490	39,340

1) See note 2

Key figures

KNOK	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Year 2024	Year 2023
Income statement
Operating revenue	339,784	313,146	297,177	358,958	330,892	1,309,066	1,342,398
EBITDA	5,070	12,240	-9,087	-6,184	-20,628	2,039	-1,288
EBITA	-2,176	5,298	-16,536	-13,808	-28,053	-27,223	-28,285
Operating profit EBIT	-5,325	2,193	-19,562	-16,785	-30,996	-39,478	-39,448
Ordinary profit before tax (EBT)	-8,194	3,829	-27,622	-14,796	-38,360	-46,783	-45,331
Profit/loss after tax	-2,066	2,674	-21,158	-11,379	-29,108	-31,930	-34,200
EBITDA-margin	1.5 %	3.9 %	-3.1 %	-1.7 %	-6.2 %	0.2 %	-0.1 %
EBT-margin	-2.4 %	1.2 %	-9.3 %	-4.1 %	-11.6 %	-3.6 %	-3.4 %
Balance sheet
Non-current assets	510,270	491,522	479,946	480,638	466,949	510,270	466,949
Current assets	517,467	474,525	471,779	542,110	547,541	517,467	547,541
Total assets	1,027,738	966,047	951,725	1,022,748	1,014,490	1,027,738	1,014,490
Total equity	465,203	467,743	449,653	473,907	474,852	465,203	474,852
Total long term liabilities	87,132	94,053	96,375	100,159	108,455	87,132	108,455
Total short term liabilities	475,403	404,251	405,697	448,682	431,183	475,403	431,183
Working capital	255,600	310,785	297,418	312,185	311,524	255,600	311,524
Equity ratio	45.3 %	48.4 %	47.2 %	46.3 %	46.8 %	45.3 %	46.8 %
Liquidity ratio	108.8 %	117.4 %	116.3 %	120.8 %	127.0 %	108.8 %	127.0 %
Net interest-bearing debt	59,659	109,294	105,068	77,001	80,760	59,659	80,760
Net leverage multiples	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.
Cash Flow
Cash flow from operational activities	77,379	10,142	-9,704	15,288	33,670	93,105	25,182
Net change in liquid assets	48,387	7,118	-1,164	-13,087	2,301	41,255	-11,510
Share information
Number of shares	44,888,352	44,888,352	44,888,352	44,888,352	44,888,352	44,888,352	44,888,352
Weighted average shares outstanding	44,687,807	44,665,465	44,621,692	44,548,581	44,493,344	44,631,136	44,397,547
EBT per shares	-0.18	0.09	-0.62	-0.33	-0.86	-1.05	-1.02
Earnings per share	-0.05	0.06	-0.47	-0.26	-0.65	-0.72	-0.77
Earnings per share, excl. M&A amortization	0.02	0.13	-0.41	-0.19	-0.59	-0.44	-0.52
Equity per share	10.41	10.47	10.08	10.64	10.67	10.42	10.70
Dividend per share							0.90
Employees
Number of employees (end of period)	497	512	516	523	524	497	524
Average number of employees	505	514	520	524	524	515	518
IFRS 16 effects
Reduced OPEX	6,535	6,422	6,733	6,888	6,909	26,577	25,194
Increased depreciation	5,427	5,303	5,601	5,740	5,743	22,071	20,897
Increased interest expenses	1,107	1,119	1,132	1,148	1,167	4,507	4,297
Cash flow from operational activities	6,535	6,422	6,733	6,888	6,909	26,577	25,194
Cash flow from financing activities	-6,535	-6,422	-6,733	-6,888	-6,909	-26,577	-25,194

Note 1 Confirmation of reporting framework

The condensed and consolidated quarterly financial statements are prepared in accordance with IAS 34 Interim Financial Reporting. The quarterly financial statements do not contain all the information required in an annual financial statement and should be read in connection with the Group financial statements for 2023.

Note 2 Key accounting principles

The accounting principles for the report are described in note 2 in the annual financial statements for 2023, with the exception of capitalization of development costs related to TreeCommerce, our own POS solution in the Batlcis, which started in 2024. The Group financial statements for 2023 were prepared in accordance with the IFRS principles and interpretations thereof, as defined by the EU, as well as other disclosure requirements pursuant to the Norwegian Accounting Act and the Oslo Stock Exchange regulations and rules applicable as at 31.12.2023. The quarterly report and the interim financial statements have not been revised by auditor.

Note 3 Segment information

Reporting segments

	Q4 2024			Q4 2023			Year 2024			Year 2023
MNOK	Revenue	EBITDA	EBT	Revenue	EBITDA	EBT	Revenue	EBITDA	EBT	Revenue	EBITDA	EBT
Scandinavia	158.0	15.5	14.1	141.3	4.3	1.8	648.8	55.0	49.5	633.9	41.5	35.1
International incl Product	181.8	-4.7	-21.7	189.6	-17.4	-33.8	660.3	-26.6	-72.2	708.5	-10.4	-51.5
ASA/Elim	-	-5.7	-0.5	-	-7.5	-6.4	-	-26.3	-24.0	-	-32.4	-29.0
Total	339.8	5.1	-8.2	330.9	-20.6	-38.4	1,309.1	2.0	-46.8	1,342.4	-1.3	-45.3

Operating revenue by products and services

	Q4 2024		Q4 2023		Year 2024		Year 2023
MNOK	Products	Services *	Products	Services *	Products	Services *	Products	Services *
Scandinavia	85.6	72.4	77.4	63.9	374.8	273.9	385.7	248.2
International incl Product	81.8	99.9	84.3	105.3	272.1	388.2	276.4	432.1
Elim / ASA	-	-	-	-	-	-	-	-
Total	167.5	172.3	161.7	169.2	647.0	662.1	662.0	680.4

*) Services and licenses

Note 4 Related parties

No significant transactions between the Group and related parties had taken place per 31 December 2024.

No.	Name	No. of shares	%
1	STRØMSTANGEN AS	3,933,092	8.76
2	TOHATT AS	2,225,000	4.96
3	SOLE ACTIVE AS	2,221,717	4.95
4	BANK PICTET & CIE (EUROPE) AG	1,981,821	4.42
5	ZETTERBERG, GEORG (incl. fully owned companies)	1,400,000	3.12
6	NORDNET BANK AB	1,320,626	2.94
7	AVANZA BANK AB	1,299,363	2.89
8	RING, JAN	1,243,374	2.77
9	VERDADERO AS	1,081,285	2.41
10	JAHATT AS	1,080,850	2.41
11	MUEN INVEST AS	806,000	1.80
12	EVENSEN, TOR COLKA	803,000	1.79
13	HSBC BANK PLC	702,612	1.57
14	WAALER AS	700,000	1.56
15	BANQUE PICTET & CIE SA	670,033	1.49
16	JOHANSEN, STEIN	600,000	1.34
17	MP PENSJON PK	561,402	1.25
18	SKANDINAVISKA ENSKILDA BANKEN AB	520,185	1.16
19	ALS KINGFISHER LIMITED	506,156	1.13
20	EUROPEAN RETAIL ENGINEERING LIMITED	506,156	1.13
	Sum 20 largest shareholders	24,162,672	53.83
	Sum 2 248 other shareholders	20,725,680	46.17
	Sum all 2 268 shareholders	44,888,352	100.00

Note 5 Top 20 shareholders per 31 December 2024

Note 6 Share option program

Total costs and Social Security Provisions	2020	2021	2022	2023	2024	Total
Total IFRS cost	440	5 441	5 420	6 827	4 222	22 350
Total Social security provisions	36	737	- 341	- 432	10	10
Granted instruments:
Activity	Number of instruments
Outstanding OB (01.01.2024)	3,422,500
Granted	1,230,000
Exercised	-
Terminated	-557,500
Outstanding CB (31.12.2024)	4,095,000
Vested CB	1,772,500

Method of valuation:

The fair value of share options granted is estimated at the date of grant using the Black-Scholes-Merton Option Pricing Model. The model uses the following parameters; the exercise price, the life of the option, the current price of the underlying shares, the expected volatility of the share price, the dividends expected on the shares, and the risk-free interest rate for the life of the option.

Vesting requirements:

The vesting of the options is dependent on the participant still being employed at Strongpoint at the time of the vesting.

Method of settlement:

All StrongPoint ASA options are intended to be settled in equity, but can be fulfilled through a cash-out settlement at the Boards' discretion.

Vesting period

The options will vest over three years, with ¼ vesting after one year, ¼ after two years, and the remaining 2/4 after three years. The split in vesting underpins the retention ambition of the program. Any non-exercised options expire five years after grant.

Definitions

Working capital	Inventories + accounts receivables – accounts payable
Equity per share	Book value equity / number of shares
Operating revenue	Sales revenue
EBITDA	Operating profit + depreciation fixed assets and intangible assets
EBITA	Operating profit + amortization of intangible assets
EBIT	Operating profit
EBITDA-margin	EBITDA / operating revenue
EBT	Profit before tax
EBT-margin	EBT / operating revenue
Equity ratio	Book value equity / total assets
Liquidity ratio	Current assets / short term debt
Earnings per share	Profit after tax / number of shares
Diluted	Number of shares minus own shares plus shares granted in share option program
Earnings per share adjusted	Profit after tax + amortization of intangible assets / number of shares
Net leverage multiple	Net Interest Bearing Debt including IFRS 16 / 12 months rolling EBITDA
Net change in liquid assets	The total changes in cash flow from operational activities, investment activities and financing activities
Minority interest	The minority part of the net profit /equity in companies where StrongPoint owns between 50,1%-99% of the shares.

StrongPoint | Q4 and year 2024

StrongPoint ASA | Brynsengveien 10, 0667 Oslo | strongpoint.com

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