Arribatec Group ASA

Earnings Release • Apr 29, 2021

ARRIBATEC PUBLISHES 2020 ANNUAL REPORT

ARRIBATEC PUBLISHES 2020 ANNUAL REPORT

(Oslo, Norway, 29 April 2021) Arribatec Solutions ASA (OSE: ARR, Arribatec) today publishes the audited 2020 annual report with reported revenues of NOK 154.0 million (113.7) and an adjusted EBITDA of NOK 14.8 million. The company has an ambitious international growth and M&A strategy and reiterates the strong outlook.

“Unusual seems to be the most fitting description of 2020 in more ways than one. The global pandemic hit the entire world in the middle of Q1­2020 creating a lot of uncertainties and changed our way of working globally. In the midst of the pandemic we went public on the Oslo Stock Exchange and doubled our workforce during 2020, expanded our solution offerings, all while continuing our growth path with the acquisition of Microsky, Innit, Fácil and Maksit. The potential in our current organization is large and further investments to enlarge the sales capacity will fuel organic growth and help us take advantage of our full potential. In the M&A area we will continue to pursue interesting opportunities to strengthen our geographical presence and widen our solution offering, “ says Per Ronny Stav, CEO of Arribatec.

Arribatec reported revenues of NOK 154.0 million for 2020, up from NOK 113.7 million in 2019, while the result ended at NOK -52.5 (4.7). The EBITDA (excluding M&A cost and calculated RTO adjustments) increased to NOK 14.8 million (10.0) following improved operations and a positive contribution from the acquired companies. The highlights for 2020 include the acquisition of Facil, Microsky and Innit, the successful completion of four capital raises and the initiation of the ambitious international expansion and growth strategy. At the end of 2020, Arribatec had a total of NOK 188 million in cash.

Late 2020, Arribatec announced the intention to acquire Norwegian Qualisoft AS, a leader in Enterprise Architecture (EA) and Business Process Management (BPM) solutions, Italian IB Marine Group, a leading provider of cloud-based Enterprise Asset Management solutions within the maritime sector and Maksit AS, specialists in Unit4 HR and Payroll solutions and with a strong customer list.

“With these acquisitions we have now more than tripled our workforce and pro¬forma revenue for 2021 compared to 2020. Our extended solutions and customer base derived from these acquisitions, combined with organic growth and activities have proven to fuel our growth significantly. Integration of the recent acquisitions is ongoing and the group is realizing synergies on a continuing basis. New contracts, public tenders and direct sales have shown that all acquisitions are contributing isolated as well through cross sales and will fuel future growth”, Stav concludes.

The financial statements of Arribatec and the consolidated financial statements of the group have been audited by external auditors who have confirmed to the company, as of the date hereof, (i) that they have concluded the audit and have no further outstanding information requests, (ii) that the financial statements are prepared in accordance with law and regulations, and (iii) that the financial statements of Arribatec and the consolidated financial statements for the group give a true and fair view of the financial positions of the company and for the group (respectively) as of 31 December 2020, without qualifications or modifications.

On 21 April 2021, the company announced an extraordinary general meeting to be held on 12 May 2021 for the election of a new auditor. When elected, the new auditors will issue their auditor report with respect to the financial statements to the company´s annual general meeting.

The annual report is enclosed and made available on www.arribatec.com/investors.

*EBITDA and other alternative performance measures (APMs) are defined and reconciled to the IFRS financial statements as a part of the APM section of the 2020 annual report on pages 68.

The company will publish its Q1 report on May 27, 2021.

ENDS

For additional information, please contact:

Per Ronny Stav, CEO, Arribatec Solutions ASA: +47 994 42 378

Martin Nes, Chairman of the Board, Arribatec Solutions ASA: +47 920 14 814

About Arribatec | www.arribatec.com

Arribatec is a software and consulting company headquartered in Oslo. With a customer centric engagement model, combined with a deep system, integration and domain competence, Arribatec builds long term strategic partnership with a broad customer base. Arribatec serves more than 650 large entities spread over 20 countries and various industries, both in the private and public sector. The company employs over 350 people, taken announced acquisition into account, with offices in 19 countries and is listed on the Oslo Stock Exchange under the ticker code ARR.