Arribatec Group ASA

Earnings Release • Aug 15, 2024

Arribatec Group ASA – Second quarter 2024 financial results

Arribatec Group ASA – Second quarter 2024 financial results

(Oslo, Norway, 15 August 2024) Arribatec Group ASA (OSE: ARR, Arribatec) today reported revenues of NOK 150.1 million in the second quarter of 2024, up 1% compared to the corresponding quarter last year, and an adjusted EBITDA of NOK 3.4 million (8.4). EBITDA for the second quarter came in at NOK 0.4 million (8.4). The company signed 441 new contracts and scope extensions for a combined value of NOK 194 million in the period.

“While we are not satisfied with the growth for the quarter, we announced the important NOK 73 million EU agreement in June which will contribute to the future growth alongside other growth initiatives. In addition, the newly announced global partner agreement with Orbus Software will propel our business outside of Norway,” says Geir Johansen, CEO of Arribatec.

Arribatec reported revenues of NOK 150.1 million (148.2) in the second quarter of 2024 with recognized recurring revenues of NOK 64.1 million (53.9), a growth of 19%. Adjusted EBITDA was at 3.4 (8.4) million while EBITDA was NOK 0.4 million (8.4). The reported EBIT ended at a negative NOK 10.6 million (-4.2). The company had NOK 30.1 million (41.6) in cash at the end of the second quarter 2024.

For the first six months of 2024, Arribatec reported revenues of NOK 294.7 million (298.2) and a positive adjusted EBITDA of NOK 4.6 million (13.7) and EBITDA was NOK 0.4 million (13.7). EBIT was a negative NOK 21.8 million (-10.6). The company had NOK 30.1 million (41.6) in cash at the end of the second quarter 2024.

The company announced during the quarter the award of a NOK 73 million ERP support contract with the European External Action Service (EEAS). EEAS is the European Union’s diplomatic service and carries out the EU’s Common Foreign and Security Policy across the globe. Additionally, Arribatec announced a partnership agreement with Orbus Software (Orbus), a leading global provider of enterprise transformation software. Orbus will draw on Arribatec’s experience optimizing complex processes and systems for maximum efficiency and sustainable outcomes.

“This agreement fully aligns with our strategic intent to develop multiple partnerships within our main areas of expertise, and we look forward to working closely with Orbus to deliver even greater value to our clients and drive innovation together,” Johansen concludes.

The Board of Directors’ financial report for the second quarter of 2024 is enclosed.

Arribatec Group ASA will host a web presentation of the first quarter financial results 2024 on Tuesday 30 April 2024 09:00 CET. The presentation will be streamed at

https://www.arribatec.com/arribatec-q1-2024/

*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 2024 first quarter report on page 30.

ENDS

Geir Johansen, CEO, Arribatec Group ASA: +47 4771 0451

Martin Nes, Chairman of the Board, Arribatec Group 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 partnerships with a broad customer base. Arribatec serves more than 1700 companies spread over 25 countries and various industries in the private and public sectors. The company employs over 350 people with offices in 11 countries and is listed on the Oslo Stock Exchange under the ticker code ARR.